Senate Approves 3 Year EB5 Expansion

EB-5 Regional Center Program reauthorized

[pullquote3 quotes=”false” align=”right”]IIUSA Offers Praise to House for Scheduling a Vote on 3 Year Reauthorization of EB-5 Regional Center Program[/pullquote3]

From PRWeb:

The U.S. House of Representatives reconvenes this week, with a 3 year reauthorization of the EB-5 Regional Center Program on the “suspension of the rules” (as part of S. 3245) calendar for today (Tuesday 9/11/12). The Senate already passed S. 3245 on August 2, 2012 with bipartisan support, meaning after the House acts the legislation will head to President Obama’s desk for signature. FY2012 is already a record breaking year of U.S. job creation and capital formation, with trends indicating more growth in the years ahead.

“Congress deserves a lot of credit for this one,” said Peter D. Joseph, IIUSA Executive Director. “Utilizing the macroeconomics of globalization, the EB-5 Regional Center Program offers an economic development tool to address weak local capital and labor markets in the U.S. A government program that generates economic growth and thereby tax revenue – with administration costs covered by user fees – is public policy built for the 21st century. Literally tens of thousands of U.S. jobs are at stake in this three year re-authorization.”

Over August recess, IIUSA delivered a letter with 375+ signatories from around the United States urging the House of Representatives to pass S. 3245 as the Senate did last month. In a follow up blog post, IIUSA described itself as “honored” to lead such a large, cross-sector coalition in support of EB-5 Regional Center Program re-authorization. It delivered a similar letter, with 350+ signatories, to the Senate in July.

Twice as many investor applications have been approved in this fiscal year than all of the year before. Senator Patrick Leahy (D-VT) and Senator Charles Grassley (R-IA) – Chair and Ranking Member of the Senate Judiciary Committee respectively – were the original cosponsors of S. 3245 when it was introduced in the Senate. The EB-5 Regional Center Program was created by Congress in 1992 and has been reauthorized periodically since then, and is designed to create American jobs using foreign capital.

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A Regional Center is a United States Citizenship and Immigration Service (USCIS) approved and monitored organization. Regional Centers are created by a U.S. citizen who identifies potentially profitable projects within a defined geographical area in the U.S. These projects must also be associated with specific market segments that can result in job creation and economic growth with additional capital investment. With USCIS’ approval, the Regional Center oversees EB-5 related compliance and management of the project.

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