WASHINGTON, DC – On December 11, 2020, Invest in the USA (IIUSA) submitted a letter to House and Senate leadership in support of the bipartisan “EB-5 Reform and Integrity Act of 2020”, calling for its inclusion in the forthcoming FY 2021 omnibus appropriations bill.
To amplify the support for EB-5 reauthorization across the country, IIUSA has worked tirelessly to assemble a broad coalition of industry stakeholders, mayors, national associations, chambers of commerce, and economic development organizations all of whom have recognized the profound impact the EB-5 Program has on job creation and economic development in their communities.
IIUSA Executive Director Aaron Grau, noted “we are humbled by the continued groundswell of support the EB-5 Program has received over the past few months and confident that the economic development and job creation needs of communities across the country can, and will, be met with EB-5 financing.”
On behalf of IIUSA’s membership we would like to thank Senator Grassley (R-IA) and Senator Leahy (D-VT) for their leadership in crafting the “EB-5 Reform and Integrity Act.” We look forward to working with Congress to collaboratively ensure needed Program integrity measures are enacted and long-term reauthorization and stability are achieved.
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IIUSA is the national membership-based not-for-profit industry trade association for the EB-5 Regional Center Program. Our members account for a vast majority of EB-5 Program capital formation and job creation.
The Letter
(View PDF)
Dear Speaker Pelosi and Leaders McConnell, McCarthy, and Schumer:
On behalf of the members of Invest in the USA (IIUSA), I write in support Senator Chuck Grassley’s (R-IA) and Senator Patrick Leahy’s (D-VT) bipartisan agreement to bring needed integrity measures, investor protections, and long-term reauthorization of the EB-5 Regional Center Program and urge its inclusion in the FY 2021 omnibus appropriations bill.
IIUSA is the country’s largest and most influential trade association representing more than 200 regional centers and over 120 service providers serving 47 states/territories. Our regional centers account for billions of dollars in EB-5 capital formation. Concretely, their work creates of hundreds of thousands of jobs in a wide range of industries and American communities and generates over $32 billion dollars in foreign direct investment – at no cost to the U.S. taxpayer.
To join and strengthen their support for a reauthorization, IIUSA assembled a broad coalition of more than 425 supporters and partners. The coalition supporting a reauthorization includes associations representing the hotel and lodging industry and the real estate industry, national and local chambers of commerce, economic development organizations, and mayors from across 19 states. They all want Congress to reform and reauthorize EB-5 to help local economies across the nation struggling from a COVID-induced economic recession. These organizations recognize the positive impact EB-5 investment can have in creating and saving jobs in their communities.
Senator Grassley and Senator Leahy achieve our coalition’s common goal of integrity and reauthorization. We applaud their steadfast leadership and determination to ensure the EB-5 Regional Center Program upholds its mission to stimulate the U.S. economy through direct investment and job creation. We urge you to show the same leadership and determination and include the Grassley/Leahy EB-5 compromise language in the FY 2021 omnibus appropriations bill.
Respectfully,
Aaron L. Grau
Executive Director
