Mayors have a uniquely local perspective in the public sector. They know what works and what doesn’t because they see the results on a day-to-day basis. Having their support shows that the EB-5 Regional Economic Development Program works ...
Chicago, IL (PRWEB) July 10, 2012
The Association to Invest In the USA (IIUSA), the trade association for the EB-5 Regional Economic Development Pilot Program (the “Program”), today is proud to report that the United States Conference of Mayors (“USCM”) officially adopted a resolution supporting permanent re-authorization of the Program by Congress as soon as possible. At its 80th annual meeting, the USCM adopted the influential resolution as it swore Philadelphia Mayor Michael Nutter in as its 70th President.
The USCM recognized that the Program is on pace for a record setting year of in capital formation ($2.0+ Billion) and U.S. job creation (40,000+) in FY2012, without costing the American taxpayer anything. Our globalized world has allowed the Program to come of age in the 21st century as a reliable source of job-creating capital. Globally integrated marketplaces now facilitate the exchange and migration of capital, resources and people across international borders at an ever-increasing rate.
“We appreciate the U.S. Conference of Mayors’ support for permanent reauthorization of this American job creation Program,” said Peter D. Joseph, Executive Director, IIUSA. “Mayors have a uniquely local perspective in the public sector. They know what works and what doesn’t because they see the results on a day-to-day basis. Having their support shows that the EB-5 Regional Economic Development Program works and should finally shed is “pilot” status after almost 20 years. We, as a country, need this Program in our policy toolbox long-term.”
Despite its record setting statistics and growing economic impact, the EB-5 Regional Center Investment Pilot Program is due to expire in September 2012, absent action from Congress. With less than 90 days to act and unemployment rate stuck above 8.0%, now is the time to make pragmatic and innovative policy solutions a permanent tool of economic development and job creation in the United State. IIUSA calls on Congress to support our efforts to create new jobs by immediately passing permanent reauthorization of the EB-5 Regional Center Pilot Program.