Wednesday, September 13, 2017

Regional Center aspect of EB-5 Program extended to Dec. 8

When H.R. 601 was signed into law, a provision in the bill reauthorized the regional center aspect of the EB-5 Program to Dec. 8.  The new law, which contained an appropriation for Hurricane Harvey relief for the east coast of Texas, including Houston, also contained a provision to keep the government running.  Called a continuing resolution, the law enables the government to keep operating without a budget.
There is work being done in Congress on comprehensive immigration reform, which may affect a variety of visa programs, including EB-5.  Fact is, the regional center aspect of the EB-5 Program is the longest-running "pilot program" in federal government history.  Continual "reauthorization" leaves a cloud of uncertainty over this visa program, which should not be allowed to continue.
Because of an increasing number of examples of fraud in the EB-5 Program, there is a move afoot in Congress to terminate the EB-5 Program.  Some members of Congress believe that the EB-5 Program is not accomplishing the goals intended, including economic development in rural areas and areas of high unemploment in the United States. I believe that Congress may reform the EB-5 Program, but I do not think Congress will terminate it.