Is the Investor Visa Program an Underperforming Asset?
Full House Judiciary Committee
Date: Thursday, February 11, 2016
Time: 2:00 PM (EST)
Location: 2141 Rayburn House Office Building
Presiding: Chairman Goodlatte (R-VA)
Link: Click Here
The House Judiciary Committee announced today it will hold a hearing next Thursday February 11th to examine the EB-5 Regional Center Program (the “Program”). In a press release issued by the Committee, it was announced that “academic experts, participants in the investor visa program, and government officials” will testify on the need for statutory and regulatory reform to the Program.
IIUSA believes in the EB-5 Program as an example of 21st century economic development policy that uses globalization to solve real policy objectives. The program benefits a broad range of industries in diverse regions across the country and has broad, bipartisan support in Congress.
The program has produced a dramatic increase in much-needed foreign direct investment in the US, growing from a few hundred million dollars per year in 2008 to over a billion dollars per quarter in 2015. Exponential growth over 1,200 percent over the past eight years brings both opportunities and challenges. We supported reform efforts in 2015 to address those challenges and to provide increased stability, program integrity, and economic impact. While we were disappointed that Congress was unable to pass the broadly supported efforts for reform and long term authorization of the EB-5 Regional Center Program, we were pleased that Congress chose to grant another short-term extension through September 30, 2016.
With the new year comes new opportunity. We are grateful for the continued bipartisan support for and interest in this critical economic development program and are committed to working with Congress and the industry to ensure the shared goals of reform and reauthorization. After more than a decade of experience and expertise as the leading nonprofit voice for the program, IIUSA looks forward to continuing to provide comprehensive public affairs representation, development of professional best practices, data-driven policy analysis, and top notch outside counsel that reflects and advocates for the strategic needs and perspective of our diverse industry.