Today, Senate Majority Leader Mitch McConnell filed a Continuing Resolution (CR) that would extend federal funding, and the EB-5 Regional Center Program, through December 9, 2016. Neither Democrats in Congress nor the White House have agreed to the legislative text yet and negotiations are expected to continue into next week (on issues unrelated to EB-5) when there will be a cloture vote on the CR, now scheduled for Tuesday 9/27 at 2:15pm.
We applaud Congress’s commitment to reforming the EB-5 economic development program and welcome the opportunity to offer input on these complex and important issues. New proposals to reform the program will take time for stakeholders and lawmakers to examine and the shutdown deadline is fast approaching. If the program lapses, a minimum of $11 Billion in community investment and 220,000 local jobs will disappear immediately. The CR will provide a needed continuation of the EB-5 program while this deliberation process takes place.
The EB-5 Investment Program creates thousands of American jobs across the country without costing taxpayers a dime. And at IIUSA, we’re working for important reforms that improve rigorous vetting of both projects and investors, while allowing the program to continue transforming communities and providing quality American jobs.
