EIG is Proud to Lead a Diverse Group Supporting the Investing in Opportunity Act

Today, Senators Tim Scott (R-SC) and Cory Booker (D-NJ) and Representatives Rep. Pat Tiberi (R-OH) and Congressman Ron Kind(D-WI), reintroduced the Investing in Opportunity Act. This bipartisan legislation will incentivize the private sector to make long-term investments to revitalize distressed communities throughout America. The Economic Innovation Group is proud to support this bill in partnership with a diverse group of leading organizations, investors, policy experts, and other stakeholders working to strengthen access to the American Dream.

See what they’re saying about the Investing in Opportunity Act:

Sean Parker

President of the Parker Foundation and Chairman of the Economic Innovation Group

“It has never been more clear that America’s challenges require the collaboration of Democrats and Republicans and the public and private sectors alike. I commend the bipartisan coalition behind the Investing in Opportunity Act for their work to bridge the growing economic divide in our country. This bill is a public policy innovation that will put billions of dollars in new capital to work revitalizing underserved communities the best way we know how — by ensuring they have access to the resources to create the next generation of American enterprise.”

Kevin A. Hassett

State Farm James Q. Wilson Chair in American Politics & Culture and Director of Economic Policy Studies, American Enterprise Institute.

“Many Americans would welcome the chance to support economic revitalization in underserved communities, but simply don’t know how to help. The “Opportunity Fund” concept is a simple but powerful antidote to this problem. We need innovative ideas like this to fuel growth and expand opportunity for the millions of Americans living in economically distressed communities.”

Jared Bernstein

Senior Fellow at Center for Budget and Policy Priorities

“The Investing in Opportunity Act will steer capital to places with deep investment deficits, helping to create new opportunities in places that have long been disconnected from the broader economy.”

Commissioner David Jeffrey

National Commander of The Salvation Army USA

“For 150 years, The Salvation Army has helped ordinary people work to strengthen their communities in extraordinary ways. Today, the challenges facing our country require even greater cooperation to bridge America’s growing divide. The bipartisan Investing in Opportunity Act is a unique policy solution that will channel private investment to do public good. It is a testament to the principles of servant leaders working to give the dignity of economic opportunity to those who need it most.”

Ron Busby

President of U.S. Black Chambers, Inc.

“Our country is faced with an impending crisis. Communities around the country need innovative ideas and targeted investments in order to grow and become prosperous. The Investing in Opportunity Act can play a pivotal role in facilitating private market investment for local economic development. We are supportive of bipartisan legislation that addresses the economic challenges faced by communities within our nation.”

Steve Case

Chairman & CEO of Revolution, Chairman of Case Foundation, and Co-founder of AOL

“America’s entrepreneurial spirit can be found in communities all across the country. But while talent is evenly dispersed, opportunity is not and many would-be entrepreneurs in America’s hardest-hit communities never get a shot to achieve the American dream. That is why we need smart policies like the Investing in Opportunity Act to help ensure entrepreneurs looking to grow their businesses in underserved communities have access to the capital they need. I applaud the broad bipartisan coalition behind this legislation for their leadership and urge Congress to make the bill law.”

Jimmy Kemp

President of The Jack Kemp Foundation

“The American people are more eager than ever for common-sense solutions to address growing disparities in economic opportunity. Millions of Americans remain trapped in communities where there is little hope for a better life — little hope for achieving the American Dream. This won’t change without new investment and thriving enterprise. The Investing in Opportunity Act is exactly the kind of policy needed to connect underserved communities with the capital they need in order to grow. I commend the sponsors of this legislation for their work to bring hope to Americans who feel left behind.”

The Honorable Andrew Young

Chair of the Andrew J. Young Foundation, former Mayor of Atlanta, former Ambassador to the United Nations, and former U.S. Representative (GA-5)

“Too many communities in our great nation feel passed over by economic growth and forgotten by our political leaders. We need a new formula for the public and private sectors to work together to generate new investments, new businesses, and new good paying jobs in places that have fallen behind. The Investing in Opportunity Act will harness much-needed private capital to flow to more American communities and empower state and local leaders to build a more prosperous future. Americans of all political stripes should unite behind this critical priority, and its congressional leaders — Senators Scott and Booker and Congressmen Tiberi and Kind — demonstrate there is hope for the type of bipartisan action that can provide a better future for millions of Americans.”

Michael Tubbs

Mayor of Stockton, CA

“Mayors throughout the country are facing daunting economic challenges thanks to rising inequality, declining entrepreneurship, and a lack of access to capital. I see all of these challenges first-hand, but I also see the tremendous opportunity for revitalization if we could find better ways to connect communities with the capital they need in order to thrive. That is why I’m proud to support the bipartisan Investing in Opportunity Act, which would drive new private investment to entrepreneurs and enterprises in underserved communities throughout the country. This is the kind of creative approach to expanding economic opportunity that can truly change lives.”

Graham Weston

Former Chairman & Co-Founder of Rackspace, Co-Founder of Geekdom & the 80/20 Foundation

“I have spent most of my life in the San Antonio area and am passionate about building a more inclusive and entrepreneurial ecosystem in parts of the city that haven’t historically had much hope. I believe America’s investors should be far more engaged in supporting those who pursue entrepreneurship and innovation in struggling areas of the country. That’s why the Investing in Opportunity Act is so important. It would encourage investors of all types to join together in helping underserved communities realize their full potential.”

Ross Baird

CEO of Village Capital

“Over the past several years, our team at Village Capital has worked in 35 cities and invested in over 70 entrepreneurs. In these cities, I often hear local elected officials — from both parties — asking what they can do to help startups create more jobs. My best answer: America needs the Investing in Opportunity Act (IIOA). Introduced by both Democrats and Republicans in Congress, IIOA is the rare piece of legislation that brings together both parties. It’s designed to encourage new investment in communities that suffer from a lack of business growth. The government has an important role to play in encouraging the distribution of innovation across America to ensure that all communities — not just those on the coasts — get the startup capital they need to help us build our future economy from the bottom up.”

Dan Borok

Managing Partner at Newark Venture Partners

“At Newark Venture Partners we believe that venture capital done right drives job creation. We come across innovative entrepreneurs every day who have the ability to build something great, and work with them to grow their ideas and fuel the larger comeback story of Newark. That is why we applaud Senator Cory Booker and his Congressional partners Senator Scott and Reps. Kind and Tiberi for introducing the Investing in Opportunity Act, a bill that will encourage a collaborative approach towards fostering startup ecosystems and bringing new investment dollars to the community.”

Don Hinkle Brown

CEO of Reinvestment Fund

“With over thirty years of work in distressed communities, at the Reinvestment Fund we’ve seen first hand the need for new sources of capital to revitalize local economies. The Investing in Opportunity Act is an important step towards sparking long-term private investments in the places that need it most. We thank Senators Booker and Scott and Congressmen Kind and Tiberi for fighting to give disadvantaged communities a chance to thrive.”

Debbie Cox Bultan

Executive Director of NewDEAL

“Too many Americans around the country are facing economic hardship and anxiety. It’s great to see bipartisan leadership in Washington working to pass the Investment in Opportunity Act, to incentivize investment in distressed communities, and to ensure that prosperity reaches every pocket of America. I applaud Senators Booker and Scott, as well as Congressmen Kind and Tiberi, for their work on this important effort.”

Sarah Chamberlain

President & CEO of Republican Main Street Partnership

“The Republican Main Street Partnership, an organization of more than 70 members of Congress who represent the governing wing of the Republican Party, believes that the Investing in Opportunity Act (IIOA) presents a fresh and exciting way to bring real improvements in the lives of Americans who live in distressed rural and urban areas. The bill was introduced in the House by Main Street’s Rep. Pat Tiberi of Ohio, who’s also the new Chairman of the Joint Economic Committee. Main Street has put the IIOA on its list of top legislative priorities for 2017. We are proud to support this measure and we are confident that it will allow investors and entrepreneurs to grow businesses and create jobs in the areas that need them most.”

Ron Conway

Founder of SV Angel

“Throughout my career as an investor, one thing has remained consistent: capital is essential for entrepreneurs to be able to grow their companies. The Investing in Opportunity Act will create a new way to tap into billions of dollars in passive private capital, so we can harness the power of entrepreneurs in underserved communities across the country to create the businesses of the future.”

Evan Engstrom

Executive Director of Engine Advocacy

“In recent years, entrepreneurial ecosystems have been taking root in every corner of the country, spurring job creation, economic growth, and cultural revitalization. However, one of the biggest challenges faced by startups in these emerging communities is securing the capital needed to grow and thrive. The Investing in Opportunity Act would help to facilitate capital formation by unleashing trillions in inactive capital for reinvestment in early stage companies in the communities that truly need it — enabling aspiring entrepreneurs across the country and giving every town in America the opportunity to build its own startup ecosystem.

John Fernandez

U.S. Chief Innovation Officer for Dentons, former Head of the U.S. Economic Development Administration, and former Mayor of Bloomington, IN

“As the disparities in economic opportunity rise, we need to catalyze growth in communities across the United States. It’s been my experience, in the private and public sectors, that leveraging private investments is essential to building dynamic local economies. The Investing in Opportunity Act will connect much needed capital with a diverse range of entrepreneurs, fostering the business climate necessary to create vibrant and growing communities.”

Shirley Franklin

Executive Board Chair of Purpose Built Communities and former Mayor of Atlanta, GA

“Nationally, the needs of communities of concentrated poverty are similar, but the investments needed to meet those needs vary from city to city, and neighborhood to neighborhood. From our experience working in 16 neighborhoods from coast to coast and relationships in more than 30 others, we know first-hand that incentives from the federal government can only help if they address the gap in resources to meet the needs of a community. For example, some communities have the necessary public and even philanthropic funding for an early childhood education center, but lack the funding necessary for subsidized affordable housing in a mixed-income development. Others have financing through tax credits and other sources to build affordable housing, but lack the kind of funding or incentives to attract a grocery store that stocks fresh, healthy food. Providing financial incentives with the necessary flexibility to apply them according to a community-specific plan could provide the catalytic boost needed in many communities to attract private resources and begin to break the cycle of intergenerational poverty.”

Gabe Horwitz

Vice President for the Economic Program at Third Way

“If we are going to be successful in building an economy that supports all Americans, we need to ensure that federal policy helps encourage a massive infusion of private capital into distressed communities. That’s why we are pleased to see continued leadership on this issue from Reps. Ron Kind and Pat Tiberi along with Senators Cory Booker and Tim Scott. Following extensive and impressive work from the Economic Innovation Group on understanding distressed communities, their legislation — the Investing in Opportunity Act of 2017 — is an important contribution to this debate. It is critical to get more capital into the areas of the country that need it most, and this bipartisan effort is another impressive step forward.”

Rebecca Lynn

Co-founder & General Partner at Canvas Venture Fund

“As a native of the Midwest, I know what it means when people say that America’s economy is becoming increasing divided by geography. And as an investor, I believe in the power of capital to allow entrepreneurs in every corner of America to turn their ideas into reality. The Investing in Opportunity Act will incentivize significant new and long-term investments in those ideas while fostering critical businesses and job growth in the communities that need it most.”

Will Marshall

President & Founder of Progressive Policy Institute

“The populist revolt we witnessed in 2016 was fueled in part by chronic underinvestment in rural and small town America. The Investing in Opportunity Act will end this pattern of neglect by steering capital to the areas that need it the most. PPI commends the sponsors of the Investing in Opportunity Act for their bipartisan leadership to expand economic opportunity to these communities.”

Ben McAdams

Mayor, Salt Lake County, UT

“Growing the economy of the 21st Century requires Democrats to work with Republicans and the public sector to work with the private sector to create an environment that will attract and nurture businesses. The Investing in Opportunity Act is a federal policy that, if enacted, holds the potential to unlock trillions of dollars of private capital for communities in every state. It is an example of how innovative federal policymaking can empower local leaders to address their communities’ unique economic development challenges.”

Steven Olikara

Cofounder & President of Millennial Action Project

“Both innovation and cooperation are needed to tackle 21st​ ​century economic challenges. The Investing in Opportunity Act is a strong example of bipartisan collaboration to empower a new generation of entrepreneurs across the United States. We applaud Sens. Booker and Scott, and Reps. Kind and Tiberi, for breaking through the gridlock to find this common ground solution.”

Lyneir Richardson

Instructor of Professional Practice & Executive Director of The Center for Urban Entrepreneurship and Economic Development (CUEED) at Rutgers University

“America’s economic recovery has not benefitted all of our communities equally, and we need policymakers to enact solutions that boost opportunity in distressed areas. New development can quickly bolster a neighborhood and inspire additional projects that can raise an entire community. A bipartisan group of Congressmen in the House and the Senate have crafted a commendable solution that can catalyze economic growth in the areas that need it most with the Investing in Opportunity Act.”

Joe Sanberg

Co-Founder of Aspiration.com and Chair of CalEITC4Me

“Tackling inequality requires smart policies that reward innovation and new ideas, and the Investing in Opportunity Act is a model for how private investors can do great social good through rewarding investments that will help start businesses, create jobs, and benefit the places that need it most. When our communities are creating opportunity for people to live better, America does better. I applaud the bipartisan coalition behind this bill for their leadership on the pressing challenges facing our country.”

Dana Settle

Founding Partner of Greycroft

“Good ideas exist everywhere in America, and the Investing in Opportunity Act creates new opportunities for ideas to be transformed into enterprises in more places. When visionaries move into a distressed area and succeed, others often follow. This bill will encourage the long-term investments needed for entrepreneurs to build businesses and increase opportunity in the areas of the country that need it most.”

Sonal Shah

Executive Director & Professor of Practice at The Beeck Center for Social Impact and Innovation at Georgetown University

“Cooperation between public and private sectors is increasingly important to achieve social change at scale. That’s why I’m excited about the innovative new policy of the Investing in Opportunity Act. By creating a new channel for investors to do good by doing well, it represents an exciting opportunity for capital to flow into underserved communities at the scale necessary to drive meaningful economic outcomes.”

Jim Sorenson

Founder of the Sorenson Impact Center

“It has never been more urgent to ensure that our entire country is connected to the growth and opportunity that is a hallmark of the American economy. There has never been a shortage of ways for investors to use their capital for social good, but now we have a way to channel our investments for public good. The Investing in Opportunity Act will create a new pathway for investors to devote their private capital to causes that benefit all of us: creating jobs, supporting entrepreneurship, and revitalizing our communities.”

Opportunity Zones 

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