With contributions by Maria Wolvin and Ben Marsico.
Updated Oct. 9.
In this week’s roundup, we look at the White House Opportunity and Revitalization Council, which recently announced the launch of a website with information about the opportunity zone program. In addition, the House Committee on Financial Services published its October hearing schedule.
White House Launches Opportunity Zone Website
The federal program designed to direct investment dollars to underserved communities now has an online presence for investors to learn more.
Secretary of Housing and Urban Development Ben Carson announced the launch of a new website, OpportunityZones.gov, during the Southeastern Regional Opportunity Zone Summit in Jackson, Mississippi, on Oct. 1. The site is intended to raise awareness of the opportunity zone program and provide information to local leaders and stakeholders.
“It will bring the communities, investors and resources together with the click of a button,” Carson told News Mississippi.
The resources the website offers to opportunity zone residents, investors and state and local leaders include an interactive map of the more than 8,700 opportunity zones across the country, links to the opportunity zone-focused website of each U.S. state and territory, and guides for how to form and deploy capital from an opportunity zone fund.
Opportunity zones were created under the 2017 Tax Cuts and Jobs Act with the goal of stimulating economic development and job creation in low-income communities by creating tax incentives that favor long-term capital investments.
The opportunity zone program is overseen by the White House Opportunity and Revitalization Council, where Carson serves as chairman. The council is funded by HUD and is led by Executive Director Scott Turner.
“We are proud to launch OpportunityZones.gov and look forward to continuing to spread the positive message of opportunity and revitalization in the underserved communities of America,” Turner said in a statement.
HFSC Releases Agenda for October Hearings
Chairwoman of the House Financial Services Committee Rep. Maxine Waters, D-Calif., has published the committee’s hearing schedule for the month of October.
- Oct. 16 at 10 a.m.: The full committee will convene for a hearing titled “Who is Standing Up for Consumers? A Semi-Annual Review of the Consumer Financial Protection Bureau.”
- Oct. 16 at 2 p.m.: The Subcommittee on Housing, Community Development, and Insurance and the Subcommittee on National Security, International Development and Monetary Policy will convene for a hearing titled “Protecting America: The Reauthorization of the Terrorism Risk Insurance Program.
- Oct. 17 at 10 a.m.: The Subcommittee on Investor Protection, Entrepreneurship, and Capital Markets will convene for a hearing titled “Examining Corporate Priorities: The Impact of Stock Buybacks on Workers, Communities, and Investors.”
- Oct. 17 at 2 p.m.: The Subcommittee on Diversity and Inclusion will convene for a hearing titled “Promoting Inclusion: Examining the Need for Diversity Practices for America’s Changing Workforce.”
- Oct. 18 at 9:30 a.m.: The Task Force on Artificial Intelligence will convene for a hearing titled “AI and the Evolution of Cloud Computing: Evaluating How Financial Data is Stored, Protected, and Maintained by Cloud Providers.”
- Oct. 22 at 10 a.m.: The full committee will convene for a hearing titled “The End of Affordable Housing? A Review of the Trump Administration’s Plans to Change Housing Finance in America.”
- Oct. 22 at 2 p.m.: The Subcommittee on Consumer Protection and Financial Institutions will convene for a hearing titled “An Examination of the Decline of Minority Depository Institutions and the Impact on Underserved Communities.”
- Oct. 23 at 10 a.m.: The full Committee will convene for a hearing entitled “An Examination of Facebook and Its Impact on the Financial Services and Housing Sectors.”
- Oct. 29 at 10 a.m.: The Subcommittee on Oversight and Investigations will convene for a hearing titled “Financial Services and the LGBTQ+ Community: A Review of Discrimination in Lending and Housing.”
- Oct. 29 at 1 p.m.: The full committee will convene for a markup.
- Oct. 30 at 10 a.m.: The full committee will convene for a continuation of the Oct. 22 markup.
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Benjamin Glick is ACG Global’s marketing and communications associate.