Executive Calendar

Floor Speech

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Ms. ERNST. Mr. President, today we have an economy that is booming. Unemployment is at its lowest in Iowa since 2000, and wages are up.

In the first quarter of this year, we saw 3.2 percent GDP growth, which far exceeded expectations, but we know economic statistics alone don't completely tell the story of the health or wealth of a community.

More than 52 million Americans, including approximately 90,000 Iowans, live in economically distressed communities. Some have dubbed these communities as ``left behind'' due to low incomes, their high housing vacancies, people out of work, and not a lot of hope for the future. For too long, so many of these communities were limited not because of lack of ingenuity but simply by a lack of access to opportunity. Folks across Iowa have felt the door to a better job or a higher wage was closed to them.

The Governor of Iowa, Kim Reynolds, has been doing a tremendous job working to help these areas through both economic development and workforce development efforts. Programs like Future Ready Iowa help folks learn the skills they need to prepare for rewarding careers and the jobs of tomorrow.

Places like Dubuque, through its Development Corporation and Chamber of Commerce, are working day in and day out to improve the local economy, spur on investment, and get workers trained and back on their feet. They also recognize the challenges unique to the city and its people, like childcare access and housing.

At the Federal level, we also took concrete steps in late 2017 to recognize the specific needs of these communities. Senator Tim Scott's wonderful initiative, Investing in Opportunity Act, was included in the tax reform package and created what we now know as the Opportunity Zones Program. I thank Senator Tim Scott for working so hard on this opportunity for millions of Americans. They are seeing the benefits. Thank you, Senator, very much.

The Opportunity Zones Program is tremendous. This program incentivizes long-term investment in these low-income and distressed communities by allowing private capital to be used to support small businesses, encourage our entrepreneurs, and to develop dilapidated properties in ZIP Codes most in need of resurgence.

From the heart of Des Moines to rural areas around my State of Iowa, opportunity zones are beginning to unleash the economic potential of Iowa's communities.

Nearly a year ago, the Treasury Department approved 62 opportunity zones in Iowa, which include the communities of more than 200,000 Iowans.

Last summer, as part of his opportunity zone tour, Senator Scott joined me in visiting two of these Iowa organizations located in one of the opportunity zones. He had talked about these briefly. One was the Des Moines Dream Center, and the other was the Phenix School Apartments in West Des Moines. Since becoming eligible for private investment, the Des Moines Dream Center has been able to carry out their mission of working to restore hope and helping Iowans to pursue their dreams.

Today I am proud to say that with the passage of the Tax Cuts and Jobs Act, we are working for Iowa families and communities to help them turn a page and to change the rhetoric from ``left behind'' to ``moving ahead.''

One of the best parts of the Opportunity Zones Programs is that it is powered by the people on the ground, not by bureaucrats right here in Washington, DC. That is a very good thing. The 62 designated opportunity zones were nominated by their mayors and Governors because folks back home in Iowa know where help is needed the most.

As a result of the Opportunity Zones Program, we are seeing greater investment in Iowa's small businesses and entrepreneurs, more educational programs for our children, and affordable housing for our families.

Opportunity zones can help power a renaissance in communities across Iowa and reopen doors families once thought were closed. The potential is truly amazing, and I firmly believe this is only the beginning.

I thank my colleagues for coming to the floor today. I thank Senator Scott for his wonderful innovation. We look forward to seeing many more wonderful years of opportunity presented to the Americans who need it the most.

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