President Donald Trump signed an executive order on Wednesday that will encourage private investment into low-income neighborhoods.
The new executive order establishes the White House Opportunity and Revitalization Council. Housing and Urban Development Secretary Ben Carson will head the newly formed council.
The goal of the new council is to ensure that taxpayer dollars are being properly invested in areas where they can make the most difference for low-income families. They are calling these low-income areas “opportunity zones.”
Essentially, this order strips a few layers of bureaucracy in order to make sure that every dollar invested in these areas is maximized and used in the most efficient way possible.
In addition to limiting bureaucracy, this executive order also provides a tax relief incentive to private businesses that are willing to invest in these opportunity zones. The average poverty rate in these communities is twice that of the national average.
Of the new order, Trump said he hopes it will help these high-poverty areas feel the economic successes that followed the Tax Cuts and Jobs act.
Watch the video below:
Donald Trump is signing an executive order that will push federal resources to areas that are high in poverty.
It’s intended to bolster development in opportunity zones and reassure investors that they are viable places for investment https://t.co/TFDTbnogOw
— POLITICO (@politico) December 12, 2018
“This council will coordinate efforts across the entire federal government to deliver jobs, investment, and growth to the communities that need it the most. With the creation of today’s council, the resources of the whole federal government will be leveraged to rebuild low-income and impoverished neighborhoods that have been ignored by Washington in years past. Our goal is to make sure America’s great new prosperity is broadly shared by all our citizens.”
Trump noted that under his presidency, the unemployment rates for African-American workers have been at record lows. He claims these successes are the result of tax reform and his renegotiation of “disastrous” trade deals around the globe.
“No citizen will be forgotten, no community will be ignored, and no American will be left on the sidelines,” Trump said.
The president also thanked Carson and Sen. Tim Scott (R-S.C.) for their work on developing this council.
According to the White House, this executive order will benefit opportunity zones that are home to nearly 35 million Americans.