Restrict and Eliminate the Delivery of Unsolicited Commercial Electronic Mail or Spam Act of 2003 or REDUCE Spam Act of 2003 - Amends the Federal criminal code to prohibit the initiation of a transmission of any unsolicited commercial electronic mail (spam) message with the knowledge that such message contains or is accompanied by false or misleading header (identifying) information.Prohibits any person from initiating the transmission of a spam message to an electronic mail (e-mail) address within the United States unless the subject line includes legally compliant identifying information or "ADV" as its first characters for commercial advertisements or "ADV: ADLT" for adult advertisements. Requires a sender to establish a valid sender operated return e-mail address where the recipient may notify the sender not to send further spam. Prohibits: (1) sending spam after notification of the recipient's objection; or (2) including false or misleading header information or deceptive subject headings as part of spam transmissions. Provides: (1) affirmative defenses; and (2) enforcement through the Federal Trade Commission (FTC).Permits a spam recipient or a provider of Internet access service adversely affected by a violation of this Act to bring a civil action. Requires the FTC to submit to Congress a detailed analysis of the effectiveness and enforcement of provisions of this Act and the need, if any, for modifications. Directs the President to study and report to Congress on the possibility of an international agreement to reduce spam.
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