IIUSA Announces Support of EB-5 Reauthorization Measure
WASHINGTON, DC – December 8, 2020 – Invest in the USA (IIUSA) announces its Board of Directors’ unanimous support for Senator Grassley and Senator Leahy’s bipartisan EB-5 Reform and Integrity Act of 2020 and especially the measures new and strengthened integrity measures.The measures strong integrity provisions include protections for good faith investors, protections for lawful EB-5 Regional Centers from any bad actors seeking to defraud investors, and a five-year reauthorization to stabilize the industry and help facilitate job creation and economic development across the country. IIUSA would like to thank Congress for its continued commitment to ensuring an equitable and long-term future for the job creating EB-5 Program and our leaders, members and government affairs team for their tireless work in this process.IIUSA is even more pleased to share the hundreds of non-EB-5 industry organizations and American cities that support the reauthorization and recognize the economic impact, job creation, and job retention that EB-5 investments bring.The EB-5 Regional Center Program allows federally authorized “Regional Centers” to pool EB-5 visa applicants’ investments to exponentially fuel U.S. local and regional economies (as this video illustrates) with projects that create and save thousands of American jobs.IIUSA President Robert Kraft stated, “A long-term reauthorization can generate more than $9B annually of job-creating investment into our economy, just when our economy needs it most – all at zero cost to the taxpayer.” Kraft continued:“That’s why we are pleased to have the support of the broad spectrum within the EB-5 industry AND the even broader spectrum of those outside the industry who stand to benefit from this reauthorization. Mayors from around the country, including the U.S. Conference of Mayors, trade associations, chambers of commerce, travel organizations, health care organizations, and many others stand with IIUSA to support this reauthorization.”Unlike all other visas, federal law requires that each EB-5 investor contribute either $900,000 or $1.8 million (depending on location) into a U.S. business AND create or retain at least 10 jobs for American workers. In other words: no jobs, no visa.For more information about the EB-5 Regional Center Program, please visit www.iiusa.org.