On Monday, House Appropriations Chairman Rodney Frelinghuysen introduced a continuing resolution (CR) to extend government funding, and the EB-5 Regional Center Program until March 23, 2018 – which the House is expected to vote on tonight. Congressional leaders in the Senate are also close to agreeing on an increase of spending caps that would be included in the short-term funding package. It continues to be our priority that the Program is re-authorized during these short-term extensions until Congress can agree to a broader spending package that can include a long-term EB-5 reauthorization and reform package.
Assuming the expected CR occurs, this will leave Congressional negotiators six more weeks to come to a conclusion of EB-5 negotiations and ensure it can be attached to long-term appropriations legislation. Meanwhile, the U.S. Department of Homeland Security (DHS) continues towards reform via the regulatory process. This comprehensive funding package may be the last opportunity for Congress to reform and reauthorize the Regional Center Program before regulatory reform is moved forward (which does not include long-term reauthorization of the Program itself).
Accordingly, IIUSA continues to push for the release of draft legislative text by negotiators while ensuring the EB-5 industry is ready to offer feedback quickly so a workable reform package can be ready for inclusion in “must pass” appropriations legislation. Looking forward, IIUSA also continues to ensure that EB-5 is given appropriate consideration in the broader immigration debate when it comes to annual visa allocation.
We will report later this week as we approach our 2/8 deadline. If you have any questions, please reach out to [email protected].
