An unexpectedly productive Congress has passed the Infrastructure Investment and Jobs Act (IIJA), CHIPS Act, and Inflation Reduction Act (IRA), which aim to improve America’s infrastructure, boost competitiveness with China, and accelerate new climate technologies. Attention now shifts to implementation. State and community leaders should begin work now to prepare for funding competitions on the horizon.
Washington DC’s 500 Most Influential People
Honored to be included in the Washingtonian Magazine's list of Most Influential People along with so many inspiring leaders. Wonderful to see many friends and colleagues on this list.
Could Trump's 'Opportunity Zones' Fight Inequality in the UK?
The United States and Britain are in the middle of an enormous economic and societal shift brought about by globalisation and the automation enabled by advanced technologies.
These trends have without question brought enormous benefits. But there is growing acknowledgement that there are places and people who have been left behind, leading to economic insecurity and political unrest.
While large, urban areas with college education workers are booming, many other areas are still experiencing declining business starts, sluggish job growth, and persistent poverty.
In the wake of the financial crisis these communities are also finding themselves shut out of the capital needed to rebuild their main streets and revitalize their communities.
In the United States, a bipartisan provision of the Tax Cuts and Jobs Act of 2017 created Opportunity Zones which strives to provide catalytic capital to these communities. It works in this way. After investors sell appreciated assets such as stocks, bonds, or real estate, they can reinvest the money gained from those sales into certain equity-financed projects located in an Opportunity Zone.
Investing In Overlooked Entrepreneurs
The federal Opportunity Zone program offers the chance to invest in entrepreneurs in overlooked communities. A central animating theme of the American dream is that anyone with an idea can launch their own business. This entrepreneurial energy makes enormous contributions to society by addressing unmet needs, improving lives and solving pressing problems. These entrepreneurs also serve as an economic engine for communities by creating jobs that lift people out of poverty.
Refreshed regulations may give Opportunity Zones new life
The Opportunity Zone program received a considerable boost last week with several announcements during a White House convening of mayors, state policymakers, investors, and community organizations. Secretary of the Treasury Steven Mnuchin announced a second tranche of proposed regulations for the Opportunity Zone program, this time clarifying how Qualified Opportunity Funds can be used for business investment in struggling communities. He also announced a new process to explore reporting requirements. Additionally, HUD Secretary Ben Carson released the implementation plan for the White House Opportunity and Revitalization Council.
For Opportunity Zones, Good Things Come to Those Who Hustle
The Investing in Opportunity Act: Hidden in the New Tax Bill, a Program to Help Charter Schools Secure Funds to Expand in High-Needs Areas
Tucked away in the Tax Cuts and Jobs Act is a little-noticed program called the Investing in Opportunity Act, which could bring much-needed financial investments to some of the nation’s most distressed communities. While most attention has focused on the benefits for housing development and new businesses, the program could also spur needed investments in education, particularly charter school facilities and skills training programs.
Why 'Opportunity Zones' Could Solve Unemployment In Slow-Growth Areas
The Other Challenge of Artificial Intelligence
By now, it is almost routine to see columns sounding the alarm about millions of existing jobs at risk of being automated. However, the real risk is that we do not have a system ready to equip people with the skills needed to fill millions of new and modified jobs that will result from the rise of AI.