Washington, D.C. – The Economic Innovation Group (EIG) welcomed bipartisan Congressional action to affirm the importance of investment transparency in Opportunity Zones, and reinstate impact and outcome reporting measures from the Investing in Opportunity Act.
In the Senate, Senators Cory Booker (D-NJ), Tim Scott (R-SC), Maggie Hassan (D-NH), and Todd Young (R-IN) introduced a bill (S. 1344) that would establish a reporting framework for investments in Opportunity Zones nationwide. In the House, Representatives Ron Kind (D-WI) and Mike Kelly (R-PA) introduced companion legislation.
The legislation would require the Secretary of the Treasury to collect data and report to Congress on: the number of Opportunity Funds; the amount of assets held; the composition of investments by asset class; the percentage of designated communities receiving investments; and the impacts and outcomes of the Opportunity Zone designation on job creation, poverty reduction, and new business starts in the designated communities. In addition, the legislation requires the Secretary of the Treasury to make information available annually regarding the total amount and type of investment, as well as the type of activity being supported.
EIG issued the following statement in support of the legislation:
“The Opportunity Zones initiative will support much-needed economic growth in struggling communities nationwide. But to be truly effective, it must be accompanied by thoughtful reporting standards and data collection,” said EIG President and CEO John Lettieri. “This bipartisan legislation will provide transparency regarding how and where capital gets deployed by Opportunity Funds throughout the life of the incentive. It will also provide the basis for important analysis regarding whether local and federal implementation efforts were effective at facilitating the outcomes Congress intended.”
About the Economic Innovation Group (EIG)
The Economic Innovation Group (EIG) is an ideas laboratory and advocacy organization whose mission is to advance solutions that empower entrepreneurs and investors to forge a more dynamic American economy. Headquartered in Washington, D.C. and led by an experienced, bipartisan team, EIG convenes leading experts from the public and private sectors, develops original policy research, and works to advance creative legislative proposals that will bring new jobs, investment, and economic growth to communities across the nation. For more information, visit eig.org.
*Updated as of 5/9/19