NAN A. S. HAYWORTH: “I think it is important to actually take a look at what the President proposed in his so-called new markets initiative.…”

“I think it is important to actually take a look at what the President proposed in his so-called new markets initiative. Like many programs that come from the administration, it was heavy on overhead. Indeed, the new markets initiative, posturing as a program to help Indian reservations and those who live in the inner city who are economically disadvantaged, only worked to the advantage of government bureaucrats. Indeed, what the President asked to happen was to have the taxpayers underwrite some $100 million in loans, or actually provide some $45 million in cash for a modest loan program, when instead, in our tax bill that passed on this floor in the proper jurisdiction, the Committee on Ways and Means, we incorporated a bipartisan plan that did more through tax relief for the inner cities and distressed areas than the new markets initiative could ever hope to do.”