The purpose of the executive order is to build on the investment benefits promoted by Tax Cuts and Jobs Act (Act) signed into law in December 2017.
According to President Trump as stated in the EO, "In order to further facilitate such investment benefits, my Administration will implement reforms that streamline existing regulations, protect taxpayers by optimizing use of Federal resources, stimulate economic opportunity and mobility, encourage entrepreneurship, expand quality educational opportunities, develop and rehabilitate quality housing stock, promote workforce development, and promote safety and prevent crime in urban and economically distressed communities."
Secretary of Housing and Urban Development Dr. Ben Carson, Sen. Tim Scott (R-NC), Secretary of Commerce Wilbur Ross, Secretary of Treasury Steven Mnuchin, Pastor Darrell Scott of Cleveland among others participated in the event.
Sen. Scott delivered a rousing speech thanking President Trump for his leadership and vision in helping to create "opportunities zones" that will help distressed communities throughout the country. Sen. Scott said: "We now see hope descending on these zones."
You can read the Executive Order on Establishing the White House Opportunity and Revitalization Council in full at whitehouse.gov. You can watch the signing of the EO, including on Sen. Scott's speech, at Space Force News (18:58m).