Last week, the Senate Committee on the Judiciary held a hearing titled “Citizenship for Sale: Oversight of the EB-5 Investor Program” exploring some of the most pressing issues facing the EB-5 industry.
On Friday, IIUSA submitted a letter - authored by Bob Kraft on behalf of IIUSA and its membership to add to the congressional record - to the Senate Judiciary Committee in response to the hearing. After a hearing where some concerning narratives developed amongst Committee members, IIUSA felt obligated to respond on behalf of the EB-5 industry. Included in IIUSA’s statement was a direct response to hearing testimony, IIUSA’s policy positioning that includes continued calls to lower potential regulatory investment levels, reform the EB-5 Program with a long-term authorization, and increased visa capacity to alleviate damaging wait lines.
From the Letter:
Dear Chairman Grassley, Ranking Member Feinstein and Members of the Committee:
Invest in the USA (IIUSA) respectfully submits this statement for the record to the Senate Committee on the Judiciary (the Committee) regarding its hearing held on June 19, 2018, “Citizenship for Sale: Oversight of the EB-5 Investor Visa Program.” We appreciate the Committee’s interest in ensuring the integrity of this important tool for local economic growth and infrastructure development.
Founded in 2005, IIUSA is the national non-profit trade association of the EB-5 Regional Center industry with a mission of advocacy, education, industry development, and research. We have a diverse membership collectively representing big and small projects, urban and rural economic development, and a wide variety of industry sectors. Our Regional Center members are engines for economic growth in the United States, responsible for the majority of EB-5 investment nationwide. The EB-5 Regional Center Program (the Program) has generated billions in capital investment, tax revenue, and hundreds of thousands of jobs to the U.S. – all at no cost to the American taxpayer.
Read the full letter here.