S. 2120, The Social Investment and Economic Development for the Americas Act of 2007

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S. 2120 would authorize the establishment of a Social Investment and Economic Development Fund for the Americas to provide assistance to reduce poverty, expand the middle class, and foster increased economic opportunity in the countries of the Western Hemisphere.

Detailed Summary

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.

Status of the Legislation

Latest Major Action: 10/1/2007: Referred to Senate committee. Status: Read twice and referred to the Committee on Foreign Relations.

Points in Favor

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Points Against

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