The bipartisan “Gang of Eight” in the U.S. Senate has filed its much anticipated proposal for comprehensive immigration reform (officially titled: Border Security, Economic Opportunity, and Immigration Modernization Act of 2013). The legislation still has a long way to go, with a series of hearings in the Senate Judiciary Committee (with the first this Friday), the full amendment process, and floor debate coming up next before any vote. The House, of course, also needs to pass corresponding legislation for comprehensive immigration reform to become the law of the land. That all said, IIUSA is encouraged by this initial version of the legislation, and supportive of the language included in the initial bill that would impact the EB-5 Regional Center Program.
IIUSA’s legislative priorities for the 113th Congress are all included in the current version of the legislation, by:
- Permanently authorizing the EB-5 Regional Center Program;
- Increasing the annual allocation of EB-5 visas; and,
- Ensuring proposed new visa categories do not interfere with the Program.
These changes to the EB-5 Regional Center Program are most welcome by the industry, and would increase the Program’s capacity for capital formation and U.S. job creation in the years ahead. Fiscal year (FY)2012 was record breaking for the Program, with approximately $2.0Billion in foreign direct investment accounted for – that will create 40,000+ American jobs at no cost to the American taxpayer. FY2013 is off to a record-breaking start as well, with 2,450 investor applications filed in just the first four months.
Peter D. Joseph, IIUSA Executive Director, will be visiting with Congressional Offices this week to discuss the detrimental I-526 backlog, currently costing the country investment and job creation, and the new “Gang of Eight” legislation.
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