Bipartisan Agreement On New Markets And Renewal Communities May 23, 2000


THE WHITE HOUSE
Office of the Press Secretary


For Immediate Release May 23, 2000



PRESIDENT CLINTON & SPEAKER HASTERT ANNOUNCE BIPARTISAN AGREEMENT
ON NEW MARKETS AND RENEWAL COMMUNITIES
May 23, 2000

Today, President Clinton will be joined by Speaker Dennis Hastert in announcing a bipartisan agreement on a New Markets and Community Renewal legislative initiative. This announcement is the outcome of the commitment President Clinton and Speaker Hastert made in Chicago last Nov. to develop a bipartisan legislative initiative on New Markets and revitalizing impoverished communities this year. This initiative will help encourage private sector equity investment in underserved communities throughout the country to ensure that all Americans share in our nation's economic prosperity. The President's New Markets Initiative was originally proposed in President Clinton and Vice-President Gore's FY 2000 budget. President Clinton has highlighted the potential of the nation's New Markets in three separate trips across America to underserved inner city and rural communities like Newark, NJ, Hartford, CT, the Mississippi Delta, Appalachia, and rural Arkansas, and the Pine Ridge Indian Reservation in S. Dakota.

THE KEY ELEMENTS OF THE AGREEMENT ARE:

NEW MARKETS INITIATIVES:

EMPOWERMENT ZONES:

RENEWAL COMMUNITIES:

In addition, the New Market/Renewal Communities Agreement includes these 2 provisions:




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