Requires each Federal agency to include in budget documents submitted in 2003 a list of programs or tax laws within that agency that provide inequitable Federal subsidies, together with recommendations for appropriate action. Provides a special review requirement for international trade programs.
Requires the President to: (1) report to the Commission and Congress on his approval or disapproval of the entire package of Commission recommendations; and (2) certify the recommendations to Congress if the package is approved either initially or after being revised by the Commission after initial disapproval. Sets forth procedures for congressional implementation and consideration of recommendations certified by the President.