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[Congressional Bills 114th Congress]
[From the U.S. Government Publishing Office]
[S. 1605 Introduced in Senate (IS)]

114th CONGRESS
  1st Session
                                S. 1605

 To amend the Millennium Challenge Act of 2003 to authorize concurrent 
compacts for purposes of regional economic integration and cross-border 
                collaborations, and for other purposes.

_______________________________________________________________________

                   IN THE SENATE OF THE UNITED STATES

                             June 18, 2015

    Mr. Cardin (for himself, Mr. Flake, Mr. Coons, and Mr. Isakson) 
introduced the following bill; which was read twice and referred to the 
                     Committee on Foreign Relations

_______________________________________________________________________

                                 A BILL

 
 To amend the Millennium Challenge Act of 2003 to authorize concurrent 
compacts for purposes of regional economic integration and cross-border 
                collaborations, and for other purposes.

    Be it enacted by the Senate and House of Representatives of the 
United States of America in Congress assembled,

SECTION 1. SHORT TITLE.

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

SEC. 2. FINDINGS.

    Congress makes the following findings:
            (1) Over the last 50 years, economies around the world have 
        experienced significant and sustained growth that has been 
        fueled by support to regional infrastructure and integrated 
        trade agreements.
            (2) Unfortunately, many countries and their economies are 
        isolated and will require greater support to benefit from 
        regional integration of markets, infrastructure, and trade 
        promotion-type policies.
            (3) By connecting isolated economies around the world, 
        there exists the potential to increase investment opportunities 
        and support market-based growth.
            (4) Developing countries, international organizations, and 
        regional economic bodies have increasingly realized that key 
        drivers to economic growth must involve greater cross-border 
        collaboration and regional economic integration.
            (5) The Millennium Challenge Corporation (MCC) plays a 
        unique role in economic development throughout the world and 
        pursues its mission of reducing poverty through economic growth 
        by making time-bound grant investments through data 
        selectivity, country ownership, and a focus on results.
            (6) The MCC's compacts have increased access to reliable 
        power, built highway corridors, and improved business climates, 
        thereby promoting economic growth and cross-border engagement 
        within MCC partner countries.
            (7) The MCC's extensive analysis has concluded that a 
        regional approach to poverty reduction, under the right 
        circumstances, can present opportunities to take advantage of 
        higher rates of return on investment and larger scale 
        reductions in poverty.
            (8) This increased flexibility would promote economic 
        growth and cross-border engagement between and among countries, 
        creating larger and more compatible markets and enabling the 
        United States private sector to compete more effectively and 
        partner with the host-country private sectors.
            (9) The MCC is developing new partnerships in Asia, 
        including implementation of current compacts in Indonesia and 
        the Philippines, new compacts for Mongolia and the Philippines, 
        and MCC's first-ever compact engagement in South Asia.
            (10) In Central America, the MCC's work in road 
        infrastructure could potentially have had an even greater 
        impact had the roads connected across borders.
            (11) In Africa, neighboring countries could collaborate on 
        a regional power pool, connect land locked countries to 
        transport, or address other policy, institutional, and 
        logistical issues that hamper trade.
            (12) To make a coordinated regional investment across 
        several countries work, the Board of Directors of the MCC would 
        need to select a block of countries at the same time to 
        coordinate project development and compact signings, which is 
        unrealistic, or be able to enter into a concurrent compact with 
        one of those countries, for which it currently lacks authority.

SEC. 3. PURPOSE.

    The 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. 4. MILLENNIUM CHALLENGE COMPACT.

    (a) In General.--Section 609 of the Millennium Challenge Act of 
2003 (22 U.S.C. 7708) is amended--
            (1) in subsection (k), by striking the first sentence; and
            (2) by adding after subsection (k) the following new 
        subsection:
    ``(l) Concurrent Compacts.--An eligible country and the United 
States that have entered into and have 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 any existing Compacts 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 (22 U.S.C. 
7701 et seq.) 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''.
                                 <all>
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