IIUSA welcomes the introduction today of two bills that would reauthorize the EB-5 Regional Center program – S. 2122 introduced by Senator Rand Paul (R-KY) and S.2115 by Senator Jeff Flake (R-AZ).
With a total of five bills now under consideration, there is a growing consensus in Congress – as there is in communities across the country – that EB-5 is an important mechanism to attract foreign investment in economic development projects that create jobs — at no cost to taxpayers. More than 880 organizations have signed a letter of support urging Congress to reauthorize the program.
Since 2008, EB-5 has generated $11.92 billion in foreign direct investment. And, from 2010-2013 alone, the program contributed $9.62 billion to gross domestic product while supporting an average of 29,300 jobs per year. Over 95 percent of all EB-5 investments flow through EB-5 Regional Centers.
Members of Congress are negotiating in good faith to reconcile differences in the reauthorization bills which include a number of reform measures that would strengthen federal oversight and the integrity of the program. We welcome the opportunity to provide comments to help craft common sense reforms that maximize EB-5’s potential as an economic development tool.