Social Investment and Economic Development for the Americas Act of 2007

Bill: 110-s-2120
Sponsor: Sen. Menendez, Robert [D-NJ]
Introduced: 2007-10-01 in the Senate
Policy area: International Affairs
Subjects: Authorization
Development credit institutions
Economic assistance
Economic development
Economics and Public Finance
Federal advisory bodies
Foreign Trade and International Finance
Government Operations and Politics
Middle class
Nongovernmental organizations
Poverty
U.S. Agency for International Development
Western Hemisphere

Summary:
action_date: 2007-10-01
text: 
Social Investment and Economic Development for the Americas Act of 2007 - Amends the Foreign Assistance Act of 1961 to direct the President, through the United States Agency for International Development (USAID), to provide assistance to reduce poverty, expand the middle class, and foster increased economic opportunity in Western Hemisphere countries. 
 
Establishes within USAID the Western Hemisphere Economic Investment and Development Advisory Committee which shall: (1) serve as a link among the U.S. government, nongovernmental organizations, the private sector, and other interested parties; and (2) review projects funded under this Act. 
 
Amends the Inter-American Development Bank Act to direct the Secretary of the Treasury to instruct the United States Executive Director at the Bank to use U.S. influence to urge the Bank to establish a Social Investment and Economic Development Fund for the Americas to provide assistance to reduce poverty, expand the size of the middle class, and foster increased economic opportunity in Western Hemisphere countries.
 
Authorizes appropriations for payment to the Inter-American Development Bank of arrears owed by the United States to the Multilateral Investment Fund. 

action_date: 2008-07-15
text: 

(This measure has not been amended since it was introduced. The summary has been expanded because action occurred on the measure.)

 
Social Investment and Economic Development for the Americas Act of 2007 - (Sec. 3) Amends the Foreign Assistance Act of 1961 to direct the President, through the United States Agency for International Development (USAID), to provide assistance to reduce poverty, expand the middle class, and foster increased economic opportunity in Western Hemisphere countries.
 
Requires a 10% recipient country contribution.
 
Establishes within USAID the Western Hemisphere Economic Investment and Development Advisory Committee which shall: (1) serve as a link among the U.S. government, nongovernmental organizations, the private sector, and other interested parties; and (2) review projects funded under this Act. 
 
Directs the President to report annually to Congress on programs and activities under this section.
 
Authorizes FY2008-FY2017 appropriations.
 
(Sec. 4) Amends the Inter-American Development Bank Act to direct the Secretary of the Treasury to instruct the United States Executive Director at the Bank to use U.S. influence to urge the Bank to establish a Social Investment and Economic Development Fund for the Americas to provide assistance to reduce poverty, expand the size of the middle class, and foster increased economic opportunity in Western Hemisphere countries.
 
Authorizes FY2008-FY2017 appropriations for U.S. contributions to the Fund.
 
(Sec. 5) Expresses the sense of Congress that: (1) amounts authorized to be appropriated to carry out this Act should be used to help countries in Latin America and the Caribbean focus on improving indicators in the area of investing in people; (2) the Multilateral Investment Fund has been successful in promoting inclusive economic growth in Latin America and the Caribbean; (3) creating a public-private partnership working in coordination with the Fund will allow the Fund to expand economic opportunity to the people in the Western Hemisphere; and (4) amounts authorized to be appropriated pursuant to this Act for initiatives to reduce poverty, expand the middle class, and foster increased economic opportunity in the countries of the Western Hemisphere are in addition to amounts that would be allocated or projected in the President's budget request for Latin America and Caribbean.
 
(Sec. 6) Authorizes appropriations to the Secretary for payment to the Inter-American Development Bank of arrears owed by the United States to the Fund.


Legislative actions:
action_date: 2008-07-15
text: Placed on Senate Legislative Calendar under General Orders. Calendar No. 879.
action_date: 2008-07-15
text: Committee on Foreign Relations. Reported by Senator Biden without amendment. With written report No. 110-419.
action_date: 2008-07-15
text: Committee on Foreign Relations. Reported by Senator Biden without amendment. With written report No. 110-419.
action_date: 2008-06-24
text: Committee on Foreign Relations. Ordered to be reported without amendment favorably.
action_date: 2007-10-01
text: Read twice and referred to the Committee on Foreign Relations.
action_date: 2007-10-01
text: Introduced in Senate