Treasury watchdog to investigate Trump opportunity zone program

Treasury watchdog to investigate Trump opportunity zone program
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The Treasury Department’s internal watchdog is planning to investigate the "opportunity zones" program after three Democratic lawmakers called for a closer look at the initiative, acting Treasury Inspector General Richard Delmar told NBC News

Delmar’s announcement came a few months after Sen. Cory BookerCory Anthony BookerSenate Dems to Pompeo: Comments about NPR reporter 'insulting and contemptuous' Black caucus in Nevada: 'Notion that Biden has all of black vote is not true' The Hill's 12:30 Report: House managers to begin opening arguments on day two MORE (D-N.J.), Rep. Emanuel Cleaver (D-Mo.) and Rep. Ron KindRonald (Ron) James KindTreasury watchdog to investigate Trump opportunity zone program How the 31 Democrats in Trump districts voted on impeachment Nearly all Democrats expected to back articles of impeachment MORE (D-Wis.) sent him a letter requesting an investigation after news reports indicated that friends of the administration were benefiting from the program. The acting inspector general told NBC News that the report is expected to be completed by early spring. 

The opportunity zone program was enacted with President TrumpDonald John TrumpKaine: Obama called Trump a 'fascist' during 2016 campaign Kaine: GOP senators should 'at least' treat Trump trial with seriousness of traffic court Louise Linton, wife of Mnuchin, deletes Instagram post in support of Greta Thunberg MORE’s tax bill in 2017 and was designed to give tax incentives to those who invest in designated lower income areas. 

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But The New York Times reported last year that Treasury Secretary Steven MnuchinSteven Terner MnuchinLouise Linton, wife of Mnuchin, deletes Instagram post in support of Greta Thunberg Mnuchin: US 'focused' on reaching trade deal with UK by end of year Commerce Department withdraws Huawei rule after Pentagon pushback: reports  MORE told the department to grant Storey County, Nevada, an opportunity zone status, a decision that came after he spent time with the co-owner of a company in that county.

House Ways and Means Committee Chairman Richard NealRichard Edmund NealKey House committee chairman to meet with Mnuchin on infrastructure next week Coalition of conservative groups to air ads against bipartisan proposal to end 'surprise' medical bills House revives agenda after impeachment storm MORE (D-Mass.) and Senate Finance Committee ranking member Ron WydenRonald (Ron) Lee WydenHillicon Valley — Presented by Philip Morris International — Wyden asks NSA to investigate White House cybersecurity | Commerce withdraws Huawei rule after Pentagon objects | Warren calls on Brazil to drop Greenwald charges Wyden vows push to force release of Khashoggi assessment Wyden calls on NSA to examine White House cybersecurity following Bezos hack MORE (D-Ore.) also sent a letter to Mnuchin in November asking for more information on why that county was selected after the department had previously decided it was ineligible. 

The Treasury Department has pushed back on the story, saying officials only reconsidered the opportunity zone designation for the county at the request of local officials and that Mnuchin did not know of the investments in the county.

Other Democrats sent a letter to the Government Accountability Office asking the office to look into a number of aspects of the program, including analysis on how the opportunity zones were decided.

The department and the IRS also released a draft form to gather information about investments made under the program as they faced scrutiny in October. NBC reported that as of January, $7 billion in investments were made in the program, according to data collected by accounting firm Novogradac.

The department did not immediately return a request for comment.