This Week in ESG and Impact Investing

Tax​ ​reform​ ​will​ ​continue​ ​to​ ​be​ ​a​ ​major​ ​issue​ ​over​ ​the​ ​next​ ​several​ ​months. Both​ ​Congress​ ​and President​ ​Trump​ ​have​ ​expressed​ ​a​ ​strong​ ​interest​ ​in​ ​reform.​ ​ A ​panel​ at George Washington University titled ​“A​ ​General​ ​Perspective on​ ​Taming​ ​the​ ​Tax​ ​Code:​ ​What​ ​Yesterday’s​ ​Reformers​ ​Can​ ​Teach​ ​Today’s​ ​Reformers”​ ​provided great​ ​insight​ ​into​ ​the​ ​methods​ ​and​ ​issues​ ​of​ ​reform​ ​from​ ​the​ ​perspective​ ​of​ ​the​ ​House​ ​Ways​ ​and Means​ ​Committee. ​Bill​ ​Archer(R-TX)​ ​and Charlie​ ​Rangel(D-NY)​ ​are​ ​both​ ​former​ ​committee​ ​chairmen​ ​and ​were​ ​members​ ​of​ ​​Ways and Means in 1986 when​ ​the​ ​tax​ ​code​ ​was​ ​last​ ​reformed​.​ ​Rangel​ ​emphasized​ ​the​ ​importance​ ​of​ ​the​ ​president in​ ​getting​ ​tax​ ​reform,​ ​specifically noting ​that the​ ​President’s​ ​ability​ ​to​ ​inspire​ ​confidence​ ​among​ ​the​ ​public​ ​and​ ​the Congress​ ​can​ ​be​ ​decisive​ ​in​ ​...

We expect to testify soon before the Committee on Ways and Means of the US House concerning the NEW MARKETS TAX CREDIT PROGRAM and why "Minority Entities Are Less Successful in Obtaining Awards Than Non-Minority Entities." According to a report issued by the Government Accountability Office ( GAO ), "From 2005 through 2008, minority-owned CDEs were successful with about 9 percent of the NMTC applications that they submitted to the CDFI Fund and received about $354 million of the $8.7 billion for which they applied, or about 4 percent. By comparison, non-minority CDEs were successful with about 27 percent of their applications and received $13.2 billion of the $89.7 billion for which they applied, or about 15 percent." We expect that the hearing will be held mid-June, and will note the date and location in a blog post.