Headed up by U.S. Sens. Tim Scott (R-SC) and Cory Booker (D-NJ), along with Reps. Pat Tiberi (R-OH) and Ron Kind (D-WI), a group of legislators last week announced a coalition that will work to assist distressed communities.
The coalition promises to produce legislation by the fall that will develop fresh ideas and solutions to provide access to capital and new private sector investment dollars.
“Six years after the end of the great recession, far too many Americans live in communities defined by a lack of economic growth and limited economic opportunity,” the group said in a joint statement. “At the root of this challenge is a lack of access to the capital needed to start and grow businesses, hire workers and develop new enterprises that can offer opportunity to families struggling to get by. We are a geographically and politically diverse group, but we agree that finding new ways to connect struggling communities with the investment they need is an urgent national priority that demands innovative policy solutions.”
Other members of the group included Reps. Peter Roskam (R-IL), Terri Sewell (D-AL), Todd Young (R-IN), Linda Sanchez (D-CA), Charles Boustany (R-LA), Earl Blumenauer (D-OR), Kevin Yoder (R-KS) and John Delaney (D-MD).
“Too many people are still feeling the effects of the recession and continue to face diminishing job opportunities, stagnant wages, and sluggish business growth,” Tiberi said. “With the right policies, there is tremendous opportunity to help communities lift themselves. I look forward to working with members of this group to examine new ideas that will spark private investment in areas of our nation that are struggling.”
A recent poll conducted by the Economic Innovation Group, an organization that develops ideas and advocacy, revealed that a high percentage of Americans have great concern regarding their local economies and do not believe that the future generations can achieve the American dream. These same voters, though, strongly support the development of new policies that would incentivize new investment in economically distressed communities.
“Fortunately, the United States is home to the best investors and entrepreneurs in the world,” the joint statement concluded. “With the right policies, we believe we can identify the areas that need their resources and expertise the most. In the coming months, we will work together to highlight this issue on the national stage and introduce new proposals to help revive economically distressed communities.”