,i  #aai? ,,congress  #a/ ,session  ,h4 
,r4 #dehf  ,,9 ,,! ,,h\se ,,(           
,,repres5tatives  ,july #bb1 #bjbe,mrs4 
,*]filus-,mc,cormick 7= h]self & ,mr4   
,jackson ( ,ill9ois7 introduc$ ! foll[+ 
bill2 :i* 0 ref]r$ to ! ,committee on   
,ways & ,means1 & 9 addition to !       
,committees on ,=eign ,affairs1 &       
,f9ancial ,s]vices1 = a p]iod to be     
subsequ5tly det]m9$ by ! ,speak]1 9 ea* 
case = consid]ation ( su* provisions z  
fall )9 ! jurisdiction ( ! committee    
conc]n$  ,a ,,bill  ,to e/abli% a       
compreh5sive /rategy to support ,african
 & ,c>ibbean diaspora engagem5t 9       
developm5t ?r\gh r$uc$ remittance co/s1 
inve/m5t inc5tives1 & in/itutional      
p>tn]%ips4  #a4 ,%ort title ,?is ,act   
may be cit$ z ! ,african ,diaspora      
,inve/m5t & ,developm5t ,act or !       
,,aida4  #b4 ,f9d+s ,congress f9ds !    
foll[+3 7#a7 ,! ,unit$ ,/ates is home to
 approximately #f1fjj1jjj fir/ g5]ation 
,african & ,c>ibbean immigrants1 ne/$ )9
 a broad] population ( #df1jjj1jjj      

,african ,am]icans1 repres5t+ va/       
economic1 intellectual1 & cultural      
capital1 ) long/&+ economic & cultural  
ties to _! c\ntries ( orig94  7#b7 ,_m  
memb]s ( ^! & o!r diaspora & immigrant  
populations annually transmit to _!     
c\ntries ( orig9 or desc5t portions ( _!
 incomes or o!r e>n+s--transf]s kn[n z  
remittances--t 9 ! aggregate (t5 are    
l>ge & significantly contribute to      
economic gr[?1 developm5t1 & human      
welf>e 9 recipi5t c\ntries4  7#c7       
,remittances to ,africa 7 e/imat$ at ov]
 #ia1jjj1jjj1jjj 9 #bjbc--transf]s :i*  
su/a9 families1 fund education &        
heal?c>e1 f9ance small bus9esses1 & fill
 gaps 9 national infra/ructure4  7#d7   
,an e/imat$ #ai1dii1jjj1jjj 0 remitt$ to
 ! ,c>ibbean 9 #bjbc1 ) ^? c\ntries     
receiv+ billions 9 ess5tial family &    
community support4  7#e7 ,sub-,sah>an   
,africa rema9s ! mo/ exp5sive region =  
s5d+ remittances1 ) av]age co/s ( #g4gc 
p]c5t to s5d #bjj 9 ,q#a #bjbd4 ,9      
contra/1 ! av]age co/ = ,lat9 ,am]ica & 

! ,c>ibbean is #e4ig p]c5t4  7#f7 ,if ! 
global av]age co/ ( remittances is r$uc$
 to ! ,su/a9able ,developm5t ,goal t>get
 ( #c p]c5t1 develop+ c\ntries c\ld save
 betwe5 #e1jjj1jjj1jjj & #cb1jjj1jjj1jjj
 annually & r$irect su* res\rces to     
int]national economic gr[? & developm5t 
inve/m5t4  7#g7 ,! global remittance    
m>ket 0 valu$ at #ghd1bej1jjj1jjj 9     
#bjbb & is project$ to rea*             
#a1ccj1jjj1jjj1jjj by #bjcb1 creat+     
significant employm5t & economic        
activity across ! f9ancial s]vices      
indu/ry4  7#h7 ,z ! ,economi/ not$ on   
,april #bd1 #bjbe1 ,emigration f ,africa
 w *ange ! _w--n z a ?reat1 b z a mutual
 opportunity = global gr[?1 %>$         
prosp]ity1 & demographic balance4  7#i7 
,yet ! ,unit$ ,/ates lacks a coh]5t     
framework to *annel ?is economic p[]    
into =mal inve/m5t1 leav+ diaspora      
memb]s to op]ate 9 fragm5t$1 uncoord9at$
 environm5ts ) limit$ access to         
inc5tives or protections4  7#aj7 ,!     
future ( ,unit$ ,/ates-,africa relations

 does n re/ solely on diplomatic summits
 or /ate-to-/ate aid4 ,x lies 9 !       
millions ( quiet f9ancial acts made e   
mon? by diaspora citiz5s3 a tuition     
paym5t1 a cl9ic donation1 a loan to     
laun* a c\s9's %op4 ,^! fl[s des]ve !   
full support ( ,unit$ ,/ates law &      
policy4  7#aa7 ,by embrac+ ! diaspora n 
only z emotional k9 b z /rategic        
co-inve/ors1 ?is ,act positions ! ,unit$
 ,/ates at ! fronti] ( global economic  
coop]ation4 ,x affirms t ,am]ica's /r5g?
 abroad re/s n only 9 its in/itutions--b
 9 ! networks ( commitm5t & capital held
 by its p4  #c4 ,/atem5t ( policy ,x is 
! policy ( ! ,unit$ ,/ates to-- 7#a7    
recognize ,african & ,c>ibbean diaspora 
communities z legitimate p>tn]s 9 ,unit$
 ,/ates =eign economic policy1          
developm5t assi/ance1 & national        
inve/m5t /rategy2  7#b7 recognize ! role
 ( regional & c\ntry-specific diasporas 
9 cultural diplomacy1 p-to-p ties1 &    
v>i\s diasporas' exp&+ contribution to  
socioeconomic developm5t2  7#c7 endeavor

 to r$uce ! co/ ( s5d+ remittances      
includ+ ?r\gh policies aim$ at increas+ 
competition )9 ! int]national f9ancial  
transf]s sub-sector & r$uc+ relat$ taxes
 or o!r adm9i/rative co/s & maximize _! 
pot5tial to fo/] inclusive economic     
gr[?2  7#d7 safegu>d ! integrity &      
af=dability ( remittance fl[s1 includ+  
by prohibit+ taxation on p]sonal        
remittances2  7#e7 promote f9ancial     
inclusion & r$uce transaction co/s ?r\gh
 m>ket competition1 f9te* innovation1 & 
diaspora-own$ remittance plat=ms2  7#f7 
inc5tivize =mal1 productive inve/m5t 9  
diaspora c\ntries ( orig9 ?r\gh t>get$  
,unit$ ,/ates tax policy1 f9ance        
in/rum5ts1 & legal safegu>ds2 &  7#g7   
pursue ! global ,su/a9able ,developm5t  
,goal ( r$uc+ ! av]age co/ ( remittances
 to #c p]c5t1 especially = l[-value     
transf]s & high-co/ corridors1 ?r\gh    
m>ket inc5tives1 innovation1 &          
competition r ?an price controls4  #d4  
,support = diaspora inve/m5ts f ! ,unit$
 ,/ates ,int]national ,developm5t       

,f9ance ,corporation  7a7 ,9 g5]al ,!   
,*ief ,executive ,(fic] ( ! ,unit$      
,/ates ,int]national ,developm5t ,f9ance
 ,corporation %all c>ry out a program to
 support1 9 ! =m ( mat*+ up to #e1jjj   
7adju/$ = inflation7 9 funds p] taxpay]1
 inve/m5ts t ! ,*ief ,executive ,(fic]1 
9 coord9ation ) ! ,secret>y ( !         
,treasury1 det]m9es are inve/m5ts by !  
,african diaspora or inve/m5ts 9        
,c>ibbean c\ntries t meet measurable    
developm5t goals 9 heal?1 education1    
agriculture1 clean en]gy1 or y\?        
employm5t 9 ,africa or ! ,c>ibbean      
c\ntries1 respectively4  7b7 ,inve/m5ts 
by ! ,african ,diaspora 9 c]ta9 issu]s  
,! ,securities & ,ex*ange ,commission   
%all issue rules to treat a memb] ( !   
,african ,diaspora :o is n an accr$it$  
inve/or z an accr$it$ inve/or = purposes
 ( ! securities laws ) respect to       
securities (f]$ or sold by an issu]1    
if-- 7#a7 ! ,unit$ ,/ates ,int]national 
,developm5t ,f9ance ,corporation or     
ano!r qualifi$ developm5t f9ance        

in/itution holds an inve/m5t 9 ! issu]1 
z det]m9$ by ! ,commission2  7#b7 no m  
?an #be p]c5t ( ! total funds rais$ by !
 issu] 9 ! applicable (f]+ ( securities 
is pur*ase by memb]s ( ! ,african       
,diaspora 9 reliance on ?is subsection2 
&  7#c7 ! issu] discloses to ! public ! 
am\nt ( securities1 9 ! aggregate1      
pur*as$ by memb]s ( ! ,african ,diaspora
 9 reliance on ?is subsection4  7c7     
,special w9d[ = diaspora-,l$ inve/m5t ,9
 addition to ! program describ$ 9       
subsection 7a71 ! ,*ief ,executive      
,(fic] ( ! ,unit$ ,/ates ,int]national  
,developm5t ,f9ance ,corporation %all1  
us+ applicable au?orities provid$ by !  
,,build ,act ( #bjah 7#bb ,u4,s4,c4     
#ifja et seq471 e/abli% a special w9d[  
to provide support to diaspora-l$       
inve/m5t funds1 social ent]prises1 &    
infra/ructure projects 9 ,african &     
,c>ibbean c\ntries4  #e4 ,diaspora      
infra/ructure bond framework ,!         
,secret>y ( ! ,treasury & ! ,unit$      
,/ates ,int]national ,developm5t ,f9ance

 ,corporation are au?oriz$ to provide   
support = ! issuance ( diaspora bonds by
 ,african & ,c>ibbean nations ?r\gh     
cr$it enhancem5t1 te*nical assi/ance1 & 
co-m>ket+ ) diaspora inve/m5t vehicles4 
#f4 ,m>ket expansion = remittance       
provid]s  7a7 ,remov+ regulatory b>ri]s 
,! ,secret>y ( ! ,treasury %all issue   
rules to remove undue regulatory b>ri]s 
applicable to remittance provid]s t--   
7#a7 are own$ by memb]s ( ! ,african    
,diaspora2 &  7#b7 are f9te*-driv54  7b7
 ,remittance ,innovation ,fund  7#a7    
,e/abli%m5t ,!re is e/abli%$ 9 !        
,treasury a fund to be kn[n z !         
,remittance ,innovation ,fund4  7#b7    
,use ( ,fund ,! ,secret>y ( ! ,treasury 
%all use am\nts 9 ! ,remittance         
,innovation ,fund to promote l[-co/1    
secure1 & traceable f9ancial transf]s   
by-- 7,a7 provid+ te*nical support to   
remittance provid]s describ$ 9          
subsection 7a72 &  7,b7 provid+ se$     
fund+ to p]sons seek+ to e/abli% a      
remittance provid] describ$ 9 subsection

 7a74  #g4 ,d$uction = remittances us$ =
 qualifi$ purposes  7a7 ,9 g5]al ,"p    
,,vii ( sub*apt] ,b ( *apt] #a (        
subtitle ,a ( ! ,int]nal ,rev5ue ,code (
 #aihf is am5d$ by ins]t+ aft] section  
#bbc ! foll[+ new section3  #bbc;,a4    
,d$uction = remittances us$ = qualifi$  
purposes  7a7 ,d$uction all[$ ,9 ! case 
( an individual !re %all be all[$ z a   
d$uction an am\nt equal to s mu* ( !    
qualifi$ remittance transf]s made by !  
taxpay] to recipi5ts resid+ 9 a cov]$   
c\ntry dur+ ! taxable ye> z d n exce$   
#c1jjj4  7b7 ,qualifi$ remittance       
transf] ,= purposes ( ?is section1 ! t]m
 qualifi$ remittance transf] means a    
remittance transf] :i* is us$ by !      
recipi5t = h\s+1 agriculture1 education1
 heal?c>e1 or small ent]prise support4  
7c7 ,cov]$ c\ntry ,= purposes ( ?is     
section1 ! t]m cov]$ c\ntry means a     
memb] /ate ( ! ,african ,union or a     
memb] /ate ( ! ,c>ibbean ,community     
7,,c>icom74  7d7 ,regulations ,!        
,secret>y %all issue su* regulations or 

o!r guidance z may be necess>y or       
appropriate to c>ry out ! purposes ( ?is
 section4  4  7b7 ,cl]ical am5dm5t ,!   
table ( sections = "p ,,vii ( sub*apt]  
,b ( *apt] #a ( subtitle ,a ( su* ,code 
is am5d$ by ins]t+ ! foll[+ new item    
aft] ! item relat+ to section #bbc3     
,sec4 #bbc;,a4 ,d$uction = remittances  
us$ = qualifi$ purposes4  4  7c7        
,effective date ,! am5dm5ts made by ?is 
section %all apply to remittances made  
aft] ! date ( ! enactm5t ( ?is ,act4    
#h4 ,exclusion ( income attributable to 
c]tifi$ diaspora inve/m5ts  7a7 ,9 g5]al
 ,*apt] #a ( subtitle ,a ( ! ,int]nal   
,rev5ue ,code ( #aihf is am5d$ by add+  
at ! end ! foll[+ new sub*apt]3  ,,aa   
,c]tifi$ diaspora inve/m5ts  ,sec4      
#adjj;,,aa4 ,c]tifi$ diaspora inve/m5ts4
  #adjj;,,aa4 ,c]tifi$ diaspora         
inve/m5ts  7a7 ,9 g5]al ,9 ! case ( a   
c]tifi$ diaspora inve/m5t-- 7#a7 gross  
income = ! taxable ye> %all n include   
any divid5d or int]e/ paym5ts receiv$ ) 
respect to su* inve/m5t1 &  7#b7 ! basis

 ( su* prop]ty %all be equal to ! fair  
m>ket value ( su* inve/m5t on ! date t !
 inve/m5t is sold or ex*ang$4  7b7      
,limitation ,! sum ( ! am\nt ( paym5ts  
tak5 into acc\nt "u p>agraph 7#a7 (     
subsection 7a7 & ! am\nt ( ! increase 9 
basis ( assets ( ! taxpay] "u p>agraph  
7#b7 ( su* subsection = any taxable ye> 
may n exce$ #ab1jjj4  7c7 ,qualifi$     
diaspora inve/m5t ,= purposes ( ?is     
section ! t]m qualifi$ diaspora inve/m5t
 means any equity1 debt1 or bl5d$       
capital inve/m5t 9 a company or project 
bas$ 9 a cov]$ c\ntry 7z def9$ 9 section
 #bbc;,a7 & duly regi/]$ ) su* c\ntry's 
securities au?ority or *annel$ ?r\gh a  
fund recogniz$ by a ,unit$ ,/ates       
developm5t f9ance in/itution4  7d7      
,inflation adju/m5t  7#a7 ,9 g5]al ,9 ! 
case ( any taxable ye> beg9n+ aft]      
#bjbe1 ! #ab1jjj am\nt 9 subsection 7b7 
%all be increas$ by an am\nt equal to-- 
7,a7 su* doll> am\nt1 multipli$ by  7,b7
 ! co/-(-liv+ adju/m5t det]m9$ "u       
section #a7;f77#c7 = ! cal5d> ye> 9 :i* 

! taxable ye> beg9s1 det]m9$ by         
sub/itut+ cal5d> ye> #bjbd = cal5d> ye> 
#bjaf 9 subp>agraph 7,a77ii7 !re(4  7#b7
 ,r\nd+ ,if any increase "u p>agraph    
7#a7 is n a multiple ( #ajj1 su*        
increase %all be r\nd$ to ! ne>e/       
multiple ( #ajj4  7e7 ,regulations ,!   
,secret>y %all issue su* regulations or 
o!r guidance z may be necess>y or       
appropriate to c>ry out ! purposes ( ?is
 section4  4  7b7 ,cl]ical am5dm5t ,!   
table ( sub*apt]s = *apt] #a ( subtitle 
,a ( su* ,code is am5d$ by ins]t+ aft] !
 item relat+ to sub*apt] ,z ! foll[+ new
 item3  ,sub*apt] ,,aa4 ,c]tifi$        
diaspora inve/m5ts4  4  7c7 ,effective  
date ,! am5dm5ts made by ?is section    
%all apply to inve/m5ts made aft] ! date
 ( ! enactm5t ( ?is ,act4  #i4 ,repeal (
 remittance excise tax  7a7 ,9 g5]al    
,*apt] #cf ( ! ,int]nal ,rev5ue ,code ( 
#aihf is am5d$ by repeal+ sub*apt] ,c 7&
 ! table ( sub*apt]s = su* *apt] is     
am5d$ by /rik+ ! item relat+ to su*     
sub*apt]74  7b7 ,effective date ,!      

am5dm5ts made by ?is section %all apply 
to transf]s made aft] ,decemb] #ca1     
#bjbe4  #aj4 ,report  7a7 ,annual report
 requir$ ,n lat] ?an #a ye> aft] ! date 
( ! enactm5t ( ?is ,act1 & annually     
!reaft]1 ! ,secret>y ( ! ,treasury1 act+
 ?r\gh ! ,director ( ! ,consum]         
,f9ancial ,protection ,bureau1 ! ,bo>d (
 ,gov]nors ( ! ,f$]al ,res]ve1 & !      
,secret>y ( ,/ate1 9 consultation ) !   
/akehold]s describ$ 9 subsection 7b71   
%all submit to ! relevant congressional 
committees a report t addresses-- 7#a7  
progress t[>d & a /rategy = enc\rag+    
remittance & r$uc+ transaction co/s2    
7#b7 remittance co/ tr5ds & b>ri]s2     
7#c7 impact ( ,unit$ ,/ates tax policy  
on diaspora inve/m5ts2  7#d7            
in/itutional collaboration ) ,african   
gov]nm5ts1 gov]nm5ts ( ,c>ibbean        
c\ntries1 & diaspora-l$ v5tures2  7#e7  
uptake & effectiv5ess ( f9ancial        
in/rum5ts creat$ "u ?is ,act2  7#f7     
*all5ges & ob/acles associat$ ) a*iev+ !
 a=em5tion$ goals2 &  7#g7              

recomm5dations relat+ to programmatic or
 appropriations measures t c\ld         
pot5tially enhance ! implem5tation ( !  
/rategy1 includ+ legislative or         
executive policy *anges = su* enhanc$   
implem5tation4  7b7 ,consultations ,9   
develop+ ! report requir$ by ?is        
section1 ! ,secret>y ( ! ,treasury & !  
,secret>y ( ,/ate %all1 z appropriate & 
practicable1 consult )-- 7#a7 /akehold]s
 9 ! ,unit$ ,/ates & 9 ,africa &        
,c>ibbean f ! private sector1 civil     
society1 & ,african diaspora2  7#b7     
relevant ag5cies2  7#c7 ,/ate1 local1 & 
,tribal gov]nm5ts2 &  7#d7 o!r relevant 
,unit$ ,/ates developm5t ag5cies &      
entities4  7c7 ,f9al report ,n lat] ?an 
#aj ye>s aft] ! date ( ! submission ( ! 
initial report requir$ by subsection    
7a71 ! ,presid5t %all submit to !       
appropriate congressional committees a  
report t assesses progress ov] ! prec$+ 
decade ( ! /rategy4 ,su* report %all    
also include ! foll[+3 7#a7 ,an         
assessm5t ( ! progress made 9 !         

implem5tation ( ! /rategy ov] ! prec$+  
decade ) respect to ea* ( ! goals       
describ$ 9 subsection 7a74  7#b7 ,an    
assessm5t ( ! successes1 *all5ges1 &    
effectiv5ess ( ! /rategy & its          
implem5tation4  7#c7 ,recomm5d$         
legislative or executive policy *anges  
relevant to address+ any gaps1 policy or
 program %ortcom+s1 or o!r out/&+       
*all5ges relat+ to ! goals ( ! /rategy1 
along ) descriptions ( prospective      
foll[-up activities necess>y to address 
su* *all5ges4  7#d7 ,recomm5dations     
relat+ to programmatic or appropriations
 measures t c\ld pot5tially enhance !   
implem5tation ( ! /rategy1 includ+      
legislative or executive policy *anges =
 su* enhanc$ implem5tation4  #aa4       
,def9itions ,9 ?is ,act3 7#a7           
,appropriate congressional committees ,!
 t]m appropriate congressional          
committees means-- 7,a7 ! ,committee on 
,=eign ,affairs1 ! ,committee on ,ways &
 ,means1 & ! ,committee on ,f9ancial    
,s]vices ( ! ,h\se ( ,repres5tatives2 & 

7,b7 ! ,committee on ,=eign ,relations1 
! ,committee on ,f9ance1 & ! ,committee 
on ,bank+1 ,h\s+1 & ,urban ,affairs ( ! 
,s5ate4  7#b7 ,africa ,! t]m ,africa    
means ! #ed c\ntries recogniz$ by !     
,african ,union4  7#c7 ,african diaspora
 ,! t]m ,african ,diaspora means        
individuals ( ,african or ,c>ibbean     
desc5t resid+ outside _! c\ntries (     
orig91 includ+ fir/-g5]ation immigrants 
& desc5dants4  7#d7 ,c>ibbean c\ntries  
,! t]m ,c>ibbean c\ntries means ! #ae   
c\ntries ( ! ,c>ibbean ,community       
7,,c>icom74  7#e7 ,remittances ,! t]m   
remittances means p]sonal transf]s made 
across bord]s = family support or       
micro-inve/m5t1 & does n include        
corporate or in/itutional capital fl[s4