Sounds good to me. Reducing global poverty is the single best long-term method to secure the nation.
Of course, the devil is in the details. I don't think the amount is as much of a problem as the "how". I'm not so sure the way foreign aid is carried out works all that well.
But that's a different story.

The Millenium Development goals are one of the few things the UN has done a good job with in recent times... If they actually figure out how to implement them, then I'd be more impressed.
While this bill certainly wouldn't be the implementation, it could certainly help (and might make us a little more interested in figuring it out).

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"Conservatives say if you don't give the rich more money, they will lose their incentive to invest. As for the poor, they tell us they've lost all incentive because we've given them too much money."

-George Carlin