National Drought Preparedness Act of 2003 - Establishes in the Office of the Secretary of Agriculture the National Drought Council which shall develop a comprehensive National Drought Policy Action Plan. (Terminates the Council eight years after enactment of this Act.)
Directs the Secretary to establish the National Office of Drought Preparedness to assist the Council.
Establishes in the Treasury the Drought Assistance Fund, which shall provide financial assistance for drought preparedness plans and drought mitigation. Directs the Secretary to issue related implementing guidelines, including: special requirements applicable to interstate watersheds.
Amends the Robert T. Stafford Disaster Relief and Emergency Assistance Act to require the Director of the Federal Emergency Management Agency to reimburse States for costs of prepositioning wildfire suppression resources.