Bill > HR4586

This bill establishes a comprehensive strategy to support African and Caribbean diaspora engagement in development through several key provisions. The African Diaspora Investment and Development Act (AIDA) aims to recognize diaspora communities as strategic partners in U.S. foreign economic policy, with a particular focus on reducing remittance costs, creating investment incentives, and fostering institutional partnerships. The bill provides multiple mechanisms to support this goal, including establishing a matching program through the U.S. International Development Finance Corporation that will provide up to $5,000 per taxpayer to support diaspora investments in African and Caribbean countries, creating a special investment window for diaspora-led funds and projects, and offering tax incentives such as a new tax deduction for remittances used for qualified purposes like housing, education, healthcare, and small business support. The legislation also seeks to remove regulatory barriers for diaspora-owned fintech remittance providers, create a Remittance Innovation Fund to support low-cost financial transfers, and establish a framework for diaspora infrastructure bonds. Additionally, the bill mandates annual reporting on progress toward reducing remittance costs and supporting diaspora investments, with a comprehensive review after ten years to assess the strategy's effectiveness and recommend potential improvements.

Budget and Finance

https://www.congress.gov/bill/119th-congress/house-bill/4586/all-info