WASHINGTON, D.C. – July 31, 2015 – (RealEstateRama) — Today a bipartisan and bicameral coalition of congressional leaders announced that they will work together to develop new solutions to provide access to capital and new private sector investment in distressed communities all across the country. Led by Tim Scott (R-SC) and Cory Booker (D-NJ) in the Senate and Pat Tiberi (R-OH) and Ron Kind (D-WI) in the House, this group will work together to produce legislation in the fall. The full group of members includes Rep. Peter Roskam (R-IL), Rep. Terri Sewell (D-AL), Rep. Todd Young (R-IN), Rep. Linda Sanchez (D-CA), Rep. Charles Boustany (R-LA), Rep. Earl Blumenauer (D-OR), Rep. Kevin Yoder (R-KS), and Rep. John Delaney (D-MD).
The group issued the following joint statement:
“Six years after the end of the great recession, far too many Americans live in communities defined by a lack of economic growth and limited economic opportunity. At the root of this challenge is a lack of access to the capital needed to start and grow businesses, hire workers, and develop new enterprises that can offer opportunity to families struggling to get by. We are a geographically and politically diverse group, but we agree that finding new ways to connect struggling communities with the investment they need is an urgent national priority that demands innovative policy solutions. Fortunately, the United States is home to the best investors and entrepreneurs in the world. With the right policies, we believe we can identify the areas that need their resources and expertise the most. In the coming months, we will work together to highlight this issue on the national stage and introduce new proposals to help revive economically distressed communities.”
Rep. Pat Tiberi issued the following statement:
“Too many people are still feeling the effects of the recession and continue to face diminishing job opportunities, stagnant wages, and sluggish business growth. With the right policies, there is tremendous opportunity to help communities lift themselves. I look forward to working with members of this group to examine new ideas that will spark private investment in areas of our nation that are struggling.”
Recent polling by the Economic Innovation Group, an ideas and advocacy organization, found that a large percentage of voters still feel significant anxiety about their local economies and are pessimistic regarding the ability of future generations to achieve the American dream. However, voters overwhelmingly support the idea of new policies designed to incentivize new investment in economically distressed communities.