Remarks on Signing of an Executive Order on Establishing the White House Opportunity and Revitalization Council

The President. Hello, everybody. Good, Tim. It's a big day.

Senator Timothy E. Scott. Yes, sir.

The President. Thank you. In a few moments, I will sign an Executive order launching a new White House Opportunity—this is a very big thing that Tim and I and everybody have been working on for a long time—and Revitalization Council. This Council will coordinate efforts across the entire Federal Government to deliver jobs, investment, and growth to the communities that need it the most.

With the creation of today's Council, the resources of the whole Federal Government will be leveraged to rebuild low-income and impoverished neighborhoods that have been ignored by Washington in years past. Our goal is to ensure that America's great new prosperity is broadly shared by all of our citizens. Our country is doing better than ever, economically, and we're able to do that.

I am thrilled to announce that our new Council will be led by Secretary Ben Carson, who is here with us today. HUD Secretary, where is our Ben? That's great. Also with us is Secretary Steven Mnuchin and Secretary Wilbur Ross, who will both serve on the Council and play a critical role in its work.

The Council will focus its efforts on Opportunity Zones, a crucial part of tax cuts that we passed last year. Under our new tax cuts, any distressed area that is designated as an Opportunity Zone will receive massive incentives for private sector investment, including zero capital gains tax on any investment held for at least 10 years.

We're honored to be joined today by the person who led the fight to include Opportunity Zones in the Tax Cuts and Jobs Act, and that is Senator Tim Scott. Thank you. Thank you, Tim.

We're also joined by Roger Campos of the Minority Business RoundTable, along with Jimmy Kemp. Thanks, fellas. Appreciate it. That's great.

Pastor Darrell Scott, friend of mine for a long time. Where's Darrell?

New Spirit Revival Center Senior Pastor and Cofounder Darrell C. Scott. Right here. [Laughter]

The President. Hi, Darrell. Darrell. Bishop Harry Jackson—Harry, that's great. And local officials from Baltimore, Maryland; Norfolk, Virginia; and Allegheny County, Pennsylvania.

For decades, job growth and investment have been concentrated in a few major metropolitan areas. This has created a geographic disparity—a very big one, in many cases—where some cities have thrived, while others have suffered chronic economic and social hardship. With Opportunity Zones, we are drawing investment into neglected and underserved communities of America so that all Americans, regardless of ZIP Code, have access to the American Dream. Governors know their local needs best. Following the enactment of our tax law, America's Governors designated nearly 9,000 neighborhoods as Opportunity Zones, from communities in the rural West Virginia, to suburban Arizona, to inner-city Chicago. The Treasury Department has estimated that, as a result of these tax incentives, private businesses will invest $100 billion in Opportunity Zones. And that will be incredible.

This Council will support communities like East Baltimore, where Pastor Donté Hickman is helping lead a groundbreaking project in the newly designated Opportunity Zone. I'd like to invite Pastor Hickman to say a few words about today's initiative. He's been an incredible leader, a man of faith, and somebody that we all believe very strongly in.

Pastor, please.

Southern Baptist Church Pastor Donté L. Hickman, Sr. Thank you, Mr. President. I am here today, thanking you in advance for funding and resources that you will direct to the urban and distressed communities like Baltimore. The Executive order you signed today will make it possible for us to work with your administration on a common goal of investing to restore people as we rebuild properties in neglected communities.

[At this point, Pastor Hickman continued his remarks, concluding as follows.]

We look forward to working with your administration on rebuilding opportunity in our urban communities that have suffered from disinvestment and dilapidation for decades. And we welcome you to come to Baltimore to see the potential transformative impact of your leadership and investment through this Executive order.

Thank you.

The President. Thank you very much, Pastor. Thank you. Thank you, Pastor.

Today we are also proud to be joined by one of America's most admired business leaders, the cofounder of the television network, BET, Bob Johnson. Bob, please. Hi, Bob. How are you? Nice to see you.

Black Entertainment Television Founder and Chairman Robert L. Johnson. Thank you, Mr. President. I'm here to applaud you on two things. One, you may not even know about, but Tim Scott does.

The President. Good.

Mr. Johnson. Just recently, your Department of Labor signed a historic document that created something called autoportability. Autoportability is designed to reduce retirement leakage among low-income 401(k) account holders who tend to cash out. And, Mr. President, you should know this: Sixty percent of African American and Hispanic Americans cash out of their 401(k) account.

[Mr. Johnson continued his remarks, concluding as follows.]

I'm a fundamental believer that there are business solutions to social problems. The Opportunity Zone program is that. And I applaud you and Tim Scott for taking the leadership on it. Thank you.

The President. Thank you, Bob. That's very nice. Thank you very much. Appreciate it. Thank you. Thank you very much, Bob.

Under my administration, we are fighting every day for all Americans. African Americans and Hispanic American poverty rates have reached their lowest levels ever recorded in the history of our country. African American and Hispanic American unemployment have recently achieved the lowest rates ever recorded. African American youth unemployment has reached the lowest rate ever recorded. That's pretty good, Bob, isn't it? Right? Pretty good.

Last year alone, we lifted 1 million Americans out of poverty, which is a record. We have launched a cutting-edge campaign to provide skills and job training to nearly 6.5 million Americans. We are fixing disastrous trade policies that gutted middle class communities. And we are expanding real educational choice for our students.

As part of our commitment to building safe and prosperous communities, the Senate will soon vote on our landmark criminal justice reform package that we've all been working very hard on. You have been working very hard on it. The FIRST STEP Act, it's called. This legislation will give former inmates and nonviolent offenders the chance to become productive, contributing, law-abiding citizens.

But we have much more work to do. The White House Opportunity and Revitalization Council will drive our ambitious agenda and drive it very, very powerfully. No citizen will be forgotten, no community will be ignored, and no American will be left on the sidelines. To achieve our national destiny, we all must unlock the potential of all of our people, not just some of our people.

Together, we will take our Nation to new heights by realizing the full promise of America for every citizen in our magnificent land. With that, I would like to invite Secretary Ben Carson to the podium before I sign the Executive order. I'd also like to ask Tim Scott to say a few words, great Senator. And then, we'll sign. Thank you very much.

Ben, first.

Secretary of Housing and Urban Development Benjamin S. Carson, Sr. Well, thank you, Mr. President, for that introduction and for—all of you for joining us today for this most important Executive order signing.

Today, the Nation's unemployment rate is at a 49-year low. Jobless rates among African Americans down to a record low of 5.9 percent. Wages on the rise. While we can all be proud of these achievements, one challenge has remained: There are still communities in our country that have seen little or no new investment in generations.

[Secretary Carson continued his remarks, concluding as follows.]

These are still the early days, in terms of the work of the Council and Opportunity Zones, but the groundwork has been laid. The seeds the President has planted are growing, and the promise they hold to improve places long forgotten and the lives of those who call these places home. And with that, I invite Senator Scott, who was instrumental in creating the zones, after which time the President will perform the deed.

Sen. Scott. I just want to take the time to thank the President for his hard work and his dedication to people living in distressed communities. As a kid who grew up in a single-parent household, mired in poverty, living in one of these distressed communities, I know firsthand the value of hope being brought into communities.

[Sen. Scott continued his remarks, concluding as follows.]

Number three, you think about the power of education, the greatest chasm in this Nation is caused by two primary issues: One is family formation; we can't do much about that in government. But number two is education. The President. Right.

Sen. Scott. So your focus, sir, is changing lives that you may never meet. But it's happening every single day in America.

And finally, your strong advocacy for criminal justice reform to come to the floor of the United States Senate. Without any question, without your leadership, our Senate would not have made the decision to take it up in 2018. So when it passes, the credit starts at the White House and starts with President Donald Trump.

The President. Thank you.

Sen. Scott. Thank you.

The President. Thank you very much, Tim.

[The President signed the Executive order.]

This is a great thing. Thank you, everybody.