Recapping the 2024 Elections and the EB-5 State of Play
Last week, Donald J. Trump was declared the winner of the 2024 presidential election, marking his return to the White House. He secured crucial victories in key battleground states including Wisconsin, North Carolina, Georgia, and Pennsylvania. This victory reflects a significant shift in voter sentiment that is expected to alter the policy direction of the U.S. for the next four years.
In the Senate, Republicans have regained control by successfully flipping important seats in states such as Montana, Ohio, Pennsylvania, and West Virginia. This shift is likely to impact legislative priorities, including tax policy, healthcare, and immigration reform. The election results also confirm that Republicans will maintain control of the House of Representatives, which, combined with a Republican-controlled Senate, provides President-elect Trump with a significant opportunity to pursue his legislative agenda.
Over the next several weeks, the presidential transition team will make critical decisions regarding key personnel, including President-elect Trump’s appointment of Susie Wiles as his chief of staff. These appointments will play a pivotal role in shaping the incoming administration’s agenda and priorities, influencing how various policies are developed and implemented.
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Administration Outlook on Immigration
As President-elect Trump emphasized throughout his campaign, immigration will be a top focus of his administration. However, the specifics regarding the EB-5 Regional Center Program remain uncertain, and speculation abounds about how the new administration might approach it. Various groups and individuals have shared their thoughts on potential changes, but in truth, there is no definitive answer at this stage. It is crucial for stakeholders in the EB-5 community to exercise patience, closely monitor the incoming administration’s actions for any indications of policy direction and be prepared to engage constructively with decision-makers to advocate for the interests of the program as the landscape evolves.
Similar to transition moves within the incoming administration, Congress will also undergo significant changes as it prepares for the 119th Congress. With Republicans taking control of the Senate, the political landscape will shift considerably, especially in comparison to the House of Representatives. Notably, Senator Mitch McConnell (KY) has announced that he will not seek the position of Senate Majority Leader, paving the way for a competitive leadership contest among Senators John Cornyn (TX), John Thune (SD), and Rick Scott (FL). The outcome of this election is likely to create a ripple effect throughout the Senate leadership and influence the legislative agenda moving forward. Meanwhile, for the Democrats, Senator Chuck Schumer (NY) is expected to retain his position as Senate Minority Leader, ensuring some continuity for the Democratic caucus during this transition.
Changes in the Judiciary Committee
As we turn to the committees of jurisdiction, the Judiciary Committee will see a change in leadership as the gavel shifts from Senator Dick Durbin (IL). However, it is anticipated that the current Ranking Member, Senator Lindsey Graham (SC), will not assume the chairmanship. Instead, Senator Chuck Grassley (IA) is expected to leverage his seniority on the Judiciary Committee to claim the position, while Senator Graham is likely to chair the Budget Committee. With Senator Grassley leading the Judiciary Committee, there may be renewed interest in the EB-5 program, given his historical involvement in its reauthorization. It was Senator Grassley and former Senator Patrick Leahy (VT) that previously led the charge for the EB-5 Reform and Integrity Act of 2022, which aimed to address critical issues within the program. As this transition unfolds, we should be prepared to address Senator Grassley’s earlier concerns for demonstrable integrity and to ensure that EB-5 investments are directed toward rural areas across the country.
Shifting our focus to the House of Representatives, there are still several elections awaiting official calls. However, it appears that Republicans will likely maintain their majority, with the possibility of adding one or two additional seats. Even with these gains, the margins are expected to be razor thin. As it stands, the Republican conference is set to hold a leadership election on Wednesday, November 13. The current leadership team of Speaker Mike Johnson (LA), Majority Leader Steve Scalise (LA), and Majority Whip Tom Emmer (MN), are expected to retain their positions. On the Democratic side, Representative Hakeem Jeffries (NY) is widely expected to continue as the Minority Leader, ensuring continuity for the Democratic conference.
As we turn to the House Judiciary Committee, while we cannot predict every outcome, it is expected that Representative Jim Jordan (OH) will remain as Chairman and Representative Jerry Nadler (NY) will continue as Ranking Member. Given that immigration was one of President-elect Trump’s primary campaign issues, we can expect Chairman Jordan to spearhead substantial efforts to reform U.S. immigration policies, with an emphasis on possible deportations and stronger border controls. It would not be surprising if Chairman Jordan sought additional controls on the EB-5 Regional Center program, potentially introducing stricter policies that could impact future investments. This evolving landscape underscores the necessity of our work on Capitol Hill. Our advocacy strategy, which involves coming to Washington, D.C. to brief members of Congress and their staff on the significance and value of the EB-5 Regional Center program, will be crucial. The EB-5 program serves as a vital economic generator, creating jobs and attracting investment, and it is imperative that we maintain our focus on these key contributions.
Join IIUSA on December 11 for Member-Exclusive Webinar
IIUSA is hosting a member-exclusive webinar on Wednesday, December 11 that will dive into how the 2024 election results could impact the EB-5 Program in 2025 and beyond, especially as the industry prepares for reauthorization in 2027. Hear from IIUSA’s government affairs team, IIUSA leaders, and other speakers to be announced soon and be in-the-know on all things EB-5 advocacy. Register today! Please note, this event is for IIUSA members only.
Not an IIUSA Member? The Time to Join in Support of EB-5 is Now!
The recent election has introduced significant opportunities and potential threats for the EB-5 Regional Center Program. As we navigate the coming weeks, it is essential to closely monitor the presidential transition, shifts within Congress, and emerging policies that may influence perceptions of the EB-5 Regional Center Program. It is our responsibility to advocate the vital role that the EB-5 Regional Center Program plays in fostering job creation and attracting investment across communities.
By emphasizing the program’s contributions and advocating for its continued support, we can help ensure that it remains a valuable tool for economic growth and development in the years ahead. Help IIUSA in its vital advocacy efforts by joining as a member today!
