Regional Economic and Infrastructure Development Act of 2003 - Establishes the following regional commissions: (1) Delta Regional Commission; (2) Northern Great Plains Regional Commission; (3) Southeast Crescent Regional Commission; and (4) Southwest Border Regional Commission.
Directs each Commission, in its region, to: (1) assess needs and assets; (2) develop comprehensive and coordinated economic infrastructure development strategies to establish and approve grants for economic development; (3) establish priorities in an economic and infrastructure development plan; (4) enhance capacity of and provide support for local development districts; (5) encourage private investment in industrial, commercial, and other economic development projects; (6) assist State governments with the preparation of economic and infrastructure development plans and programs for participating States; and (7) formulate and recommend to the Governors and legislatures of participating States forms of interstate cooperation and, where appropriate, international cooperation.
Sets forth requirements for: (1) economic and infrastructure development grants; (2) comprehensive economic and infrastructure development plans; (3) approval of applications for assistance for projects; (4) grants to local development districts for assistance in payment of development planning and administrative expenses; and (5) supplemental funding for other Federal grant programs (Federal grant programs to provide assistance in carrying out economic and community development activities).
Declares that this Act does not require a State to engage in or accept a program under this Act without its consent.
Requires each Commission to annually designate: (1) distressed, transitional, and attainment counties; and (2) isolated areas of distress in attainment counties that have high rates of poverty, unemployment, or outmigration.
Provides for the appointment of Inspector Generals for the Commissions.
Sets forth requirements for counties eligible to receive assistance from more than one Commission, including the Appalachian Regional Commission.
Requires biannual meetings of all such Regional Commissions.