What They’re Saying

What They’re Saying:
We Need EB-5 To Continue Putting Americans To Work

As we rapidly approach the Sept. 30th expiration of the EB-5 Regional Center Program, a broad array of business leaders and elected officials are weighing in to stress the importance of reauthorizing this vital job-creating program, which has put Americans to work in all 50 states and across a broad range of industries. Here are a few of those voices:

Tom Donohue, President, U.S. Chamber of Commerce: “The list of projects that have been fueled by EB-5 investments is deep and diverse, including construction of hotels, schools, technology centers, and nursing homes across the country. The program has also provided funding for multiple infrastructure projects, such as port expansion in Baltimore or the building of a highway interchange in Southeast Pennsylvania. If Congress fails to renew the EB-5 Regional Center Program, these and other significant economic development projects, along with thousands of pending investor petitions, will be stopped in their tracks. There is no justification for allowing it to lapse.” [The Hill]

U.S. Conference of Mayors: “The United States Conference of Mayors urges Congress to include a robust EB-5 Program through legislation including additional visas, ensuring that any reform of the EB-5 Program maintains the ability to deliver job-creating capital to urban areas, permanent authorization of the Regional Center Program, and streamlined approvals for all applications.” [U.S. Conference of Mayors’ 2015 Resolution]

Jeff DeBoer, President, Real Estate Roundtable: “The Real Estate Roundtable strongly supports the EB-5 program. It provides unique gap financing for large and small projects across the nation and creates American jobs at no cost to taxpayers.  Congress should extend EB-5 regional centers before they expire on September 30, 2015, and at the same time make needed reforms to improve the integrity, administration and transparency of the program.” [Real Estate Roundtable Statement, 8/14]

Jeff Carr, President and Senior Economist, Economic & Policy Resources, Inc.: “If Congress lets the EB-5 Regional Center Program expire, it will put thousands of existing jobs in jeopardy. And if it reforms the way we calculate “Targeted Employment Areas” without an equitable balance to encourage investments across rural, and urban and suburban areas, it will disadvantage thousands of future jobs against foreign competition. EB-5 has a proven record of attracting foreign direct investment to the United States; let’s clear the political road blocks from its path.” [Roll Call]

Angel Brunner, President EB5 Capital: “People around the world continue to invest their hard-earned money in America’s investor visa program over those of other nations because they believe our ingenuity, entrepreneurship and integrity will deliver results. And as someone who has overseen a number of EB-5 funded projects in the D.C. area and beyond, I can assure you they do deliver.” [Roll Call]

Greg Wing, Education Fund of America LLC: “In our many EB-5 funded schools across the country, each new job being created helps lift up a generation of young people who will have a better chance to succeed. Ultimately, our representatives in Congress need to look beyond the headlines and “champion” a program with the proven ability to provide vital capital to a variety of projects beyond commercial real estate that are creating long-lasting and positive impact. “ [The Hill]

Scott Brown, former U.S. Senator from Massachusetts: “Instead of playing politics or deepening regional divides in America, lawmakers should be cheering the success of this incredibly effective, private-sector led program, and looking for ways to maximize its job-creating impact for Americans. This program should be re-authorized immediately and help our economy grow, not add more road blocks to our economic recovery.” [Fox Business]

Ike Brannon, Economist, George W. Bush Institute: “[EB-5] has proven to be quite successful at achieving precisely what it was designed to do: stimulate investment and create jobs at zero cost to the government… Congress should be wary of making major changes to a program that’s working.” [Weekly Standard]

Marty Cummins, President Florida EB-5 Investments LLC: “During the Great Recession the EB-5 visa program funded businesses that couldn’t get funding from any other source, and it still provides much needed capital. The program provides “patient,” low-cost capital that allows businesses the time to develop and flourish. Many of these jobs will simply cease to exist if Congress fails to renew this successful program.” [Wall Street Journal]

Ali Noorani, National Immigration Forum: “We should not end a program that costs taxpayers nothing and is geared toward job creation for U.S. workers. The EB-5 visa program brings foreign capital into the United States to help public-private partnerships finance myriad development projects across the nation.” [The Washington Post]