Yesterday evening, Congress passed a continuing resolution (CR) to extend federal government funding through December 11, 2020. The legislation also extends the EB-5 Regional Center Program through the same date with no changes. The bill has been sent to the President, which he is expected to sign.
“While we are thankful the EB-5 Regional Center Program did not lapse, Congress and the Administration need to provide more leadership to enact reforms and, ultimately, a long-term reauthorization of the program,” stated IIUSA Executive Director Aaron Grau. “If Congress and the Administration continue this cycle of short-term extensions, the program’s potential will remain untapped.”
COVID-19 has impacted the U.S. economy in unimaginable ways. Congress and Administration, have gone to great lengths to provide relief to those struggling to navigate the economic impacts of this health crisis. Unfortunately, Congress and the Administration refuse to acknowledge the role EB-5 can assist in our nation’s recovery. If fully utilized, the EB-5 Regional Center Program can help to provide over $9 Billion of economic stimulus which will help save jobs and industries around the county. And, not one dollar will come from the U.S. Treasury. It is time for Congress to act!
EB-5’s PUBLIC SUPPORTERS
As part of IIUSA’s ongoing advocacy efforts to achieve long-term reauthorization and reform of the EB-5 Regional Center Program, we published a public letter of support calling on members of Congress to enact much-needed changes so the EB-5 Program so it can continue to provide capital investment and support job creation across the nation.
We are proud to have key national and local supporters signed on to the letter and more joining the list every day!