Office of the Press Secretary
For Immediate Release November 5, 1999
STATEMENT BY THE PRESS SECRETARY
The President and House Speaker Dennis Hastert have agreed to work
together to enact bipartisan legislation to help spur economic
development in urban and rural communities that have not shared fully in
the benefits of the nation's strong economy. The President's New
Markets proposal and the Speaker's American Community Renewal proposal
are both designed to spur private sector investment in these areas. The
two leaders will appear together today at Englewood High School in
"We must ensure that all of our people share the benefits of our
extraordinary economy," the President said. "I am looking forward to
working with the Speaker. We already share this goal, and I am
confident that we will be able to agree on the means and convince the
Congress to make this legislation a reality."
Following are the set of principles for legislation that the
President and the Speaker have agreed upon:
Shared Commitment to Empower America's Impoverished Communities
The Administration and the Congress should work in a spirit of good
faith to develop a bipartisan effort to bring capital and new tools to
the impoverished urban and rural parts of America so that individuals
who live there will be empowered to renew their communities and develop
new markets of economic opportunity.
Since these solutions need to come from within these distressed
communities, both political parties need to put aside politics and
ideological constraints, and participate in a process that focuses on
solutions that can work in those communities without being subject to
waste or abuse.
We believe that there are significant untapped new markets in both
rural and inner city communities, which have unique competitive
advantages that, given the tools, can enable individuals in those areas
to renew their communities.
To accomplish that, our goal is to responsibly and effectively
empower impoverished communities with new equity capital, tax
incentives, and other tools needed to address these problems within
their neighborhoods, nurturing new enterprises while providing private
sector and government resources to empower communities to solve their
long term problems.
These economic incentives must be seen as a complement to other
efforts to strengthen education, housing, crime, and drug-abuse