[Congressional Record (Bound Edition), Volume 149 (2003), Part 2]
[Senate]
[Pages 2489-2490]
[From the U.S. Government Publishing Office, www.gpo.gov]




REPORT ON A LEGISLATIVE PROPOSAL TO ESTABLISH THE MILLENNIUM CHALLENGE 
        ACCOUNT AND THE MILLENNIUM CHALLENGE CORPORATION--PM 12

  The PRESIDING OFFICER laid before the Senate the following message 
from the President of the United States, together with an accompanying 
report; which was referred to the Committee on Foreign Relations:

To the Congress of the United States:
  I am pleased to transmit a legislative proposal to establish the 
Millennium Challenge Account and the Millennium Challenge Corporation. 
Also transmitted is a section-by-section analysis.
  The Millennium Challenge Account (MCA) represents a new approach to 
providing and delivering development assistance. This new compact for 
development breaks with the past by tying increased assistance to 
performance and creating new accountability for all nations. This 
proposal implements my commitment to increase current levels of core 
development assistance by 50 percent over the next 3 years, thus 
providing an annual increase of $5 billion by fiscal year 2006. To be 
eligible for this new assistance, countries must demonstrate commitment 
to three standards--ruling justly, investing in their people, and 
encouraging economic freedom. Given this commitment, and the link 
between financial accountability and development success, special 
attention will be given to fighting corruption.
  The goal of the Millennium Challenge Account initiative is to reduce 
poverty by significantly increasing economic growth in recipient 
countries through a variety of targeted investments. The MCA will be 
administered by a new, small Government corporation, called the 
Millennium Challenge Corporation, designed to support innovative 
strategies and to ensure accountability for measurable results. The 
Corporation will be supervised by a Board of Directors chaired by the 
Secretary of State and composed of other Cabinet-level officials. The 
Corporation will be led by a Chief Executive Officer appointed by the 
President, by and with the advice and consent of the Senate. This 
proposal provides the Corporation with flexible authorities to optimize 
program implementation, contracting, and personnel selection while 
pursuing innovative strategies.
  The Millennium Challenge Account initiative recognizes the need for 
country ownership, financial oversight, and accountability for results 
to ensure effective assistance. We cannot accept

[[Page 2490]]

permanent poverty in a world of progress. The MCA will provide people 
in developing nations the tools they need to seize the opportunities of 
the global economy. I urge the prompt and favorable consideration of 
this legislation.
                                                      George W. Bush.  
The White House, February 5, 2003.

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