SECTION 1. SHORT TITLE.

    This Act may be cited as the ``Millennium Compacts for Regional 
Economic Integration Act'' or ``M-CORE Act''.

SEC. 2. PURPOSE.

    This purpose of this Act is to expand the Millennium Challenge 
Corporation's ability to develop compacts with countries, particularly 
in Africa, that promote regional economic integration and cross-border 
collaborations.

SEC. 3. CANDIDATE COUNTRIES.

    (a) Low Income Countries.--Section 606(a) of the Millennium 
Challenge Act of 2003 (22 U.S.C. 7705(a)) is amended--
            (1) in paragraph (1)(B), by striking ``(3)'' and inserting 
        ``(4)'';
            (2) in paragraph (2)--
                    (A) in the heading, by striking ``Fiscal year 2005 
                and subsequent fiscal years'' and inserting ``Fiscal 
                years 2005 through 2012''; and
                    (B) by striking ``fiscal year 2005 or a subsequent 
                fiscal year'' and inserting ``fiscal years 2005 through 
                2012'';
            (3) by redesignating paragraph (3) as paragraph (4); and
            (4) by inserting after paragraph (2) the following:
            ``(3) Fiscal year 2013 and subsequent fiscal years.--A 
        country shall be a candidate country for purposes of 
        eligibility for assistance for fiscal year 2013 or a subsequent 
        fiscal year if the country--
                    ``(A) has a per capita income equal to or less than 
                the lower middle income country threshold established 
                by the International Bank for Reconstruction and 
                Development for the fiscal year;
                    ``(B) is among the 75 countries identified by the 
                International Bank for Reconstruction and Development 
                as having the lowest per capita income; and
                    ``(C) meets the requirements of paragraph 
                (1)(B).''.
    (b) Lower Middle Income Countries.--Section 606(b) of the 
Millennium Challenge Act of 2003 (22 U.S.C. 7705(b)) is amended--
            (1) in paragraph (1)--
                    (A) in the heading, by striking ``In general'' and 
                inserting ``Fiscal years 2006 through 2012''; and
                    (B) in the matter preceding subparagraph (A), by 
                striking ``fiscal year 2006 or a subsequent fiscal 
                year'' and inserting ``fiscal years 2006 through 
                2012'';
            (2) by redesignating paragraph (2) as paragraph (3); and
            (3) by inserting after paragraph (1) the following:
            ``(2) Fiscal year 2013 and subsequent fiscal years.--In 
        addition to the countries described in subsection (a), a 
        country shall be a candidate country for purposes of 
        eligibility for assistance for fiscal year 2013 or a subsequent 
        fiscal year if the country--
                    ``(A) has a per capita income equal to or less than 
                the lower middle income country threshold established 
                by the International Bank for Reconstruction and 
                Development for the fiscal year;
                    ``(B) is not among the 75 countries identified by 
                the International Bank for Reconstruction and 
                Development as having the lowest per capita income; and
                    ``(C) meets the requirements of subsection 
                (a)(1)(B).''.
    (c) Reclassification.--Section 606 of the Millennium Challenge Act 
of 2003 (22 U.S.C. 7705) is amended--
            (1) by redesignating subsection (c) as subsection (d); and
            (2) by inserting after subsection (b) the following:
    ``(c) Limitations on Reclassification.--
            ``(1) For low income countries.--If the per capita income 
        of a low income country that is a candidate country under 
        subsection (a) changes during the fiscal year for which the 
        country is eligible to receive assistance under this title such 
        that the country would be reclassified as a lower middle income 
        country under subsection (b), the country shall be deemed to 
        continue to meet the per capita income requirements under 
        subsection (a) for such fiscal year and the two subsequent 
        fiscal years.
            ``(2) For lower middle income countries.--If the per capita 
        income of a lower middle income country that is a candidate 
        country under subsection (b) changes during the fiscal year for 
        which the country is eligible to receive assistance under this 
        title such that the country would be reclassified as a low 
        income country under subsection (a), the country shall be 
        deemed to continue to meet the per capita income requirements 
        under subsection (b) for such fiscal year and the two 
        subsequent fiscal years.''.

SEC. 4. MILLENNIUM CHALLENGE COMPACT.

    (a) Concurrent Compacts.--Section 609 of the Millennium Challenge 
Act of 2003 (22 U.S.C. 7708) is amended--
            (1) by striking the first sentence of subsection (k);
            (2) by redesignating subsection (k) (as so amended) as 
        subsection (l); and
            (3) by inserting after subsection (j) the following new 
        subsection:
    ``(k) Concurrent Compacts.--An eligible country that has entered 
into and has in effect a Compact under this section may enter into and 
have in effect at the same time not more than one additional Compact in 
accordance with the requirements of this title if--
            ``(1) one or both of the Compacts are or will be for 
        purposes of regional economic integration, increased regional 
        trade, or cross-border collaborations; and
            ``(2) the Board determines that the country is making 
        considerable and demonstrable progress in implementing the 
        terms of the existing Compact and supplementary agreements 
        thereto.''.
    (b) Applicability.--The amendments made by subsection (a) apply 
with respect to Compacts entered into between the United States and an 
eligible country under the Millennium Challenge Act of 2003 before, on, 
or after the date of the enactment of this Act.
    (c) Conforming Amendment.--Section 613(b)(2)(A) of such Act (22 
U.S.C. 7712(b)(2)(A)) is amended by striking ``the'' before ``Compact'' 
and inserting ``any''.

SEC. 5. CONGRESSIONAL AND PUBLIC NOTIFICATION.

    Section 610 of the Millennium Challenge Act of 2003 (22 U.S.C. 
7709) is amended to read as follows:

``SEC. 610. CONGRESSIONAL AND PUBLIC NOTIFICATION.

    ``(a) Congressional Consultations and Notifications.--
            ``(1) In general.--The Board, acting through the Chief 
        Executive Officer, shall consult with and notify the 
        appropriate congressional committees not later than 15 days 
        prior to taking any of the actions described in paragraph (2).
            ``(2) Actions described.--The actions described in this 
        paragraph are the following:
                    ``(A) Providing assistance for an eligible country 
                under section 609(g).
                    ``(B) Commencing negotiations with an eligible 
                country to provide assistance for--
                            ``(i) a Compact under section 605; or
                            ``(ii) an agreement under section 616.
                    ``(C) Signing such a Compact or agreement.
                    ``(D) Terminating assistance under such a Compact 
                or agreement.
            ``(3) Additional requirement.--Any notification relating to 
        the intent to negotiate and intent to sign a Compact or 
        agreement shall include the projected economic rate of return 
        for each project to be funded under such a Compact or agreement 
        to the extent practicable and appropriate.
    ``(b) Congressional and Public Notification After Entering Into a 
Compact.--Not later than 10 days after entering into a Compact with an 
eligible country, the Board, acting through the Chief Executive 
Officer, shall--
            ``(1) publish a copy of the text of the Compact on the 
        Internet website of the Corporation;
            ``(2) provide a detailed summary and, upon request, copy of 
        the text of the Compact to the appropriate congressional 
        committees; and
            ``(3) publish in the Federal Register a detailed summary 
        and notice of availability of the text of the Compact on the 
        Internet website of the Corporation.''.

SEC. 6. DISCLOSURE.

    (a) Requirement for Timely Disclosure.--Section 612(a) of the 
Millennium Challenge Act of 2003 (22 U.S.C. 7711(a)) is amended--
            (1) in the subsection heading, by inserting ``Timely'' 
        before ``Disclosure''; and
            (2) in the matter preceding paragraph (1)--
                    (A) by striking ``The Corporation'' and inserting 
                ``Not later than 90 days after the last day of each 
                fiscal quarter, the Corporation''; and
                    (B) by striking ``on at least a quarterly basis,''.
    (b) Dissemination.--Section 612 of the Millennium Challenge Act of 
2003 (22 U.S.C. 7711) is amended by striking (b) and inserting the 
following:
    ``(b) Dissemination.--The Board, acting through the Chief Executive 
Officer, shall make the information required to be disclosed under 
subsection (a) available to the public by publishing it on the Internet 
website of the Corporation, providing notice of the availability of 
such information in the Federal Register, and by any other methods that 
the Board determines to be appropriate.''.
Millennium Compacts for Regional Economic Integration Act or the M-CORE Act This bill amends the Millennium Challenge Act of 2003 to establish beginning with FY2013 new assistance criteria for a low-income or a lower middle income candidate country eligible to enter into a Millennium Challenge Compact with the United States. Such a country must:    have a per capita income equal to or less than the lower middle income country threshold established by the International Bank for Reconstruction and Development for the fiscal year;   be among the 75 countries identified by the Bank as having the lowest per capita income; and  not be ineligible to receive U.S. economic assistance under part I of the Foreign Assistance Act of 1961.   Reclassification limits are set forth as follows:   if the per capita income of a low-income candidate country changes during the fiscal year so that it would be reclassified as a lower middle income country, it shall be deemed to continue to meet the per capita income requirements for that fiscal year and the two subsequent fiscal years; and   if the per capita income of a lower middle income candidate country changes during the fiscal year so that it would be reclassified as a low-income country, it shall be deemed to continue to meet the per capita income requirements for that fiscal year and the two subsequent fiscal years.  An eligible country that has entered into and has in effect a Millennium Challenge Compact may enter into and have in effect at the same time not more than one additional Compact if:   one or both of the Compacts are or will be for purposes of regional economic integration, increased regional trade, or cross-border collaborations; and   the country is making considerable and demonstrable progress in implementing the terms of the existing Compact.   Congressional and public notification and disclosure provisions are revised.
M-CORE Act