Federal Law Enforcement Pay and Benefits Parity Act of 2003 - Requires the Office of Personnel Management to report to the President of the Senate, the Speaker of the House of Representatives, and appropriate congressional committees and subcommittees on: (1) a comparison of classifications, pay, and benefits among Federal law enforcement officers; and (2) recommendations for ensuring the elimination of disparities in such classifications, pay, and benefits.
Directs the President to establish an employee exchange program between Federal agencies that perform law enforcement functions and State and local agencies that perform such functions.