Reform, reauthorization, and enhancement of the EB-5 Program is essential to the U.S. economy in 2016 and beyond. The important work going on across the country, thanks to the Program, supports the case that the EB-5 Regional Centers need to lead the cross-sector stakeholder community in educating the government, media, and public. Over $15 billion of foreign direct investment flowed into the United States from across the world.
If the program lapses, a minimum of $11 billion in community investment and 220K local jobs will disappear immediately. A further $7 billion in investment and 140K jobs would be destroyed by costly litigation. Several pieces of legislation have been introduced in Congress on EB-5 and are actively being considered in the process towards a single piece of broadly supported reauthorization and reform policy that results from constructive engagement and compromise.
Supporters in a Senate hearing on EB-5 earlier this year stated, Congress must “mend it, not end it.” Many of the pieces of the puzzle are already in their place for EB-5 reauthorization and reform.
Years of advocacy and experience have led us to this moment. The EB-5 industry and Congress are ready to negotiate durable reform that results in a stronger, more efficient Program. But the EB-5 Program must be reauthorized without a lapse, or countless communities, Regional Centers, and investors will face desperate times and years of protracted, expensive court proceedings.