Announcing A Landmark Bipartisan Agreement On America'S New Markets


Tuesday, May 23, 2000


"We have achieved an agreement that will allow us to give every family in every community a stake in the prosperity Americans have worked so hard to build."

President Bill Clinton
Tuesday, May 23, 2000

Today, at the White House, President Clinton, joined by House Speaker Dennis Hastert, announced a landmark bipartisan agreement on bringing capital and opportunity to America's untapped markets. This New Markets and Community Renewal legislative 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. Today's announcement is the outcome of the commitment President Clinton and Speaker Hastert made last November to develop a bipartisan legislative initiative on New Markets and revitalizing impoverished communities.

An Unprecedented Commitment to America's Untapped Markets. Since 1993, President Clinton and Vice President Gore have been committed to tapping the potential of America's urban and rural communities by bringing capital, jobs, and opportunity to distressed areas and cleaning up the urban environment. The President has highlighted the potential of America's New Markets in three trips to underserved inner city and rural communities like Newark, NJ, Hartford, CT, the Mississippi Delta, Appalachia, rural Arkansas, and Pine Ridge Indian Reservation in South Dakota. Today's bipartisan agreement marks an unprecedented commitment to bringing new incentives for capital investment to America's distressed and lower-income communities, and contains the following key elements:

New Markets Initiatives

Empowerment Zones

Renewal Communities

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