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Office of the Press Secretary

For Immediate Release May 11, 1999
                PRESIDENT CLINTON'S CHALLENGE TO INVEST                
                       IN AMERICA'S NEW MARKETS                        
                             May 11, 1999                              

"We must do more to bring the spark of private enterprise to every corner of America -- to build a bridge from Wall Street to Appalachia, to the Mississippi Delta, to our Native American communities - Our greatest untapped markets are not overseas -- they are right here at home."

Joining With Corporate America to Mobilize Investment in Untapped Markets. Today, President Clinton and Vice President Gore will hold a roundtable with 17 chief executive officers from major American corporations and investment firms to discuss ways to best mobilize new private investment in America's most economically underserved communities --- America's new markets.

Announcing a Presidential Trip the Week of July 5 to Underserved Urban and Rural Areas Across the Country. President Clinton will announce today that in July he will take a bipartisan delegation of CEOs and Members of Congress to untapped markets throughout America, touring economically distressed communities and highlighting new opportunities being created in these communities across the nation.

Promoting Efforts to Attract Capital to Underserved Areas. As part of a bipartisan focus on underserved urban and rural areas, President Clinton is seeking ways to expand current efforts. President Clinton's New Markets Initiative will build upon these existing programs and help create the conditions for economically successful investment in underserved inner city and rural areas. Included among the elements of the plan are:

Building on Six Years of Work to Expand Economic Development. The Clinton-Gore Administration has made community development a priority since taking office. The efforts announced today build on a number of critical initiatives that have helped to expand economic development to communities across the country that need it most. These efforts include the Community Reinvestment Act, Community Development Financial Institutions, Micro-Enterprise Programs, the Economic Development Initiative and Section 108 Loan Guarantee Program, the Empowerment Zones and Enterprise Communities, and the Brownfields Tax Incentive.