The U.S. Impact Investing Alliance has from the earliest days of the policy been a proponent of transparency, accountability and community engagement within Opportunity Zones. Without these elements, it will be impossible to measure the impact of the policy on the communities it is intended to benefit. That’s why we launched the Opportunity Zones Reporting Framework – a voluntary set of best practices for fund managers and investors – in partnership with the Beeck Center at Georgetown University and the Federal Reserve Bank of New York.
We have also consistently called on the Treasury Department to adopt national transparency and accountability standards. Our calls to action are widely supported among Opportunity Zone stakeholders. Earlier this year, the Alliance joined nearly 70 organizations in signing a letter from the Economic Innovation Group urging the Treasury Department to institute reporting requirements for Opportunity Zone investments. We are pleased that Congress is now engaging in the necessary work to examine the policy’s effects on the communities and residents within Opportunity Zones.
Additional Resources on Transparency and Accountability in Opportunity Zones
Presidents’ Council on Impact Investing Letter on Opportunity Zones
Treasury Risks Dropping the Ball on Opportunity Zones Accountability, The Hill
U.S. Impact Investing Alliance Public Comments on Proposed Opportunity Zone Regulations
John Cochrane is Manager, Policy & Programs, for the U.S. Impact Investing Alliance.