On Monday August 24th, the White House sent a list to Congress of 30+ federal programs, including the EB-5 Regional Center Program (the “Program”), that it wishes to see included on a Continuing Resolution (CR) to extend current funding levels of the federal government for a short period of time. All of the programs listed in the White House request (see here) are due to “sunset” on September 30, 2015.
While the EB-5 Regional Center Program does not require funding to be reauthorized (because it is paid for by user fees), the CR would keep the Program in operation in the event that authorization legislation in not enacted in a timely manner. It is worth noting that the Program was originally created as part of appropriations legislation in 1992. Furthermore, the three year reauthorization in 2012 was the first and only time the Program was reauthorized outside the appropriations process as standalone legislation along with three other non-controversial immigration programs (CONRAD 30, E-Verify, and Religious Workers).
In the event that EB-5 legislation is not enacted prior to reauthorization deadline, the Programs inclusion on the CR would ensure that there would be no lapse in the Program. There are three bills that have been introduced this Congress that would reauthorize the EB-5 Program (Read IIUSA statements on the introductions of S. 1501, H.R. 3370 and H.R. 616).
Last Call for Signatories on IIUSA’s “EB-5 is Working” Public Letter of Support
In December 2014, IIUSA launched its “EB-5 is Working” public letter of support in anticipation of September’s sunset date of the EB-5 Regional Center Program. Over the past 8+ months, IIUSA staff and members alike diligently reached out to countless organizations, companies, groups and individuals seeking their public pronouncement of support for the Program and its reauthorization.
The time has come for this letter be delivered to its intended recipient, the United States Congress. With less than three weeks until September 30th, it is imperative that we demonstrate the broad support of the Program that reaches far beyond just those in the industry. With that, we are making a last call for signatories on the letter until September 15th.
You can view the full list of our 750+ signatories by clicking here.
To learn more about the broad-based support for EB-5 Program reauthorization, follow IIUSA’s Twitter feed (@EB5IIUSA) and please re-tweet to your own followers! EB-5 investment representing billions of dollars in capital investment and GDP, support of tens of thousands of U.S. jobs, and the generation of over a billion dollars in federal/state/local taxes annually – at no cost to the taxpayer.
To sign on today, click here (note: all IIUSA Members are already signed on)