Can anyone name the Executive Order signed by the first Black President Obama, aimed at specifically targeting African American economic problems? I can’t! Who would of thought it would be the so-called “Racist” President Donald Trump to do so?
President Trump on Wednesday signed an executive order aimed at helping economically distressed communities, building off a provision in his tax-cut law. The order creates a White House panel “the Opportunity and Revitalization Council,” which will be led by Housing and Urban Development Secretary Ben Carson and consist of representatives from 13 federal agencies.
The council will be tasked with helping to engage with members of government at all levels about how to use funds to boost low-income communities.
The executive order is designed to supplement a piece of Trump’s 2017 tax-cut law known as opportunity zones. Under the opportunity zone program, investors can receive capital-gains tax breaks if they invest in distressed areas that have been certified by the Treasury Department for more than 10 years.
More than 8,000 communities nationwide, where nearly 35 million people live, are in opportunity zones. Estimates are currently at about $100 billion in private capital invested, will poor into these opportunity zones.
The new White House council will aim to streamline and target existing federal programs so that they benefit opportunity zones, examine legislative proposals and potential regulatory reforms, develop reports on ways to encourage investments in distressed communities, and work to ensure that the government can collect the necessary data so that it can measure the results of the opportunity-zone program and governmental actions.
“The whole goal is to, one, leverage this private sector economic incentive through opportunity zones, and two, create that public commitment from the federal government to ensure that that economic incentive helps all Americans and would create a robust private-public partnership to revitalize communities,” Dr. Darrell Scott.