IIUSA Statement in Advance of Senate Judiciary Committee Hearing on EB-5 Program

02.01.16 | Archived

Full Senate Judiciary Committee: The Failures and Future of the EB-5 Regional Center Program: Can it be Fixed? 
Date: Tuesday, February 2, 2016
Time: 10:00 AM (EST)
Location: Dirksen Senate Office Building 226
Presiding: Chairman Grassley (R-IA)
Link: Click Here
Witnesses:
Mr. Nicholas Colucci
Chief, Citizenship and Immigration Services

Washington, DC

Mr. Stephen L. Cohen
Associate Director Division of Enforcement
U.S. Securities and Exchange Commission
Washington, DC

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.
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