U.S. House of Representatives Approves 3 Year Extension of EB-5 Regional Center Pilot Program

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In a huge step forward for the EB-5 program, the U.S. House of Representatives has voted to reauthorize the EB-5 Regional Center Program through September 30, 2015. EB5Investors.com spoke to members of the EB-5 community to see their reaction to the re-authorization.

EB-5 Visa Program
The passing of this measure today is a significant step towards the creation of jobs for thousands of Americans.

Today in a vote of 412-3, the U.S. House of Representatives voted to pass a three year reauthorization of the EB-5 Regional Center Pilot Program. S.3245 provides for a three year extension of the regional center program until September 30, 2015. President Obama is expected to ratify the measure later this week. Members of Congress came together from both sides of the aisle to pass this important legislation.

Instrumental in the debate was Chairman of the House Judiciary Committee Lamar Smith (R-TX) who spoke at the EB5Investors.com First Annual Southern California Conference held on July 30th in Newport Beach. At the conference, Chairman Smith publicly vocalized his support of this program which creates U.S. jobs. Today, the Chairman cited statistics related to the number of jobs the program has already created while expressing his support of the program. Also, instrumental in the debate were Subcommittee Ranking Member Zoe Lofgren (D-CA), Representative Rick Larsen (D-WA) and Representative Peter Welch (D-VT).

Numerous members of the EB-5 community expressed satisfaction at the passing of this immensely popular program, among them being U.S. House of Representatives member Ed Royce. Upon the re-authorization of the EB-5 Regional Center Program, Congressman Royce had the following to say to EB5Investors.com, “The passing of this measure today is a significant step towards the creation of jobs for thousands of Americans." The representative of California's 40th Congressional District wasn't the only one excited by the renewal, as many others voiced their approval of this latest move by Congress.

"The U.S. House of Representatives has taken an important step today in showing almost unanimous consent for a program that creates jobs in the U.S., brings in billions of dollars in foreign direct investment into the country and attracts the best and brightest to reside in the U.S."

  • Kate Kalmykov, Greenberg Traurig LLP

"The EB-5 community is thrilled to see Congress acknowledging the overwhelmingly positive impact that the Regional Center Program has on the American economy."

  • Buck Johns, Inland Energy, Inc., President

"Re-authorization of the Regional Center program is great news for the shovel-ready and ongoing EB-5 investment projects that will create American jobs. The infusion of foreign investment dollars into the U.S. economy benefits American workers and has far-reaching effects beyond the businesses that directly utilize EB-5 capital. An important factor that should not be overlooked is the job growth that will result naturally from the activities of the highly skilled and entrepreneurial new-seed immigrants that this program attracts to the United States. Most EB-5 investors arrive in our country armed with resourcefulness and motivation to be successful in the United States just as they have been prior to immigrating."

  • Genevieve Roman, Extell New York Regional Center, In-House Immigration Counsel

"The fact that the re-authorization was nearly unanimously passed by the House clearly illustrates just how crucial the EB-5 Regional Center Pilot Program is to our country’s economic growth during these financially precarious times."

  • Ali Jahangiri, EB5Investors.com, President

A key factor of bill S.3245 was the "striking [of] 'pilot' each place such term appears." This addition gives hope to those hoping the program eventually becomes a permanent fixture. For the time being, members of the EB-5 community are elated to see the extension of the EB-5 Regional Center Program for the next three years. EB5Investors.com applauds the House of Representatives for its support of this important job creating program.

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Nader Ahmadnia
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