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Potential EB-5 investors and industry professionals will be glad to know that The EB-5 Reform and Integrity Act has gained further support in Congress. IIUSA recently announced that twelve additional Congressman have decided to cosponsor the EB-5 legislation, bringing it to a total of 14 co-sponsors.
This represents an important milestone for the The EB-5 Reform and Integrity Act, as gaining more cosponsors will increase political willpower to pass the bill into law. Despite recent political polarization between Democrats and Republicans, the bill has been able to draw bipartisan support. Hopefully these new cosponsors will be able to educate their colleagues on the merits of the EB-5 program and draw further support for legislative reform.
The bill’s current sponsors/cosponsors are as follows:
- Greg Stanton (D-AZ) (original sponsor)
- Brian Fitzpatrick (R-PA) (original sponsor)
- Katie Porter (D-CA)
- Tom O’Halleran (D-AZ)
- Mariannette Miller-Meeks (R-IA)
- John Katko (R-NY)
- Lance Gooden (R-TX)
- Dwight Evans (D-PA)
- Mike Doyle (D-PA)
- Chris Jacobs (R-NY)
- Michael McCaul (R-TX)
- Brian Higgins (D-NY)
- Fred Keller (R-PA)
Why is the The EB-5 Reform and Integrity Act so Important?
In the past the EB-5 program was essentially guaranteed to be reauthorized, as reauthorizing the program was tied into Federal budget legislation. However, last year Congress ended this practice, only renewing the EB-5 program until June 30, 2021.
Since January, the EB-5 industry has been calling for legislation to secure a long term reauthorization of the program. The EB-5 Reform and Integrity Act represents the best chance for achieving that goal.
Versions of the bill have been introduced to both the House (H.R. 2901) and Senate (S. 831), and if The Eb-5 Reform and Integrity Act is passed the EB-5 program will be reauthorized until 2026. Passage of The EB-5 Reform and Integrity Act into law is currently the best option to prevent the EB-5 program from expiring on June 30.
A summary of The EB-5 Reform and Integrity can be found here.
Read the full text of S. 831 here, or read the full text of H.R. 2901 here.
Reach Out to Your Representatives
For the last thirty years the EB-5 program has been an extraordinarily cost-effective catalyst for economic growth in America. To date, the EB-5 program has added more than $41 billion and 820,000 jobs to the American economy, all at zero cost to the U.S. taxpayer. Allowing the program to expire is simply unjustifiable, EB-5 investors want to be part of America’s future and are willing to devote themselves to building that future, something America needs now more than ever. Industry leaders, investors, and anyone who supports American economic growth must join together and demand action from Congress to ensure that the EB-5 program is reauthorized. Reach out to your Congressman and Senators today, and ask that they co-sponsor The EB-5 Reform and Integrity Act today.
To find out who your local Congressman is, and how to contact them click here. Reach out today and ask that they cosponsor H.R. 2901
To find out who your Senators are, and how to contact them click here. Reach out today and ask that they cosponsor S. 831.
Start Your EB-5 Journey Today
The EB-5 program is currently set to expire on June 30, 2021. Don’t wait, fill out our evaluation form below and let our team help get you started on the path to permanent residence in the US.
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