Lawmakers Urge to Finalize EB-5 Regulatory Reforms

Friday, May 11, 2018

Recent tweets from U.S. Citizenship and Immigration Services (“USCIS”) indicate that administrative changes to the EB-5 Program will be a priority for the Fiscal Year 2018. At present, it is almost certain that the proposed regulations introduced more than a year ago will soon be finalized.

The new USCIS Director Lee Francis Cissna, made it clearly that he wants new EB-5 regulations soon. After legislative proposals to reform the EB-5 Program failed to reach consensus in March, on April 5, Senate and House Judiciary Committee chairmen Chuck Grassley (R-Iowa) and Bob Goodlatte (R-Va.) and former Senate Judiciary Committee chairman Patrick Leahy (D-Vt.) in a joint letter to the Secretary of Homeland Security(“DHS”), urging Department to take immediate steps to finalize proposed regulations published in the Federal Register on January 13, 2017, entitled “EB-5 Immigrant Investor Program Modernization”, without further delay.

Important EB-5 reforms included in the “EB-5 Immigrant Investor Program Modernization” proposal are:
• Increased Minimum Investment Amount
• TEA Reforms.
• Priority Date Retention.

Hopefully, Congress will overcome its dysfunctional bi-partisanship and fix the EB-5 program soon.

Reference:
Wolfsdorf Rosenthal LLP. (2018, Apr. 9). Regulations v. Legislation – On the Brink of EB-5 Reform. Retrieved from https://wolfsdorf.com/blog/on-the-brink-of-eb5-reform/
Grassley, Chuck. (2018, Apr. 5). Grassley, Goodlatte, Leahy Urge Trump Administration to Finalize EB-5 Regulatory Reforms. Retrieved from https://www.grassley.senate.gov/news/news-releases/grassley-goodlatte-leahy-urge-trump-administration-finalize-eb-5-regulatory