II. New Economy -

Building a Stronger, Hi-Tech,
Deregulated Economy

The Clinton Administration has moved on a variety of fronts to build the kind of high-investment economy that will secure this nation's economic leadership as we approach a new century. The Administration is pursuing a broad-based strategy that improves the physical infrastructure that serves as the arteries of our economy; promotes the development of cutting-edge technology, including the information superhighway; removes unnecessary regulations in a variety of businesses from interstate banking to local trucking; and champions the interests of small business.

In its first two years, the Clinton Administration has made important strides:

• Infrastructure. We have increased public investment in infrastructure while cutting the federal budget deficit for three years in a row, increasing core highway and mass transit grants, rail transportation in the Northeast Corridor, facilities and equipment for the air traffic control system, and assistance to help states improve their environmental facilities.

• Information Superhighway. We are working to promote competition and to remove regulations in the high-technology communications business, speeding the development of an information superhighway that will connect our businesses, classrooms, libraries, hospitals and clinics as we approach the 21st century.

• Technology for Economic Growth. We have promoted the development of technology through incentives for private sector investment, establishing government-industry partnerships in crucial technologies, and maintaining our historically strong support for basic research.

• Interstate Banking. We have lifted the outdated, artificial restrictions on interstate banking, boosting the competitiveness of the banking industry, while enhancing efficiency, and the supply of credit and customer service.

• Intrastate Trucking. We have extended the deregulation of the trucking industry from interstate deregulation, which began in 1977, to intrastate deregulation, reducing paperwork and increasing competition within state markets.

• Small Business. We have advanced the cause of small business through a four-part strategy focussed on improving access to capital; creating incentives for investment; improving the regulatory environment; and expanding access to new markets.

President Clinton is laying the groundwork for tomorrow's prosperity by investing in the future today.