Economic Security Act of 2003

Economic Security Act of 2003 - Provides for a program of temporary enhanced unemployment compensation which may add the greater of 15 percent or $25 to the amount of weekly regular compensation (including dependents' allowances) for which an individual is eligible under the Federal-State Extended Unemployment Compensation Act of 1970. Modifies eligibility requirements for regular compensation, where applicable for purposes of benefits under this Act, to: (1) set an alternative base period ending at the close of the most recently completed calendar quarter; and (2) allow individuals to seek less than full-time work or not accept full-time work.

Sets forth program requirements for Federal-State agreements, formulas for determining weekly benefits, nonreduction and coordination rules, payments to States, and financing.

Applies program agreements to weeks of unemployment: (1) beginning after the date on which such an agreement is entered into; and (2) ending before July 1, 2004. Makes a modification relating to alternative base periods applicable only to initial claims filed after September 11, 2001. Makes a modification relating to part-time employment and increased benefits applicable to weeks of unemployment in such agreement period, regardless of the date on which an individual's claim for benefits is filed.

Written by the nonpartisan Congressional Research Service. All summary versions on Congress.gov