President Clinton's New Markets Initiative: Revitalizing America's Underserved Communities

President Clinton's New Markets Initiative: Revitalizing America's Underserved Communities

December 14, 2000

Today, President Clinton is pleased to announce the passage of the historic new bipartisan New Markets and Community Renewal 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 LEGISLATION ARE:

NEW MARKETS INITIATIVES:

EMPOWERMENT ZONES:

-* Strengthened & Expanded EZs.* President Clinton and Vice President Gore proposed and signed Empowerment Zone legislation in 1993 establishing 9 EZs across the country today there are 31 across America. This agreement:

RENEWAL COMMUNITIES:

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



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