Tuesday, July 11, 2017

This feels different

Since I became involved in the EB-5 Program in 2006, the regional center part of the program has been extended five or six times.  This makes the regional center program the oldest pilot program in federal government, despite the fact that USCIS removed the word "pilot" from the name of the program. That agency cannot create a new reality for the regional center program.

Most extensions were for three years, but that has changed.  Most recently, Congress extended it (through a continuing budget resolution) from December 2016 to April 28, 2017. Then it was extended to September 30. I want to inform you that I think this time is different.

There is Sens. Grassley and Feinstein's bill to termiate the EB-5 Program altogether. There are increasing numbers of SEC fraud cases. There are more members of Congress who believe that the federal government is engaged in "selling citizenship", ignoring the program's stated goal of creating U.S. worker jobs.

So this time it feels different. I don't want anyone to panic, but I do think I will devote extra effort to close the open EB-5 projects in my regional center before September 30.

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