The EB-5 Program has undergone significant changes in the last year. Growth of the program continues at unprecedented rates with a 72% increase in applications from investors seeking to participate in the program compared to last year. And, U.S. Citizenship and Immigration Services (USCIS) established a new, centralized program office staffed with economists as well as experts in business and fraud detection.
A GAO review should really capture the program how it is being administered today – a far more robust system of interdisciplinary experience at USCIS along with continued growth in the Program’s economic impact across the United States.
Proper oversight, transparency, compliance with – and enforcement of – all applicable securities, anti-fraud and immigration laws and regulations are essential to maintain the confidence of all industry stakeholders and ensure that the EB-5 program continues to bring capital and job creation to American communities That is why we support legislation that makes the Program permanent while also strengthening government enforcement capabilities and oversight responsibilities.
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. And with projects ranging from renewable energy companies to redevelopment of blighted urban neighborhoods, EB-5 investments are making a difference in communities across the country.
