Statement on the America's Private Investment Companies Initiative

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 La-Falce, 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.