On Tuesday December 20, U.S. Citizenship and Immigration Services (USCIS) sent the Office of Management and Budget (OMB) proposed regulatory and policy changes to EB-5 Program as part of a procedural review. The OMB Office of Information and Regulatory Affairs (OIRA) plays a “gatekeeper” role in the federal rulemaking process. Although the timetable for OIRA review is typically restricted to 90 days, there is no minimum review period, according to OMB.
While language to the proposed rule, titled, “Improvement of the Employment Creation Immigration Regulations,” is not yet available, a summary was posted to the OIRA website in November.
The proposed rule is expected to update the regulations in the following areas: priority date retention, increases to the required investment amounts, revision of the Targeted Employment Area (TEA) requirements, clarification of the Regional Center designation and continued program participation requirements, and further definition of grounds for terminating Regional Centers. The listed timetable for release of the rule is set for later this month. IIUSA will keep you informed as we learn more.
