National Leaders Join IIUSA in Advocating for Reform and a Long-Term Reauthorization of the EB-5 Program

10.29.20 | Government Affairs

Contact: Aaron Grau, Executive Director
Phone: (412) 480-1809
Email: aaron.grau@iiusa.org

WHAT THEY ARE SAYING

National Leaders Join IIUSA’s Letter to Congress Advocating Reform and a Long-Term Reauthorization of the EB-5 Regional Center Program to  Help in the U.S. Economic Recovery

WASHINGTON, D.C. –  National leaders join Invest in the USA’s letter to Congress which advocates for reform and a long-term reauthorization of the EB-5 Regional Center Program. The Program, a valuable economic development engine, has the ability to infuse billions of non-tax dollars annually into the U.S. economy and create or save hundreds of thousands of American jobs.

“The EB-5 Regional Center economic development program is up for reform and reauthorization now – and the timing could not be more significant,” said IIUSA Executive Director, Aaron Grau. “Congress has the opportunity to act; to improve the program and provide long-term reauthorization just when the country needs it most. I am proud and grateful to say we are joined by AHLA, Argentum, AAHOA, Latino Hotel Association, The Latino Coalition, U.S. Conference of Mayors, U.S. Hispanic Chamber of Commerce, and mayors from across the nation.”

American Hotel & Lodging Association (AHLA): “Hotels were among the first affected by the COVID-19 pandemic, and unfortunately will be among the last to recover. The EB-5 investor program has proven time and again to be good for the American economy and good for the hotel industry. As we all search for ideas to support hotels and hotel jobs we should embrace the EB-5 Regional Center Program which will create a significant source of financial support needed for rehiring existing employees and hiring of new employees. AHLA is grateful for IIUSA’s leadership on this issue, and we encourage Congress to reform and reauthorize this much-needed program.” – Chip Rogers, President, and CEO

Argentum: “Health care facilities’ and especially senior living communities’ resources are stretched entirely too thin as a result of this pandemic. EB-5 investments are good for the American economy and its workers and now more than ever, those workers include front-line health care and senior care workers. As the nation looks for untapped resources and proven ideas to support the workers and communities that protect our seniors, we must embrace the EB-5 Regional Center Program. Its unsung ability to create significant financial support for current and future senior living workers is critical. Argentum is proud to join IIUSA on this issue, and we encourage Congress to reform and reauthorize this much-needed program.” – James Balda, President, and CEO

Asian American Hotel Owners Association (AAHOA): “The travel industry, and especially the hotel business, can and will bounce back from this COVID-19 economic crisis, but only with support; specifically the kind of non-traditional, but reliable support offered by the EB-5 Regional Center program. AAHOA is grateful for IIUSA’s work, and we encourage Congress to reform and reauthorize this important program.” – President & CEO, Cecil P. Staton

Latino Hotel Association: “The EB-5 visa may technically be an immigration program, but practically speaking it is an economic development program capable of leveraging billions of dollars for new hotel construction AND helping the existing hotel and travel industry. We need this program and these non-U.S. Treasury investments to stimulate our economy and save American jobs.” – President & CEO, Lynette Montoya

The Latino Coalition: “We are very pleased to join the IIUSA in the advocacy. EB-5’s non-taxpayer investments catalyze economic development that may otherwise languish. That economic stimulus creates a domino effect that saves jobs.” – Hector Barrerto, Chairman

United States Conference of Mayors: “The United States Conference of Mayors supports a strong EB-5 program. In the best of times, EB-5 investments create jobs and spur growth. Now that all our cities are struggling to overcome COVID-19’s economic realities, non-tax revenue like the billions facilitated by EB-5 investments is not just a “nice-to-have” resource, it’s critical. We are grateful to IIUSA for leading this effort and the Conference looks forward to working with IIUSA to assure EB-5’s future.” – Tom Cochran, CEO, and Executive Director

United States Hispanic Chamber of Commerce: “Immediately after the 2008 financial crisis, “EB-5 investors helped spark the economy, generating over $20 billion in non-U.S. taxpayer investments and creating more than 730,000 American jobs. We need that kind of spark again now more than ever.” – Ramiro A. Cavazos, President, and CEO

In addition, IIUSA’s letter to Congress has gained the support of mayors from across the nation:

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

IIUSA invites all EB-5 stakeholders, local elected officials, local chambers of commerce, economic development professionals, and industry partners to sign on to our letter of support – Sign on Here

Complete List of Supporters 

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Founded in 2005, Invest in the USA (IIUSA) is the national membership-based 501(c)(6) not-for-profit industry trade association for the EB-5 Regional Center Program (the “Program”). Our members account for a vast majority of capital formation and job creation in the U.S. resulting from the Program.

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