Despite temporary set-back, IIUSA will continue to lead the industry’s growing efforts to reform and reauthorize the Program
WASHINGTON, June 28, 2021 (GLOBE NEWSWIRE) -- On June 24, 2021, one Senator objected to Senators Grassley’s, Leahy’s, and Cornyn’s request for unanimous consent for the Senate to pass S. 831, the EB-5 Reform and Integrity Act of 2021. The objection prevented S.831 from being passed before the Senate adjourned for its Fourth of July Recess. As such, it will not be possible to reauthorize the EB-5 Regional Center Program (the “Program”) before the June 30th expiration date. Although the Program will lapse, these bills are still pending in Congress and still benefit from industry support and continually growing bipartisan Congressional sponsorship. Currently, over 25 members of the House of Representatives are sponsors or cosponsors of H.R. 2901.
“On behalf of IIUSA and its leadership, I would like to thank Senators Leahy, Grassley and Cornyn for their leadership and tireless work on S.831. It was an exemplary demonstration of bipartisanship, and they were the only Senators to introduce any legislation to reauthorize the Program,” said Aaron Grau, Executive Director of IIUSA. “As conversations among the EB-5 stakeholders and policymakers continue to press on and expand, we look forward to continuing our work with them. While last week’s outcome was disappointing and a setback for the American economy, it is not the end of the road. IIUSA’s commitment to the Program and to the EB-5 investors and stakeholders who make it work is stronger than ever and we are proud to continue our active role in the Program’s legislative efforts.”
IIUSA is not only working on Capitol Hill to protect the Program, but also working with U.S. Citizenship and Immigration Services (USCIS) to get clarity on process and investor priorities during this time. This is the first time the Program has lapsed without a safety net of must-pass legislation. In previous Program lapses, USCIS was patient in making decisions on petitions, indicating an expectation of eventual reauthorization.
The EB-5 Regional Center Program was created to attract investments from foreign individuals who meet specific capital and job creation requirements. EB-5 investments have filled funding gaps and have provided a vital source of capital for local economic development projects that create and support jobs, infrastructure, and services across the country. Since its inception, the EB-5 Program has drawn in more than $41 billion in capital investment from across the globe to support American businesses and created at least 820,000 job opportunities for U.S. workers.
In the interim, IIUSA will continue to lead the EB-5 community’s efforts to reform and reauthorize the Program, with the help of industry stakeholders. To help,
About Invest in the USA (IIUSA)
Founded in 2005, Invest in the USA is the national membership-based 501(c)(6) not-for-profit industry trade association for the EB-5 Regional Center Program. Fundamentally, IIUSA is an organization focused on stimulating the United States economy for the benefit of American workers, American communities, and all those invested in sustainable, domestic job creation.
To date, IIUSA represents 130+ Regional Center members and 120+ Service Provider members across the country serving 47 states/territories. Regional Centers account for billions of dollars in EB-5 capital formation. Concretely, our work has empowered our members to create hundreds of thousands of jobs in a wide range of industries and American communities, generating billions in foreign direct investment at no cost to the U.S. taxpayer.
Through dedicated advocacy work, education, industry development, and research, IIUSA advocates for policies that maximize economic benefit to the United States. From the EB-5 Regional Center Program. Accordingly, our primary mission is to achieve the permanent Congressional reauthorization of the EB-5 Regional Center Program after nearly 30 years of enthusiastic bipartisan support and record-breaking economic impact.