United States Hispanic Chamber of Commerce Joins IIUSA in Calling on Congress to Reauthorize the EB-5 Regional Center Program
A growing list of public supporters urging Congress to pass long-term reauthorization for vital economic development program.
WASHINGTON, June 25, 2020 /PRNewswire-PRWeb/ -- Invest in the USA (IIUSA) is pleased to share that the United States Hispanic Chamber of Commerce (USHCC) joined IIUSA in advocating for reform and long-term reauthorization of the EB-5 Regional Center Program.
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 with projects that create and save thousands of American jobs. IIUSA Executive Director Aaron Grau stated, "Reforming and cementing a long-term reauthorization can generate more than $9B annually of non-U.S. taxpayer investment into our economy to create and save jobs, just when our economy needs it most." Grau continued, "That's why we are so pleased and grateful to the U.S. Hispanic Chamber of Commerce for joining our effort. USHCC represents many of the businesses and jobs this reauthorization will impact and their voices are respected on Capitol Hill."
Unlike all other visas, federal statute requires that each EB-5 visa applicant make a significant up-front investment into a U.S. economic development project (either $900,000 or $1.8 million depending on where the project is located) AND create or retain at least 10 U.S. jobs; no jobs…no visa.
United States Hispanic Chamber of Commerce President & CEO Ramiro A. Cavazos noted that, immediately after the 2008 financial crisis, "EB-5 investors helped spark the economy, generating over $20 billion in non-U.S. taxpayer investments and creating more than 730,000 American jobs. We need that kind of spark again now more than ever."
For more information about the EB-5 Regional Center Program and IIUSA's advocacy, please visit http://www.iiusa.org
Founded in 2005, Invest in the USA (IIUSA) is the national membership-based 501(c)(6) not-for-profit industry trade association for the EB-5 Regional Center Program (the "Program"). Our members account for a vast majority of capital formation and job creation in the U.S. resulting from the Program.
The USHCC actively promotes the economic growth, development, and interests of more than 4.37 million Hispanic-owned businesses, that combined, contribute over $700 billion to the American economy every year. It also advocates on behalf of 260 major American corporations and serves as the umbrella organization for more than 200 local chambers and business associations nationwide. For more information, please visit ushcc.com.
SOURCE Invest in the USA
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