Yesterday, U.S. Senators Mike Rounds (R-SD), Lindsey Graham (R-SC) and John Cornyn (R-TX) introduced S. 2778 the Immigrant Investor Program Reform Act. The measure will finally provide a long-term reauthorization for the EB-5 Regional Center Program as well as long-overdue program integrity reforms and operational updates, including job creation for the middle class, economic development for communities across the country, and protection for immigrant investors.
The decision of Senators Rounds, Graham, and Cornyn to introduce the bill was impacted in large part by the EB-5 industry’s ability to work together and come to an agreement on many issues that until now left industry stakeholders divided.
IIUSA played a large and consequential role in helping bridge these divides and develop policy positions acceptable not only to its industry partners but also to Congressional policymakers. The IIUSA leadership, membership, and staff engaged and continued to do the hard work necessary for this type of progress which makes the bill’s introduction all the more welcome.
IIUSA is reviewing the text to ensure it upholds the standards of providing program integrity reforms and operational updates and we look forward to continuing to work with our industry partners to achieve long-term reauthorization of the EB-5 Regional Center Program.