Nearly every living economist who led the White House Council of Economic Advisers in a Republican administration — including under President Trump — signed a letter urging Congress to confirm President Biden’s nominee to lead the council, Jared Bernstein.
President of the United States from 2017 to 2021
The letter, obtained by The New York Times, praises Bernstein for engaging with economists across ideological lines and for his work drafting the original proposal for the opportunity zones program that was included in the 2017 tax package that Trump signed into law. The program designates areas in every state where investors in real estate, operating businesses or other projects are eligible for significant tax advantages, including potentially not having to pay capital gains taxes on profits from their investments in those areas. Republicans have championed the zones since the law was passed. Some critics, including in Washington think tanks, have criticized them for delivering investments to some areas that were already gentrifying rapidly.
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