IIUSA supports efforts by Congress to strengthen the integrity of the EB-5 Regional Center Program through enhanced oversight and law enforcement. That is why we supported the bipartisan, bicameral agreement among judiciary committee leadership to enact thoughtful and comprehensive reforms as part of long term reauthorization of the Program in this week’s omnibus appropriations legislation. Unfortunately, Congress did not enact these reforms as part of the omnibus appropriations legislation passed last week.
This means our work continues with even more urgency. The legislation from the current 114th Congress also continues to grow with important reform ideas to consider (S. 1501, S. 2115, S. 2122, the discussion draft supported by judiciary leadership that was not included in the omnibus, and – the newly introduced – S. 2415 in the Senate; and, in the House, H.R. 616, H.R. 3370, and the same bicameral judiciary committee agreement mentioned above). IIUSA welcomes the interest of all congressional offices, and introduction of new legislation, to achieve the necessary reform that will enable the long term reauthorization the EB-5 Regional Center industry truly needs.
As the trade association representing more than 280 EB-5 Regional Centers, IIUSA has long supported and advocated for this type of reform because it is good policy that is needed to bring EB-5 up to date with 21st century economic development, anti-fraud, and national security policy. The EB-5 Program continues to be an important tool for economic development and job creation at no cost to taxpayers, accounting for over $13 billion in foreign direct investment since 2008 and with more than $9 billion in EB-5 capital pending federal government approval today. Protecting the program from allegations of fraud or misuse is critical to maintain the confidence of investors around the world and project partners here at home. We look forward to continued discussions with Congress on much needed reforms related to long-term reauthorization.