Industry Letter Asks Congress to Protect 220K Local Jobs And $11 Billion In Community Investment While Working Toward Reform
As a follow-up to the joint EB-5 Regional Center industry consensus letter sent to Congress in July, Invest in the USA (IIUSA), the non-profit EB-5 industry trade association, together with EB5 Investment Coalition (EB5IC), American Immigration Lawyers Association (AILA), Real Estate Roundtable and the U.S. Chamber of Commerce sent another letter to Congress on September 6, urging for immediate reauthorization of the EB-5 Program. While the July letter focused on policy consensus from the broad and diverse organizations that signed it, the latest letter emphasizes the catastrophic impact that a lapse of the Program would cause to the American economy and the federal government.
“We’re working for important reforms that improve rigorous vetting of both projects and investors, while allowing the program to continue transforming communities and providing quality American jobs,” said Peter D. Joseph, Executive Director of IIUSA. “As we continue to work for important reforms, it is imperative to prevent a lapse in authorization. If the program lapses, a minimum of $11 Billion in community investment and 220,000 local jobs will disappear immediately. IIUSA wants to reauthorize and reform EB-5 so American communities can keep the jobs it creates and eliminate problems with the program.”
The letter also supports reasonable and responsible reforms to safeguard national security and deter fraud, as the signatories of the letter have long advocated for and which have broad bipartisan support. IIUSA and the other industry groups are eager to engage with Congress to ensure reauthorization occurs before September 30. With a minimum of $11 billion in community investment and over 220,000 American jobs waiting to be created, it is imperative that Congress act to ensure no lapse occurs. IIUSA is proud to stand with other industry stakeholders during this critical time and work to keep the creation of jobs and investment in the U.S. through the EB-5 Regional Center Program.
Founded in 2005, IIUSA is the national not-for-profit trade association for the EB-5 Regional Center industry with a mission of advocacy, education, industry development, and research. The organization represents more than 260 Regional Centers and 200 Associate members, collectively representing big and small projects, urban and rural economic development, and industry sectors ranging from real estate and manufacturing to energy and infrastructure. IIUSA’s members are engines of economic growth and job creation, accounting for a vast majority of capital flowing through the Program. Learn more at IIUSA.org.