FOR IMMEDIATE RELEASE
June 4, 2015
EB-5 INVESTMENT COALITION APPLAUDS BIPARTISAN EFFORT ON EB-5 REFORM
WASHINGTON, DC – The EB-5 Investment Coalition (EB-5IC) today released the following statement on the introduction of S. 1501, The American Job Creation and Investment Promotion Reform Act. This bipartisan bill led by Senate Judiciary Committee Chairman Chuck Grassley (R-Iowa) and Senate Judiciary Committee Ranking Member Patrick Leahy (D-Vermont) extends the EB-5 Regional Center Program for five years and adds measures to improve the program’s integrity.
“We are encouraged that such bipartisan efforts are moving forward to make necessary changes to the job-creating EB-5 Regional Center Program and extend the program before its expiration in September. The EB-5 Regional Center Program is a smart, efficient policy that helps businesses, entrepreneurs and public-private partnerships access the capital they need to invest in communities and create jobs across all 50 states and a diverse range of industries. In today’s increasingly competitive international marketplace, EB-5 allows businesses to compete for investment globally, so they create jobs locally.”
“While the program has been an incredibly effective tool for U.S. economic growth and job creation – at no cost to the taxpayer – we recognize and fully support the need to strengthen and modernize the program through a series of common sense, targeted reforms.”
“Our coalition looks forward to working closely with both the Senate and House to ensure program reforms include appropriate provisions for enhancing transparency and accountability while strengthening safeguards for deterring fraud and national security risks. We are also focused on strengthening and updating the program to better reflect today’s global economy.”
For more information on reforms endorsed by the EB-5IC in support of a stronger, more effective EB-5 program, please visit: eb5coalition.org/resources/eb-5-reform-fact-sheet/
About the EB-5 Investment Coalition:
The EB-5 Investment Coalition (EB-5IC) is a broad-based organization of businesses, industry leaders, trade associations and elected officials mobilizing around the shared mission of putting Americans to work by reauthorizing and strengthening the critical EB-5 Regional Center Program. For more information, please visit: www.eb5coalition.org.