[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.