As the national trade association representing more than 280 EB-5 Regional Centers, IIUSA is pleased that the Continuing Resolution passed by Congress today includes a temporary extension of the EB-5 Regional Center Program (the “Program”). This extension allows the program to continue generating foreign direct investment and creating U.S. jobs through December 11.
The extension also provides additional time for Congress to consider a long-term reauthorization bill that would include reform measures to strengthen federal oversight and the integrity of the program. Members of Congress from both parties and both the House and Senate are negotiating in good faith, and IIUSA looks forward to providing comments to ensure that reform proposals are correctly calibrated and do not unintentionally impede the program’s positive economic impact. The expertise and experience of our members, who represent more than 95 percent of capital flowing through the program, and other industry stakeholders can assist legislators in finding the proper balance.
Since its inception, the EB-5 Regional Center program has enjoyed bipartisan support – for good reason. Since 2008, EB-5 has generated $11.92 billion in foreign direct investment. And, from 2010-2013 alone, the program contributed $9.62 billion to gross domestic product while supporting an average of 29,300 jobs per year. Over 95 percent of all EB-5 investments flow through EB-5 Regional Centers.
EB-5 has proven itself to be a valuable tool for job creation and economic growth. To continue and build on that track record of success, Congress needs to pass a long-term reauthorizing bill with common-sense reforms to strengthen oversight and protect the integrity of the program.
