Invest in the USA continues to lead in the way in advocating for the EB-5 industry. Recently, IIUSA secured introduction of H.R.7220, the EB-5 Regional Center Program Advisory Committee Authorization Act, in the U.S. House of Representatives.
In 1990, Congress created the EB-5 program to benefit the U.S. economy by attracting capital from qualified foreign investors. Under the Program, each investor is required to demonstrate that their capital created or saved at least ten jobs. Their investment must be either $1,050,000 or if the funds are invested in certain high- unemployment or rural areas, $800,000.
In 1992, Congress enhanced the economic impact of the EB-5 program by permitting U.S. Citizenship and Immigration Services (USCIS) to designate “Regional Centers” to pool EB-5 capital investments in economic development projects approved by USCIS. Since then, Regional Centers have been a tremendous success, generating more than $50 billion in economic development and creating more than 1.35 million American jobs at no cost to American taxpayers. Today, 95% of all EB-5 capital is raised by and invested in Regional Centers.
Introduced by Reps. Greg Stanton (D-AZ), Brian Fitzpatrick (R-PA), Lance Gooden (R-TX), and Dwight Evans (D-PA), the EB-5 Regional Center Program Advisory Committee Authorization Act would establish an advisory committee composed of EB-5 Regional Center Program experts. The advisory committee, hosted by USCIS, would bring together Regional Centers and state and local officials to communicate, coordinate, and advise USCIS on administering the Regional Center Program.
Specifically, the bill would create an advisory committee which would advise, consult, report to, and make recommendations to the Director of USCIS regarding the EB-5 Regional Center Program. It would permit the Advisory Committee to develop recommendations for improvements to the EB-5 Regional Center Program within U.S. Citizenship and Immigration Services. Its membership would be composed of no more than 35 members from two categories: (1) regional centers from across the country that have done projects in high unemployment areas, rural areas, and infrastructure and (2) state and local officials including mayors from large, midsize, and small cities, and state and county economic development officials.
IIUSA’s government affairs team, Commonwealth Strategic Partners, is currently working to identify champions to lead a Senate companion to the bill. In the meantime, we encourage you to reach out to your U.S. House Representative and ask them to cosponsor H.R.7220, the EB-5 Regional Center Program Advisory Committee Authorization Act.
IIUSA is the national membership-based not-for-profit trade association for the EB-5 Regional Center Program. Our members account for a vast majority of capital formation and job creation resulting from EB-5 investments.
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Contact: Aaron Grau, Executive Director
Phone: 202-795-9669
Email: [email protected]
