‘ 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