Yesterday Congress passed a “continuing resolution” (CR) until February 18, 2022 to keep the U.S. government funded and operational. By design, CRs are simple measures intended to instruct the U.S. Treasury to continue paying the government’s operation costs. That “simple” instruction, however, is critical to the government’s stability. In the absence of any comprehensive appropriation bill, failure to pass a CR leads to a federal government shut-down. Therefore, any CR is seen as a “must-pass” bill. “Must-pass” bills in turn attract hosts of other legislative items to assure their passage too.
As we head into 2022, IIUSA continues to work with its industry colleagues and Capitol Hill offices to include the Regional Center Program reauthorization on a CR. Yesterday’s CR, however, was “clean,” meaning it did not include any other legislative provisions for any other directives, including the EB-5 Regional Center Program. It is a disappointing outcome, but definitively NOT the end of the process. Yesterday’s CR will expire on February 18 requiring Congress to once again pass either another CR or finally pass the comprehensive appropriations (spending) bills reflecting each agencies’ new funding levels and spending priorities.
IIUSA will continue to work with all parties to finally secure a reauthorization as part of the next spending measure that “must-pass” once again on February 18.
Not an IIUSA Member? We Need Your Support!
IIUSA members are invaluable contributors to all of the association’s initiatives not the least of which is our work on Capitol Hill. It is only with a strong and unified voice that IIUSA is able to successfully advocate on the industry’s behalf which makes members’ support all the more important now.
If you are not yet an IIUSA member we encourage you to JOIN TODAY so we can collectively work to secure a long and bright future for the EB-5 Program! Email [email protected] or give us a call at (202) 795-9667 to discuss further.
