by Peter D. Joseph, IIUSA Executive Director
Published 9/27/16 in The Hill
Today IIUSA Executive Director, Peter D. Joseph, published an op-ed in The Hill on how the EB-5 Program has positively influenced the economies of the 2016 presidential convention cities of Cleveland and Philadelphia. EB-5 has helped both cities create thousands of jobs and promote regional economic development to benefit their communities. From the article:
“In July, the two main parties of the American political system gathered for their respective Presidential Nomination Conventions in separate and distinct cities to formally nominate their parties’ Presidential Nominee for this November’s election. In Cleveland, the Republicans held their convention in a city whose roots grow from a traditionally working class population and was once the epicenter of American steel and oil manufacturing. Democrats assembled in Philadelphia, Pa., for their convention, a city synonymous with early American history and the Democratic political system and once the capital of the United States.
While the major parties of our country participated in these political events, it is likely most who were present were unaware that a largely quiet but effective capital investment program, the EB-5 Regional Center Program, is responsible for noticeable footprints on both cities. The EB-5 Regional Center Program (the “Program”) is a U.S. immigration program that promotes regional economic development through foreign investment. Since 2008, the Program has generated over $14 billion in foreign direct investment (FDI) to the United States. From 2010-2013, it contributed $5.5 billion in gross domestic product (GDP), supported nearly 30,000 American jobs and contributed over $2 billion in tax revenue – all at no cost to the taxpayer.”