EB-5 Regional Center Program to Expire on June 30th -- Congress to look at more Holistic Reform of the Program
WESTON, Fla. - June 25, 2021 - PRLog -- An attempt on June 24, 2021 to pass legislation to extend the EB-5 Regional Center program (the "Program") beyond June 30th failed in the Senate. The legislation, S. 831, the EB-5 Reform and Integrity Act of 2021, was brought to the floor on a unanimous consent request and was not agreed to. The Senate is now in recess.
As June 30th approaches, it is almost certain that the Program will expire at least for a short period. The Program has continually been renewed since 2015 as it was coterminous with other immigration programs that needed to be extended as well and always had bipartisan support for renewal. However, in the last extension that took place, the Program was decoupled from the other immigration programs and is set to expire on June 30, 2021.
The EB5IC has always supported, and continues to support, a set of comprehensive legislative reforms to the Program that will safeguard national security and combat instances of fraud. During the past six years we have been fighting for the interests on behalf of diverse stakeholders so that both rural and urban areas benefit from the EB-5 investments for years and, indeed, decades to come. That is why we believe in a holistic approach to reform the Program to achieve maximum benefit for our country and those immigrants who are seeking a better life for them and their families. The Program should be reformed to provide enhanced job creation and and key funding for projects including infrastructure and public private partnerships that contribute to post pandemic economic development and recovery.
We believe that only a Program that is functional and addresses the key concerns for all stake holders would achieve the desired objectives of why the Program was founded in the first place. We will work with Republican and Democratic supporters of the program to effect a long-term extension of the Program and that addresses the following issues:
We believe that action by Congress to finally reform and improve the program is necessary to balance all the priorities of the whole EB-5 industry.
We also welcome the decision in by a federal court to vacate the EB-5 regulation promulgated in November of 2019. We hope that new regulations can be promulgated after EB-5 reform legislation in passed.