As the non-profit industry trade association representing more than 270 EB-5 Regional Centers, IIUSA welcomes the U.S. Senate’s introduction of S. 1501, legislation to reauthorize the EB-5 Regional Center Program (the “Program”) well in advance of the September 2015 sunset date. We commend Senate Judiciary Committee Chairman Charles Grassley (R-Iowa) and Ranking Member Patrick Leahy (D-Vt.) for working together as co-sponsors to start the legislative process for reauthorization. Bipartisan congressional support is critical to maintain confidence in the Program that is responsible for billions of dollars in investment in economic development projects across the country, creating American jobs at no cost to the taxpayer.
IIUSA has a long history of working cooperatively with Members of Congress and federal agencies to improve and strengthen the EB-5 Program in common sense ways so it can continue making important and growing contributions to the U.S. economy. We look forward to providing comments on the bill’s reform measures to ensure that proposals are correctly calibrated and do not unintentionally impede the program’s positive economic impact. The expertise and experience of our members, who represent over 95% of capital flowing through the Program, and other industry stakeholders can assist legislators in finding the proper balance.
EB-5 is working in diverse communities and industries across the country. It is time to ensure that the Program has a permanent place in U.S. economic development policy.