Office of Advocacy Act

Independent Office of Advocacy Act of 2003 - Amends the Small Business Act regarding the establishment of the Office of Advocacy to: (1) require each annual budget submitted by the President to include a separate statement of the amount of appropriations requested for such Office; (2) require the Office to recommend methods for the delivery of financial assistance to women-owned businesses, businesses owned and controlled by socially and economically disadvantaged individuals or veterans, and businesses designated as HUBZone small businesses, and evaluate the efforts of Federal agencies and the private sector in assisting such businesses; (3) require the Office to make recommendations and submit specified reports concerning issues and regulations affecting small business and any necessity for corrective action; and (4) require the Office to evaluate the efforts of the Federal Government and private industry to assist small businesses owned by veterans and service-disabled veterans. Requires the SBA to provide appropriate administrative support to the Office.

Requires the Chief Counsel to report annually to the President and specified congressional committees on agency compliance with Federal regulatory analysis requirements.