The New York Times opinion piece co-authored by three of the most recognizable names in the business world (Bill Gates, Warren Buffett and Sheldon Adelson) highlights the valuable role that the EB-5 program can play in spurring economic growth – a point that is often overlooked in the larger immigration debate. Their support is a reflection of broad and diverse support that the Program enjoys today, and for good reason.
The authors notes that it is in American’s self-interest to attract investments from abroad through the EB-5 program, noting that “people willing to invest in America and create jobs deserve the opportunity to do so” and that “expanded investments of [this] kind would help us jolt the demand side of our economy.” We couldn’t agree more.
A comprehensive, peer-reviewed economic study commissioned by IIUSA found that during fiscal year 2012, investments made through the EB-5 program contributed $3.39 billion to U.S. GDP and supported over 42,000 U.S. jobs. This is more than a 100 percent increase from the average annual impact result reported in 2011 – and record breaking statistics for 2013 and first two quarters of 2014 currently under analysis.
The success of EB-5 is due in large part to a stringent policy framework that aligns with the recommendations by this powerful trio – a provisional immigration benefit dependent on investments of a certain size in new businesses, further strengthened by the requirement that each investment create 10 jobs. Additional reforms to enhance the integrity of the program and increase its economic power are welcome. A good place to start would be to make the program permanent and expand its capacity for economic impact with bipartisan legislation in the House like H.R. 4659 which is made up of ideas that have been passed the House in the 112th Congress. That alone will significantly boost investor confidence, capital flow, and resulting U.S. job creation.
As the leading advocate for policies that ensure EB-5 continues to create American jobs at no cost to the taxpayer, IIUSA is proud to stand with Bill Gates, Warren Buffett and Sheldeon Adelson in support of this important program.