As the non-profit industry trade association representing EB-5 Regional Centers, we applaud Representatives Schock and Gabbard for introducing H.R. 4659, legislation that would permanently authorize the EB-5 Regional Center Program and expand its capacity for economic impact by eliminating the Program’s country caps – along with all other employment-based visa categories (an idea that has passed with bipartisan support in the 112th Congress in the House). We wholeheartedly support the legislation as an important step to continue the Program’s track record of U.S. job creation.
EB-5 is working for America, creating jobs and stimulating economic growth at no cost to taxpayers. According to our most recent economic impact report, EB-5 investments supported over 42,000 U.S. jobs and contributed $3.39 billion to the GDP during FY2012 – more than double the economic impact seen in FY2011-2012. And with a wide-range of successful projects, from renewable energy companies to redevelopment of blighted urban neighborhoods, EB-5 capital investment is making a difference in diverse communities across the country.
IIUSA is committed to working with members of Congress to ensure this program remains a secure and effective engine for job creation in the U.S. for years to come. The global market for investment capital is hyper-competitive. Making the program permanent is an important step to increase investor and stakeholder confidence in the program and continue attracting capital that helps U.S. create jobs.
Thank you to Representatives Schock (R-IL) and Gabbard (D-HI) for their leadership in introducing a common-sense, and fittingly bipartisan, piece of legislation.