PREPARE Act

[AI summary unavailable — showing source text] Amends the Homeland Security Act of 2002 to add provisions entitled the Preparing America to Respond Effectively Act of 2003 (PREPARE Act), which direct the Secretary of Homeland Security to establish a Task Force on Standards for Terrorism Preparedness and authorize the Secretary to make terrorism preparedness and response grants to State governments. Designates the Office for Domestic Preparedness as being responsible for administering all terrorism preparedness and response grant programs of the Department of Homeland Security. Requires the Secretary to revise the Homeland Security Advisory System to include a process for activating the System on a regional or critical infrastructure sector basis. Includes among executive branch responsibilities the making of grants to compensate States and local governments for additional personnel costs incurred as a result of elevated threat level designations. Requires: (1) the President to specify the lead Federal agency for sharing terrorism threat information with State and local governments; and (2) the Secretary to make grants to State and local governments to provide the equipment and facilities necessary to handle and store classified…