WASHINGTON - At press time the House Banking and Financial Services Committee approved legislation (H.R. 2848) to form the American Private Investment Companies (APIC) program. The program is aimed at increasing private job-creation investments in communities with high unemployment rates. The legislation will create a number of companies licensed by HUD as for-profit private venture capital firms and provide government guarantees of company debentures, provided the licensee brings at least $25 million in private equity capital and substantially serves low-income distressed neighborhoods and communities. "One of the stark difficulties in our economy ... is that the gap between the well-to-do and the less well off is widening. While there is anecdotal evidence that job opportunities are expanding to the most disadvantaged parts of the population, clearly more can be done so that all Americans have the opportunity to work at fulfilling jobs and to provide for their families," said Committee Chairman James A. Leach (R-Iowa).
Private investment bill passes
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