Calling for the annulment of the Monroe Doctrine and the development of a "New Good Neighbor" policy in order to foster improved relations and deeper, more effective cooperation between the United States and its Latin American and Caribbean neighbors.

This resolution expresses the sense that the Department of State should formally confirm that the Monroe Doctrine is no longer part of U.S. policy towards Latin America and the Caribbean. Specifically, the resolution calls on the United States to develop a New Good Neighbor policy to foster improved relations and deeper cooperation with all countries of the Western Hemisphere. The resolution calls for this policy to involve creation of a new approach to promoting development based on respect for sovereign economic development plans of the region's governments; reform of the Organization of American States in coordination with Latin American and Caribbean governments to promote accountability and transparency; and termination of all unilateral economic sanctions and robust congressional oversight over the imposition of such sanctions.