Army Corps of Engineers Reform Act of 2003

Army Corps of Engineers Reform Act of 2003 - Amends the Flood Control Act of 1970 to make economic development and environmental protection and restoration co-equal goals of water resources planning and development. Requires the Secretary of the Army to revise water resource project principles and guidelines of the Army Corps of Engineers to reflect such goals.

Directs the Secretary to establish, for a project that is authorized or substantially modified, a stakeholder advisory committee to assist with the development of project feasibility studies, general reevaluation studies, and environmental impact statements. Requires specified project studies and statements to be subject to review by an independent panel of experts, including projects: (1) having an estimated total cost of more than $25 million; (2) likely to significantly adversely impact fish or wildlife; (3) likely to significantly adversely impact local environmental, cultural, or other resources; or (4) determined to be controversial. Establishes an Office of Independent Review for project reviews.

Requires information related to project analysis to be made available to the public on the Internet (with exceptions for trade secrets).

Prohibits the authorization or substantial modification of a project unless it minimizes adverse impacts on the natural hydrologic patterns, value, or diversity of aquatic ecosystems.

Amends the Water Resources Development Act of 1986 to require the full and concurrent mitigation of authorized projects.

Requires the Secretary to establish a record keeping system to track wetland and other habitat types impacted by authorized projects. Requires the public availability of such information.