The EB5 visa program is up for renewal on Friday December 11th. While it is a controversial area of immigration law, it unequivocally has brought economic development and job creation to the US, particularly after the recent recession. The pilot program for regional centers was going to expire on September 3oth. While there was a new bill introducing changes, that was not considered in September due to lack of time. So the pilot program was extended until this Friday.
PSB reported on the issue yesterday and here is the report. I do take note myself of the word ‘gerrymandering’ to create target employment areas (TEA) as mentioned by Sen. Grassley in the video clip in this report. As someone who is a staunch advocate for immigration reform and recently learned about gerrymandering- I would ask readers to think about how lawmakers hold on to their coveted seats. Might the pot be calling the kettle black?
My opinion is that while some oversight of regional centers is warranted, I don’t think much of the program should be changed so it will likely hinder economic development. While the changes will focus on trying to deal with regional centers- some of the changes will no doubt affect direct EB5 investments that are generally not subject to allegations of abuse. There is good and bad in all things but the positive outweighs others issues here.
Here is the report- enjoy!