Amid the Program’s expiration date on June 30, 2021, the Coalition strives to reauthorize and reform the EB-5 Regional Center Program
March 1, 2021 (Washington, DC) – Invest in the USA (IIUSA), the only non-profit trade association for the EB-5 Regional Center Program, today announced the launch of the Coalition to Save and Create Jobs (CSCJ), an organization that advocates on behalf of the Program’s stability and pushes for non-tax revenue investments and job creation for communities and businesses struggling from the current economic downturn.
CSCJ was created to stimulate economic recovery, growth, and development by ensuring the reauthorization of the EB-5 Regional Center Program through the bipartisan legislation and policy reforms drafted by U.S. Senators Chuck Grassley (R-IA) and Patrick Leahy (D-VT). Involvement in the CSCJ spans from chambers of commerce, trade associations, healthcare facilities, municipalities and mayors’ offices, economic development organizations and more.
“We launched the Coalition to Save and Create Jobs to shed light on the significant impact the EB-5 Program has on the economy,” said Aaron Grau, Executive Director at IIUSA. “Especially after such a difficult year, our country risks missing a critical opportunity to stimulate commerce and save jobs if the program is not reauthorized. Now is the time for federal policymakers to embrace what is proven effective.”
The EB-5 Regional Center Program was created to attract investments from foreign individuals who meet specific capital investment and job creation requirements. EB-5 investments have filled funding gaps and have provided a vital source of capital for local economic development projects that create and support jobs, infrastructure, and services across the country.
“One of the most important tasks as a mayor is to create jobs and economic prosperity for our local communities,” said CSCJ supporter, Mayor Jason Cole of La Vergne, Tennessee. “The EB-5 program is an economic powerhouse that infuses millions of dollars into a variety of industries at no-cost to La Vergne taxpayers and is critical to our growth.”
In addition to Mayor Cole, backing for the Coalition has been gaining momentum across the U.S. with several mayors lending their support to the reauthorization of the EB-5 Regional Center Program.
Since its inception, the EB-5 Program has drawn in more than $41 billion in capital investment from across the globe to support American businesses, creating at least 820,000 job opportunities for U.S. workers. Each investor must validate that under the program, at least 10 new jobs were either created or saved as a result of their EB-5 investment – which must be a minimum of $1.8 million or $900,000 if the funds are invested in certain areas. The program is set to expire on June 30, 2021, which is why CSCJ aims to keep and reform the program by enhancing positive measures and further stabilizing the program.
For more information on how you can support the Coalition to Save and Create Jobs, visit https://www.saveandcreatejobs.org/join.
About Coalition to Save and Create Jobs
CSCJ (Coalition to Save and Create Jobs) was established to promote economic recovery, development, and growth by assuring the good-government and long-term reauthorization of the EB-5 Regional Center Program through the bipartisan EB-5 Reform and Integrity Act, championed by U.S. Senators Chuck Grassley (R-IA) and Patrick Leahy (D-VT). CSCJ consists of trade associations, chambers of commerce, municipalities and mayors’ offices, community banks, economic development organizations, health care facilities and more. For more information, visit: https://www.saveandcreatejobs.org/.
About Invest in the USA (IIUSA)
Founded in 2005, Invest In the USA (IIUSA) is the national membership-based 501(c)(6) not-for-profit industry trade association for the EB-5 Regional Center Program. Fundamentally, we are an organization focused on stimulating the United States economy for the benefit of American workers, American communities, and all those invested in sustainable, domestic job creation.
To date, IIUSA represents 130+ Regional Center members and 120+ Service Provider members across the country serving 47 states/territories. Regional Centers account for billions of dollars in EB-5 capital formation. Concretely, our work has empowered our members to create hundreds of thousands of jobs in a wide range of industries and American communities, generating billions in foreign direct investment at no cost to the U.S. taxpayer.
Through dedicated advocacy work, education, industry development, and research, IIUSA advocates for policies that maximize economic benefit to the United States. from the EB-5 Regional Center Program. Accordingly, our primary mission is to achieve the permanent Congressional reauthorization of the EB-5 Regional Center Program after nearly 30 years of enthusiastic bipartisan support and record-breaking economic impact.