Webinar: What Comes Next for EB-5 Reauthorization Efforts
You are invited to join your industry trade association on a webinar discussing the implications of the EB-5 Program’s lapse and what the next steps will be to ensure the Program is reauthorized in a timely manner.
Date: July 7, 2021
Time: 12:00 PM ET
- Updates from the Hill
- IIUSA Advocacy Plan
- USCIS Guidance
- Behring Regional Center Case and What It Means
- Status of Additional Industry “asks” (visa, backlog relief, etc.)
IIUSA continues to advocate on the full industry’s behalf and we look forward to working with our partners, members, and champions on Capitol Hill to ensure that this valuable job creation and economic development program receives a much-needed long-term reauthorization.
IIUSA CONTINUES ITS COMMITMENT TO PRESERVE AND STRENGTHEN THE EB-5 PROGRAM
Despite temporary set-back, IIUSA will continue to lead the industry’s growing efforts to reform and reauthorize the Program
WASHINGTON, DC – June 28, 2021 – On June 24, 2021, one Senator objected to Senators Grassley’s, Leahy’s, and Cornyn’s request for unanimous consent for the Senate to pass S. 831, the EB-5 Reform and Integrity Act of 2021. The objection prevented S.831 from being passed before the Senate adjourned for its Fourth of July Recess. As such, it will not be possible to reauthorize the EB-5 Regional Center Program (the “Program”) before the June 30th expiration date. Although the Program will lapse, these bills are still pending in Congress and still benefit from industry support and continually growing bipartisan Congressional sponsorship. Currently, over 25 members of the House of Representatives are sponsors or cosponsors of H.R. 2901.
“On behalf of IIUSA and its leadership, I would like to thank Senators Leahy, Grassley and Cornyn for their leadership and tireless work on S.831. It was an exemplary demonstration of bipartisanship, and they were the only Senators to introduce any legislation to reauthorize the Program,” said Aaron Grau, Executive Director of IIUSA. “As conversations among the EB-5 stakeholders and policymakers continue to press on and expand, we look forward to continuing our work with them. While last week’s outcome was disappointing and a setback for the American economy, it is not the end of the road. IIUSA’s commitment to the Program and to the EB-5 investors and stakeholders who make it work is stronger than ever and we are proud to continue our active role in the Program’s legislative efforts.”
IIUSA is not only working on Capitol Hill to protect the Program, but also working with U.S. Citizenship and Immigration Services (USCIS) to get clarity on process and investor priorities during this time. This is the first time the Program has lapsed without a safety net of must-pass legislation. In previous Program lapses, USCIS was patient in making decisions on petitions, indicating an expectation of eventual reauthorization…Continue Reading