‘ Mend It, Not End It’
The pieces of the puzzle are on the table and many of them are already in place for EB-5 reauthorization and reform. As many supporters in the Senate stated in an EB-5 hearing earlier this year, Congress must“ mend it, not end it.”
During this hearing, we learned about the implications of even a short lapse in program authorization, something that would cost the U. S. economy billions of dollars— a shock the financial system cannot afford and one that would launch a litigation frenzy in which everyone loses. With little time until the reauthorization deadline, the thought of a lapse should not even be under consideration by Congress. But the onus is on the industry to reach consensus and use our collective voice to spur Congress to reform and reauthorize this vital part of the post-recession economy in the U. S.
Years of success, advocacy, experience and relationship building have led us to this moment. The EB-5 industry and Congress are in an optimal place to negotiate durable reform that results in a stronger, more efficient EB-5 program. The message for all of us to carry is simple: the EB-5 regional center program must be reauthorized without a lapse or countless communities, regional centers, and investors will face desperate times and years of protracted, expensive court proceedings.
Since 2010, Peter D. Joseph has been the executive director of Invest In the USA( IIUSA) – the trade association for the EB-5 Regional Center Program. Joseph has been involved in the EB-5 program since 2007 when he worked at an EB-5 law firm, later consulting with regional centers and service providers. He received his M. S. from DePaul University’ s School of Public Service, and his B. S. from Ithaca College.
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EB5 INVESTORS MAGAZINE