Report

(a) Annual report required Not later than 1 year after the date of the enactment of this Act, and annually thereafter, the Secretary of the Treasury, acting through the Director of the Consumer Financial Protection Bureau, the Board of Governors of the Federal Reserve, and the Secretary of State, in consultation with the stakeholders described in subsection (b), shall submit to the relevant congressional committees a report that addresses— (1) progress toward and a strategy for encouraging remittance and reducing transaction costs; (2) remittance cost trends and barriers; (3) impact of United States tax policy on diaspora investments; (4) institutional collaboration with African governments, governments of Caribbean countries, and diaspora-led ventures; (5) uptake and effectiveness of financial instruments created under this Act; (6) challenges and obstacles associated with achieving the aforementioned goals; and (7) recommendations relating to programmatic or appropriations measures that could potentially enhance the implementation of the strategy, including legislative or executive policy changes for such enhanced implementation. (b) Consultations In developing the report required by this section, the Secretary of the Treasury and the Secretary of State shall, as appropriate and practicable, consult with— (1) stakeholders in the United States and in Africa and Caribbean from the private sector, civil society, and African diaspora; (2) relevant agencies; (3) State, local, and Tribal governments; and (4) other relevant United States development agencies and entities. (c) Final report Not later than 10 years after the date of the submission of the initial report required by subsection (a), the President shall submit to the appropriate congressional committees a report that assesses progress over the preceding decade of the strategy. Such report shall also include the following: (1) An assessment of the progress made in the implementation of the strategy over the preceding decade with respect to each of the goals described in subsection (a). (2) An assessment of the successes, challenges, and effectiveness of the strategy and its implementation. (3) Recommended legislative or executive policy changes relevant to addressing any gaps, policy or program shortcomings, or other outstanding challenges relating to the goals of the strategy, along with descriptions of prospective follow-up activities necessary to address such challenges. (4) Recommendations relating to programmatic or appropriations measures that could potentially enhance the implementation of the strategy, including legislative or executive policy changes for such enhanced implementation.