Section 1 Short title
This Act may be cited as the “Millennium Compacts for Regional Economic Integration Act” or “M–CORE Act”.
Millennium Compacts for Regional Economic Integration Act
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.
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
Low income countries— Section 606(a) of the Millennium Challenge Act of 2003 (22 U.S.C. 7705(a)) is amended—
in paragraph (1)(B), by striking “(3)” and inserting “(4)”;
in paragraph (2)—
in the heading, by striking “Fiscal year 2005 and subsequent fiscal years” and inserting “Fiscal years 2005 through 2012”; and
by striking “fiscal year 2005 or a subsequent fiscal year” and inserting “fiscal years 2005 through 2012”;
by redesignating paragraph (3) as paragraph (4); and
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).”
Lower middle income countries— Section 606(b) of the Millennium Challenge Act of 2003 (22 U.S.C. 7705(b)) is amended—
in paragraph (1)—
in the heading, by striking “In general” and inserting “Fiscal years 2006 through 2012”; and
in the matter preceding subparagraph (A), by striking “fiscal year 2006 or a subsequent fiscal year” and inserting “fiscal years 2006 through 2012”;
by redesignating paragraph (2) as paragraph (3); and
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).”
by redesignating subsection (c) as subsection (d); and
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
Concurrent compacts— Section 609 of the Millennium Challenge Act of 2003 (22 U.S.C. 7708) is amended—
by striking the first sentence of subsection (k);
by redesignating subsection (k) (as so amended) as subsection (l); and
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.”
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.
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:
“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
Requirement for timely disclosure— Section 612(a) of the Millennium Challenge Act of 2003 (22 U.S.C. 7711(a)) is amended—
in the subsection heading, by inserting “timely” before “disclosure”; and
in the matter preceding paragraph (1)—
by striking “The Corporation” and inserting “Not later than 90 days after the last day of each fiscal quarter, the Corporation”; and
by striking “on at least a quarterly basis,”.
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.”