Summary: H.R.3447 — 108th Congress (2003-2004)All Information (Except Text)

There is one summary for H.R.3447. Bill summaries are authored by CRS.

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Introduced in House (11/05/2003)

Social Investment and Economic Development Fund for the Americas Act of 2003 - Sets forth the policy of the United States to: (1) promote market-based principles, economic integration, social development, and trade in and between countries of the Americas; and (2) establish an investment fund for the Western Hemisphere to advance the national interests of the United States, improve the lives of the poor and marginalized, encourage broad-based economic growth while protecting the environment, build human capital and knowledge, support meaningful participation in democratic institutions and processes, and promote peace and justice in the Americas.

Amends the Foreign Assistance Act of 1961 to require the President to provide assistance to reduce poverty and foster increased economic opportunity in the countries of the Western Hemisphere by: (1) nurturing public-private partnerships and microenterprise development; (2) improving the quality of life and investing in human capital; (3) strengthening the rule of law through improved efficiency and transparency in government services; and (4) reducing poverty and eliminating the exclusion of marginalized populations. Establishes a technical review committee to review the projects proposed for assistance and to make recommendations to the President with respect to the guidelines to be used in evaluating project proposals and the suitability of the proposed projects for funding.

Amends the Inter-American Development Bank Act to require the Secretary of the Treasury to instruct the U.S. Executive Director at the Bank to urge the Bank to establish an account to be operated and administered consistent with the above guidelines. Establishes a technical review committee in the same manner as discussed above.

Expresses the sense of Congress that the countries of the Western Hemisphere should collectively provide assistance equal to the amount of U.S. bilateral and multilateral assistance provided.