On Wednesday March 8, The House Judiciary Committee held a hearing titled “The Department of Homeland Security’s Proposed Regulations Reforming the Investor Visa Program.” (Read House Judiciary Committee Hearing Wrap-Up)
The hearing covered the potential effects of the Department of Homeland Security’s (DHS) proposed regulatory changes on the EB-5 Regional Center Program. Included in these changes are enhancements to program monitoring and oversight, TEA reform and increases in investment amounts, among other issues.
Witness Testimony
- Honorable Charles Grassley (R-IA), Chairman of the Senate Judiciary Committee
- Honorable Patrick Leahy (D-VT)
- Ms. Rebecca Gambler, Homeland Security and Justice Team, U.S. Government Accountability Office
- Mr. Sam Walls III, Managing Director, Pine State Regional Center
- Ms. Angelique Brunner, Founder and President, EB5 Capital
- Ms. Dekonti Mends-Cole, Director of Policy, Center for Community Progress
IIUSA Member Perspective
by Suzanne Lazicki, Lucid Professional Writing, EB5 Blog
The hearing opened with statements from the Congressmen responsible for two of last year’s reform bills – Senators Grassley and Leahy, and Representatives Goodlatte and Conyers. All four expressed support for USCIS’s proposed EB-5 regulations, though Leahy and Conyers also argued that there’s no substitute for a legislative solution. Leahy said that he and Grassley will soon reintroduce their reform legislation (an interesting development); Goodlatte and Conyers did not say anything about sponsoring legislation. All four made almost the same points as in last year’s House and Senate hearings, but sounded a darker note this year – turning “mend it or end it” from a question into a threat. Representatives Sensenbrenner and Lofgren followed with relatively positive statements, listing EB-5 successes and contributions, but both agreed on the need for modernization (higher investment amounts) and reform (TEA adjustments)…Read More
