H.R. 2441 - Millennium Challenge Account Authorization and Peace Corps Expansion Act of 2003

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Introduced on June 12th, 2003 into the House by Rep. Hyde, Henry J. (IL-6)

To establish the Millennium Challenge Account to provide increased support for developing countries that have fostered democracy and the rule of law, invested in their citizens, and promoted economic freedom; to assess the impact and effectiveness of United States economic assistance; to authorize the expansion of the Peace Corps, and for other purposes.

. Title I: General Provisions - Sets forth definitions and the sunset date of this Act, October 1, 2007.

. Title II: Millennium Challenge Assistance - Declares the policy of the United States to support a new compact for global development that: (1) increases support by donor countries to those developing countries that are fostering democracy and the rule of law, investing in their people, and promoting economic freedom for all their people; (2) recognizes, however, that it is the developing countries themselves that are primarily responsible for the achievement of those goals; (3) seeks to coordinate the disparate development assistance policies of donor countries, and to harmonize the trade and finance policies of donor countries with their respective development assistance programs; and (4) aims to reduce poverty by significantly increasing the economic growth trajectory of beneficiary countries through investing in the productive potential of the people of such countries.

.  Authorizes the President, acting through the Chief Executive Officer (CEO) of the Millennium Challenge Corporation, to provide assistance to eligible low income and lower middle income countries to support policies and programs that advance their progress in: (1) achieving lasting economic growth and poverty reduction; and (2) promoting specified objectives fostering democratic societies, human rights, the rule of law, investment in education and health infrastructure and systems, economic freedom, broad-based economic growth, and free market systems.

. Prescribes eligibility criteria for low income countries for FY 2004 through 2006 and for lower middle income countries for FY 2006. Prescribes specified criteria for FY 2004 through 2006 for any country to receive special assistance solely for the purpose of becoming eligible to receive low income country assistance.

. Requires recipient countries to enter into a Millennium Challenge Compact with the United States establishing a multi-year plan for achieving shared development objectives. Prescribes the elements of such a compact, taking into consideration the country's national development strategy.

. Specifies conditions for suspension or termination of assistance, as well as reinstatement.

. Directs the President, acting through the CEO, to ensure, to the maximum extent practicable, that U.S. small, minority-owned, and disadvantaged business enterprises fully participate in the provision of goods and services financed with funds made available under this title.

. Authorizes appropriations for FY 2004 through 2006.