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[Weekly Compilation of Presidential Documents]

[Page i-ii]
Monday, July 19, 1999
Volume 35--Number 28
Pages 1333-1386

[[Page i]]

Weekly Compilation of



[[Page ii]]

Addresses and Remarks

    See also Meetings With Foreign Leaders
    California, China and U.S. women's soccer teams in Pasadena--1340
    College Democrats of America--1371
        Communications Workers of America, convention in Miami Beach--
        Democratic National Committee dinner in Coral Gables--1353
        Departure for Miami Beach--1344
    Maryland, Democratic Leadership Council, conversation in Baltimore--
    Patients' Bill of Rights--1344
    Radio address--1339
    S.A.F.E. Colorado--1374

Communications to Congress

    Cuban Liberty and Democratic Solidarity (LIBERTAD) Act of 1996, 
        letter on title III--1384
    District of Columbia, message transmitting budget request--1344
    Paraguay-U.S. extradition treaty, message transmitting--1352
    Weapons of mass destruction, message transmitting report--1352

Communications to Federal Agencies

    Energy contractor personnel, occupational illness compensation, 

Executive Orders

    National Infrastructure Assurance Council--1369

Interviews With the News Media

    Exchanges with reporters
        Rose Garden--1377
        South Lawn--1344, 1374

Interviews With the News Media--Continued

        Bob Herbert of the New York Times--1340
        Jesse Jackson of Cable News Network's ``Both Sides''--1333

Meetings With Foreign Leaders

    Israel, Prime Minister Barak--1377


    Captive Nations Week--1384

Statements by the President

    ``African Growth and Opportunity Act,'' proposed legislation--1369
    Cuban Liberty and Democratic Solidarity (LIBERTAD) Act of 1996, 
        title III--1383
        Congressman George E. Brown, Jr.--1383
        James L. Farmer--1340
    Democratic Republic of the Congo, cease-fire agreement--1343
    Deutch-Specter Commission report--1369
    Low Income Home Energy Assistance Program, release of funds--1343
    Northern Ireland peace process--1381
    ``Railway Killer,'' surrender of suspect--1352
    Senate action on Patients' Bill of Rights legislation--1382

Supplementary Materials

    Acts approved by the President--1386
    Checklist of White House press releases--1386
    Digest of other White House announcements--1385
    Nominations submitted to the Senate--1386

Editor's Note: The President was in Des Moines, IA, on July 16, the 
closing date of this issue. Releases and announcements issued by the 
Office of the Press Secretary but not received in time for inclusion in 
this issue will be printed next week.


Published every Monday by the Office of the Federal Register, National 
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Compilation of Presidential Documents contains statements, messages, and
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[[Page 1333]]

[Weekly Compilation of Presidential Documents]

[Page 1333-1339]
Monday, July 19, 1999
Volume 35--Number 28
Pages 1333-1386
Week Ending Friday, July 16, 1999
Interview With Jesse Jackson of Cable News Network's ``Both Sides'' in Torrance, California

July 9, 1999

New Markets Initiative Tour

    Mr. Jackson. Welcome to ``Both Sides.'' Last week there was a 
phenomenal mission across our Nation led by President Clinton--a kind of 
journey from Wall Street to Appalachia to the Delta to Indian 
reservations to Watts to south Phoenix, across the country, building 
that bridge to share the wealth, the growth, the prosperity--called a 
new markets initiative.
    This week we have as our very special guest, our esteemed Mr. 
President, President Bill Clinton. Welcome.
    The President. Thank you.
    Mr. Jackson. In this trip last week--Hazard, Kentucky, Appalachia; 
the Delta; East St. Louis; Pine Ridge Indian Reservation; south Phoenix; 
Watts; Anaheim--what stuck out in your mind the most?
    The President. That in all those places where our prosperity has not 
reached, there are good people, smart people, people with dreams, and 
good opportunities for American business. This is a moment when we can 
do what is morally right, to give everybody a chance to walk into the 
21st century together, and do it in a way that will actually be good for 
the American economy and good for the people who invest there.
    Mr. Jackson. They've missed this booming prosperity. Is something 
wrong with the people?
    The President. I wouldn't say something's wrong with the people. A 
lot of them don't have as much education as they need, and that's part 
of our strategy to do better, and they're going to have to have specific 
job training skills. But what happened is that all these places either 
never had a self-supporting economy, or the basis of economic life which 
once was there moved away, and nothing was ever brought in to replace 
it. And now, we've got a chance just to keep our own economy going--just 
to keep our own economy going with no inflation--we have a chance to 
bring investment to these areas, put these people to work, give them 
better lives, and in the process, help everyone else in America.
    Mr. Jackson. But last week there were Republican and Democratic 
Congresspeople on the trip; there were corporate business leaders, 
Democratic and Republican.
    The President. Yes.
    Mr. Jackson. They seem to have found a common accord on this idea of 
new markets. The War on Poverty seemed to--would have been divisive--
poverty, reaction; affirmative action--division, reaction. But new 
markets seem to have bound Appalachia and Delta--black, white, red. 
What's kind of magic about this notion of new markets initiative?
    The President. Well, first of all, it's not charity; it's a hand up, 
not a handout. Secondly, the people who are being asked to invest in 
these new markets should do so with the expectation that they will 
actually make a profit out of it, that by helping people in areas which 
haven't participated in this prosperity--by starting businesses, giving 
people jobs, having these job training programs--they'll actually make 
    Mr. Jackson. So it's a kind of war for profits, not just a war on 
    The President. That's right.
    Mr. Jackson. And therefore, you incentivize broadening the base of 
    The President. We're not asking anybody to do anything that isn't a 
good business decision. It's a good business decision. And that's one of 
the things--you know, we saw that everywhere. Every place we went--do 
you remember that little--that first place we visited in Appalachia, a 
guy starts out with 40 employees; a few years later, he's got 850.

[[Page 1334]]

And yes, you know, Appalachia's fairly isolated, but he makes those 
parts and--those various component electronic parts--and he's got 850 
people. He's fixing to expand again because of the incentives that he 
has in our empowerment zone program that the Vice President's run for us 
for the last 6 years. That's the kind of thing we want to go nationwide 
    We believe if we give, in the new markets initiative, if we give the 
same tax credits and loan guarantees to Americans to invest in America's 
new markets we give them to invest in new markets in Africa, Latin 
America, Asia, or the Caribbean, that our people will do very well.
    Mr. Jackson. You take, for example, the black and brown market alone 
is maybe $800 billion in consumer power. How has corporate America--what 
has been missing? How have they missed these markets--markets, money, 
talent--right under their noses?
    The President. I think there are two reasons. I think, first of all, 
they've been doing very well by doing what they're used to doing and 
expanding in ways they're used to expanding, so our economy's grown 
quite a lot in the last 6 years.
    Mr. Jackson. Even though they've missed markets?
    The President. Yes, by taking the nearest thing at hand, the thing 
they're used to doing. Secondly, I think that there is something that 
the economists would call, in purely economic terms, imperfect 
knowledge; that is, I think that a lot of people really don't know how 
well they could do if they gave people in inner-city America, in rural 
America a chance. I think they just don't know, which is one reason that 
it was so important that these business leaders went on the trip. You 
know, remember, when we started out, the chief CEO of Aetna life 
insurance company said, ``You know, I may not be happy about this, 
because I had this deal figured out, and now all my competitors are 
going to know there's money to be made out here.''
    Mr. Jackson. So something about imperfect knowledge and our cultural 
blindness, we just don't even look toward those unexplored markets.
    The President. Well, when you see a place so depressed for so long, 
or you see the figures and the education levels low, or you look at the 
maps in and out of a place and you realize it's physically isolated, and 
you think, ``I've got all these other ways to make money that are near 
at hand,'' you don't get around to it. But now, the unemployment rate in 
America has been under 5 percent for 2 years. Everybody is wringing 
their hands, you know, from Wall Street out here to California, about 
how can we keep this economic growth going without inflation. The answer 
is, invest in these places.
    Mr. Jackson. It's interesting, in politics there's a zero-sum game. 
You have 435 Congress seats; you might change faces, but the seats don't 
change, and so it's forever tight and competitive. But in economic, 
inclusion leads to growth.
    The President. That's right.
    Mr. Jackson. And it seems that they have missed growth. In baseball, 
for example, we thought we had a great Major Leagues before we let 
Jackie Robinson and Campanella and Hank Aaron and Willie Mays in. But 
once they opened up the market, they now will go to Cuba; they'll go to 
the Dominican Republic and find Sammy Sosa; they'll go to Japan. The 
basketball team, now we'll go to Yugoslavia, go to Croatia--that the 
baseball owners seem to have gotten it; the basketball owners seem to 
have gotten it; now the rest of corporate America must get that 
inclusion leads to economic growth.
    The President. And the important thing in your sports analogy is 
that as we have broadened the pool of talent, we've had more teams. 
There are now more baseball teams than there used to be. There are more 
basketball teams than there used to be. More people get interested as 
you broaden the pool of talent, and you get more people in. That's what 
is happening here.
    So that if somebody invests in these new markets, they don't have to 
quit investing where they were. This is not a zero-sum game. You're 
right; we'll just widen the circle of opportunity.
    Mr. Jackson. But why are they so much more likely, say, to invest in 
Indonesia, Taiwan, South Korea, Eastern Europe, than in Appalachia or 
East L.A., in south Phoenix? What is the incentive factor there?

[[Page 1335]]

    The President. I think that we look at Indonesia--let's just take 
Indonesia. We look at Indonesia and we say, ``Gosh, there's a market of 
200 million people; it's the biggest Muslim country in the world, fairly 
moderate country historically, although they've had some problems 
lately. And we'll invest there and we'll sell to that market.''
    What we miss in America is that if you put people who are unemployed 
to work in distressed areas, you create a new market, first. Second, as 
you just pointed out, even in places with very high unemployment--if you 
go into an inner-city neighborhood with 15 percent unemployment, that's 

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