Thirteen Mayors from Eight States Join IIUSA in Calling on Congress to Reauthorize the EB-5 Regional Center Program

10.15.20 | Government Affairs

 

 

 

 

 

WASHINGTON, DC – October 15, 2020 – Invest in the USA (IIUSA) is pleased to share that grassroots support from among municipal leaders is growing and that thirteen Mayors from eight states are calling on Congress for reform and long-term reauthorization of the EB-5 Regional Center Program

Our thanks to:

  • Mayor Greg Fischer, City of Louisville, KY
  • Mayor Joseph U. Meyer, City of Covington, KY
  • Mayor, William May, City of Frankfort, KY
  • Mayor Bill D. McLeod, City of Hoffman Estates, IL
  • Village President, John Skillman, Village of Carpentersville, IL
  • Mayor Riley H. Rogers, Village of Dolton, IL 
  • Mayor Gary R. McCarthy, City of Schenectady, NY
  • Mayor Kathy M. Sheehan, City of Albany, NY 
  • Mayor Jason Cole, City of La Vergne, TN
  • Mayor Jeff M. Gahan, City of New Albany, IN
  • Mayor Joe A. Smith, City of North Little Rock, AR
  • Mayor Thurman “Bill” Bartie, City of Port Arthur, TX
  • Mayor Cassie Franklin, Everett, WA

The EB-5 Regional Center Program allows federally authorized “Regional Centers” to pool EB-5 visa applicants’ investments to exponentially fuel U.S. local and regional economies (as this video illustrates) with projects that create and save thousands of American jobs.

IIUSA Executive Director Aaron Grau stated, “A long-term reauthorization can generate more than $9B annually of job-creating investment into our economy, just when our economy needs it most – all at zero cost to the taxpayer.” “That’s why,” Grau continued, “we are pleased to have the support of the United States Conference of Mayors. The USCOM represents more that 1,400 major cities across the country all of which employ hundreds if not thousands of first responders and municipal workers and all of which have been impacted by the COVID-19 economic crisis. Who better understands the needs for non-tax revenue to stimulate local and regional economies, than our nation’s mayors?”

Unlike all other visas, federal law requires that each EB-5 investor contribute either $900,000 or $1.8 million (depending on location) into a U.S. business AND create or retain at least 10 jobs for American workers. In other words: no jobs, no visa.

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IIUSA is the national membership-based not-for-profit industry trade association for the EB-5 Regional Center Program. Our members account for a vast majority of EB-5 Program capital formation and job creation.

The United States Conference of Mayors is the official non-partisan organization of cities with populations of 30,000 or more. Each city is represented in the Conference by its chief elected official, the mayor.