Statement of policy

It is the policy of the United States to— (1) recognize African and Caribbean diaspora communities as legitimate partners in United States foreign economic policy, development assistance, and national investment strategy; (2) recognize the role of regional and country-specific diasporas in cultural diplomacy, people-to-people ties, and various diasporas’ expanding contribution to socioeconomic development; (3) endeavor to reduce the cost of sending remittances including through policies aimed at increasing competition within the international financial transfers sub-sector and reducing related taxes or other administrative costs and maximize their potential to foster inclusive economic growth; (4) safeguard the integrity and affordability of remittance flows, including by prohibiting taxation on personal remittances; (5) promote financial inclusion and reduce transaction costs through market competition, fintech innovation, and diaspora-owned remittance platforms; (6) incentivize formal, productive investment in diaspora countries of origin through targeted United States tax policy, finance instruments, and legal safeguards; and (7) pursue the global Sustainable Development Goal of reducing the average cost of remittances to 3 percent, especially for low-value transfers and high-cost corridors, through market incentives, innovation, and competition rather than price controls.