    [Public Papers of the Presidents of the United States: WILLIAM J. CLINTON (2000, Book I)]
    [April 12, 2000]
    [Pages 690-691]
    [From the U.S. Government Publishing Office www.gpo.gov]

    Statement on the America's Private Investment Companies Initiative
    April 12, 2000

        Last fall in Chicago, Speaker Hastert
    and I agreed to work together on a bipartisan legislative initiative to
    bring new private investment to America's economically disadvantaged

    [[Page 691]]

    communities. Today I am pleased to report that we have made some
    progress on that pledge. Passage of the APIC's initiative by the House
    Banking and Financial Services Committee represents the first crucial
    step in this bipartisan effort. America's Private Investment Companies
    (APIC's) will spur as much as $1.5 billion in new private investment in
    new markets across America. They represent a smart, innovative way to
    help ensure that all communities share in America's economic prosperity.
        I would like to thank Representatives LaFalce, Leach, Lazio, Kanjorski, and
    Baker for their leadership in moving this
    legislation forward. I look forward to continue working with Congress on
    comprehensive legislation to help renew America's communities and tap
    into the full potential of our new markets this year.