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Washington,
D.C.
–
Today,
Senators
Tim
Scott
(R-SC)
and
Cory
Booker
(D-NJ)
and
Congressmen
Pat
Tiberi
(R-OH)
and
Ron
Kind
(D-WI)
introduced
the
Investing
in
Opportunity
Act.
This
bipartisan
bill
will
incentivize
investment
in
economically
distressed
communities
in
every
state.
By
encouraging
the
creation
of
geographically-targeted
funds,
the
bill
creates
new
channels
for
investment
in
small
businesses,
supporting
entrepreneurs,
developing
blighted
properties,
investing
in
local
infrastructure
projects,
and
other
activities
to
create
new
opportunities
for
local
residents.
The
group
issued
the
following
statement:
“Too
many
American
communities
have
been
left
behind
by
widening
geographic
disparities
and
increasingly
uneven
economic
growth.
We
come
from
different
parties
and
regions,
but
share
the
common
conviction
that
all
Americans
should
have
access
to
economic
opportunity
regardless
of
their
zip
code.
The
Investing
in
Opportunity
Act
will
unlock
new
private
investment
for
communities
where
millions
of
Americans
face
the
crisis
of
closing
business,
lack
of
access
to
capital,
and
declining
entrepreneurship.
American
ingenuity
has
never
failed
us,
and
with
this
bill,
we
will
dramatically
expand
the
resources
to
restore
economic
opportunity,
job
growth,
and
prosperity
for
those
who
need
it
most.”
The
Great
Recession
brought
an
unprecedented
collapse
in
new
business
formation
throughout
large
parts
of
the
country--one
that
continues
to
this
day.
Since
2010, five
metro
areas alone
produced
the
same
net
increase
in
businesses
as
the
rest
of
the
country
combined,
as
most
metro
and
rural
areas
are
now
seeing
more
businesses
close
than
open.
New
policy
solutions
are
required
to
reverse
these
trends.
We
need
broader
access
to
investor
capital
to
match
the
broad
distribution
of
America’s
most
precious
resource:
human
capital.
U.S.
investors
have
trillions
of
dollars
of
capital
that
could
be
put
to
use
in
restoring
hope
and
opportunity
in
forgotten
communities
throughout
the
country.
The
Investing
in
Opportunity
Act
would
encourage
investors
of
all
types
to
move
their
capital
off
the
sidelines
and
reinvest
it
in
places
that
need
it
most.
The
Investing
in
Opportunity
Act
facilitates
private
investment
in
the
following
ways:
- Removes
barriers
to
investment
through
a
temporary
capital
gains
deferral
in
exchange
for
reinvesting
them
in
distressed
communities
- Provides
a
new
way
for
investors
across
the
nation
to
pool
resources
through
newly-created
“Opportunity
Funds,”
established
specifically
for
making
investments
in
distressed
communities
- Concentrates
capital by
establishing
“Opportunity
Zones,”
geographically
targeted
low-income
areas
that
will
be
designated
by
governors
- Encourages
investors
to
make
long-term
commitments
to
these
communities
by
tying
incentives
to
longevity
Additional
co-sponsors
of
the
Investing
in
Opportunity
Act
include:
Senators
Gardner
(R-CO),
Peters
(D-MI),
Blunt
(R-MO),
Bennett
(D-CO),
Graham
(R-SC),
Coons
(D-DE),
Capito
(R-WV),
Gillibrand
(D-NY),
Warner
(D-VA),
and
Young
(IN).
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