With less than 65 days before the EB-5 Regional Center Program expires, the bipartisan bill supports the Program’s long-term reauthorization and provides new investor protections to assure Program integrity.
WASHINGTON, April 29, 2021 (GLOBE NEWSWIRE) -- The Coalition to Save and Create Jobs (CSCJ) and Invest in the USA (IIUSA), the only non-profit trade association for the EB-5 Regional Center Program, applaud yesterday’s introduction of H.R. 2901 by Representatives Greg Stanton (D-Arizona) and Brian Fitzpatrick (R-Pennsylvania), supporting the long-term reauthorization and reform of the EB-5 Regional Center Program. The House bill introduced this week is the companion to S.831, which was introduced in the Senate last month by Senators Chuck Grassley (R-Iowa) and Patrick Leahy (D-Vermont).
The bill would reauthorize the program through 2026 and provide additional transparency and integrity measures to improve accountability of applicants, Regional Centers, and their economic development projects.
“On behalf of CSCJ, IIUSA, and its leadership, I am pleased to share our unanimous support of the introduction of House companion bill H.R. 2901, which comes on the heels of the recently introduced legislation by U.S. Senators Grassley and Leahy,” said Aaron Grau, Executive Director at IIUSA. Grau continued, “For years, members of Congress and the EB-5 community have agreed that the Regional Center Program needs added integrity reforms to achieve long-term reauthorization and with less than 65 days to go before the current program expires, time is of the essence to turn this bill into law now and lay the groundwork for more program improvements in the future.”
“I’ve seen firsthand how the EB-5 program can attract foreign investment and create new jobs—lifting our economy and making us more globally competitive,” said Rep. Greg Stanton, former mayor of Phoenix. “This bipartisan bill—with leadership from our colleagues in the Senate—we are addressing vulnerabilities the EB-5 program faced in the past and including integrity measures so that it functions as Congress intended. The reauthorization of the EB-5 program is critical to our nation’s economic growth and I look forward to this bill becoming law.”
Rep. Fitzpatrick commented, “As a longtime proponent of the EB-5 Regional Center Program, I’ve seen firsthand how the program has been a powerful tool for our nation’s economic development. This bipartisan reauthorization represents Congress and the business community coming together to ensure communities across the country can continue to access capital for critical projects while increasing needed oversight and integrity measures to root out fraud and abuse.” Fitzpatrick continued, “Both Rep. Stanton and I welcome IIUSA’s endorsement of this much-needed bipartisan bill and look forward to working together with our colleagues in the Senate to enact this bill into law.”
The EB-5 Regional Center Program was created to attract investments from foreign individuals who meet specific capital and job creation requirements. EB-5 investments have filled funding gaps and have provided a vital source of capital for local economic development projects that create and support jobs, infrastructure, and services across the country. Since its inception, the EB-5 Program has drawn in more than $41 billion in capital investment from across the globe to support American businesses and created at least 820,000 job opportunities for U.S. workers.
The full text of the House bill is available here and a summary is here.
About Invest in the USA (IIUSA)
Founded in 2005, Invest In the USA is the national membership-based 501(c)(6) not-for-profit industry trade association for the EB-5 Regional Center Program. Fundamentally, IIUSA is an organization focused on stimulating the United States economy for the benefit of American workers, American communities, and all those invested in sustainable, domestic job creation.
To date, IIUSA represents 130+ Regional Center members and 120+ Service Provider members across the country serving 47 states/territories. Regional Centers account for billions of dollars in EB-5 capital formation. Concretely, our work has empowered our members to create hundreds of thousands of jobs in a wide range of industries and American communities, generating billions in foreign direct investment at no cost to the U.S. taxpayer.
Through dedicated advocacy work, education, industry development, and research, IIUSA advocates for policies that maximize economic benefit to the United States. From the EB-5 Regional Center Program. Accordingly, our primary mission is to achieve the permanent Congressional reauthorization of the EB-5 Regional Center Program after nearly 30 years of enthusiastic bipartisan support and record-breaking economic impact.
About Coalition to Save and Create Jobs (CSCJ)
Coalition to Save and Create Jobs was established to promote economic recovery, development, and growth by assuring the good-government and long-term reauthorization of the EB-5 Regional Center Program through the bipartisan EB-5 Reform and Integrity Act, championed by U.S. Senators Chuck Grassley (R-IA) and Patrick Leahy (D-VT) and U.S. Representatives Greg Stanton (D-AZ) and Brian Fitzpatrick (R-PA). CSCJ consists of trade associations, chambers of commerce, municipalities and mayors’ offices, community banks, economic development organizations, health care facilities, and more. For more information on how you can support the Coalition to Save and Create Jobs, visit https://www.saveandcreatejobs.org/join.
Press Contact
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iiusa@fischtankpr.com