    [Weekly Compilation of Presidential Documents Volume 36, Number 15 (Monday, April 17, 2000)]
    [Page 806]
    [Online from the Government Publishing Office, www.gpo.gov]

    <R04>
    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 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.