AIDA
Summary
What This Bill Does
The bill creates congressional findings establishing that 6.6 million African and Caribbean immigrants send over $110 billion annually in remittances, with sub-Saharan Africa having the highest transaction costs at 7.73%, creates states US policy to recognize diaspora communities as partners in foreign economic policy, reduce remittance costs, prohibit taxation on personal remittances, promote financial inclusion through fintech, and directs DFC to match up to $5,000 per taxpayer for diaspora investments meeting development goals in health, education, agriculture, clean energy, or youth employment. Also allows SEC to treat diaspora members. It relies on exemptions, grants, tax deductions, and tax credits. The main policy areas are International Finance, Finance, and Foreign Policy.
Who Benefits and How
Taxpayers making certified diaspora investments could see lower costs, Individual taxpayers sending remittances to Africa or Caribbean could see lower costs, and Individuals sending international remittances could see lower costs.
Who Bears the Burden and How
US Treasury could lose revenue opportunities, Department of the Treasury would take on compliance duties, and Department of State would take on compliance duties.
Key Provisions
- Creates congressional findings establishing that 6.6 million African and Caribbean immigrants send over $110 billion annually in remittances, with sub-Saharan Africa having the highest transaction costs at 7.73%.
- Creates states US policy to recognize diaspora communities as partners in foreign economic policy, reduce remittance costs, prohibit taxation on personal remittances, promote financial inclusion through fintech...
- Directs DFC to match up to $5,000 per taxpayer for diaspora investments meeting development goals in health, education, agriculture, clean energy, or youth employment. Also allows SEC to treat diaspora members...
- Authorizes Treasury and DFC to support diaspora bond issuance by African and Caribbean nations through credit enhancement, technical assistance, and co-marketing with diaspora investment vehicles.
- Directs Treasury to remove regulatory barriers for diaspora-owned fintech remittance providers. Establishes a Remittance Innovation Fund for technical support and seed funding to promote low-cost, secure financial...
Evidence Chain:
This summary is generated from the full bill text using AI analysis. Expand "Detailed Analysis" below for identified beneficiaries/burden bearers with clause-level evidence links.
At a Glance
What This Bill Does
The bill creates congressional findings establishing that 6.6 million African and Caribbean immigrants send over $110 billion annually in remittances, with sub-Saharan Africa having the highest transaction costs at 7.73%, creates states US policy to recognize diaspora communities as partners in foreign economic policy, reduce remittance costs, prohibit taxation on personal remittances, promote financial inclusion through fintech, and directs DFC to match up to $5,000 per taxpayer for diaspora investments meeting development goals in health, education, agriculture, clean energy, or youth employment. Also allows SEC to treat diaspora members.
Key Policy Areas
International Finance, Finance, Foreign Policy
Primary Purpose
The bill creates congressional findings establishing that 6.6 million African and Caribbean immigrants send over $110 billion annually in remittances, with sub-Saharan Africa having the highest transaction costs at 7.73%, creates states US policy to recognize diaspora communities as partners in foreign economic policy, reduce remittance costs, prohibit taxation on personal remittances, promote financial inclusion through fintech, and directs DFC to match up to $5,000 per taxpayer for diaspora investments meeting development goals in health, education, agriculture, clean energy, or youth employment. Also allows SEC to treat diaspora members.
Policy Domains
African Diaspora Investment and Development Act
Identified Gains
- Taxpayers making certified diaspora investments
- Individual taxpayers sending remittances to Africa or Caribbean
- Individuals sending international remittances
- Diaspora-owned fintech remittance providers
- African and Caribbean national governments
Identified Costs
- US Treasury
- Department of the Treasury
- Department of State
- Consumer Financial Protection Bureau
- US International Development Finance Corporation
Sponsors
Legislative Progress
In CommitteeMrs. Cherfilus-McCormick (for herself and Mr. Jackson of Illinois) introduced …
Referred to the Committee on Ways and Means, and in …
Introduced in House
Stakeholder Effects
cui bono?How this legislation distributes effects. Mention counts reflect frequency, not effect magnitude.
Consumer Financial Protection Bureau, Department of State, Department of the Treasury
African and Caribbean diaspora members, Individual taxpayers sending remittances to Africa or Caribbean, Individuals of African or Caribbean descent
Diaspora-led investment funds and social enterprises, Diaspora-owned fintech remittance providers, Investment banks and bond underwriters
Positive-direction: Diaspora-led investment funds and social enterprises, Diaspora-owned fintech remittance providers, Investment banks and bond underwriters, Money transfer service providers
Negative-direction: Traditional money transfer operators (Western Union, MoneyGram)
African and Caribbean remittance recipients, Remittance recipients in Africa and Caribbean
Small and medium enterprises in Africa and Caribbean
Companies and projects in Africa and Caribbean receiving diaspora investment
Bill Structure & Actor Mappings
Who is "The Secretary" in each section?
- "the_secretary"
- → Secretary of the Treasury
- "the_commission"
- → Securities and Exchange Commission
- "the_chief_executive_officer"
- → Chief Executive Officer of the US International Development Finance Corporation
Key Definitions
Terms defined in this bill
A remittance transfer used by the recipient for housing, agriculture, education, healthcare, or small enterprise support
A member state of the African Union or a member state of CARICOM
Any equity, debt, or blended capital investment in a company or project based in a covered country and registered with that country's securities authority or channeled through a US development finance institution-recognized fund
The Committee on Foreign Affairs, Ways and Means, and Financial Services of the House; and the Committee on Foreign Relations, Finance, and Banking of the Senate
The 54 countries recognized by the African Union
Individuals of African or Caribbean descent residing outside their countries of origin, including first-generation immigrants and descendants
The 15 countries of the Caribbean Community (CARICOM)
Personal transfers made across borders for family support or micro-investment, not including corporate or institutional capital flows
We use a combination of our own taxonomy and classification in addition to large language models to assess meaning and potential beneficiaries. High confidence means strong textual evidence. Always verify with the original bill text.
Learn more about our methodology