EB5 Investors Magazine Volume 2 Issue 2 | Page 56

Continued from page 53 S. 744 Border Security, Economic Opportunity, and Immigration Modernization Act Introduced in the Senate by Senator Chuck Schumer (D-NY) on April 16, 2013 Passed in the Senate on June 27, 2013 Proposes: • Permanent authorization of the regional center program • Preapproval of key regional center documents, such as business plans and job creation analyses • Expedited visa application processing options • Annual submission of regional center financial statements • Barring from participation in regional center operations any individuals that have been convicted of certain crimes, including fraud • Certification of regional center securities compliance • Granting the Department of Homeland Security the authority to terminate any regional center found to be involved in fraudulent activities or out of compliance with SEC regulations The EB-5 provisions of the Senate’s comprehensive immigration reform bill were proposed by Senator Patrick Leahy (D-VT) in the form of the amendment Leahy2 Strengthening the Job-Creating EB-5 Regional Center Program. According to a press release from the Senator’s office, “When fully subscribed, this program has the potential to contribute $5 billion to communities around the country on an annual basis with the creation of tens of thousands of American jobs[…]” The amendment is intended to make the program more user-friendly for regional center operators and create more predictability for investors, while protecting against fraud and abuse of the program. This piece of legislation is one of the more robust of the current proposals on the table, given its place in the Senate’s immigration reform bill. The bill will go to the House of Representatives next for debate. • Excluding dependents from numerical visa limitations • Setting aside 5,000 visas for immigrants who invest in TEAs • Designating TEAs for five-year periods • Adjusting the minimum investment amount based on the consumer price index “I have long championed the EB-5 program. I consider its permanent reauthorization an important priority. This is because I have seen this program’s potential in Vermont. EB-5 investments have transformed parts of Vermont by drawing in new business and tourism. Across the country, the EB-5 program has spurred capital investment and job creation since its inception, and all at no cost to American taxpayers.” 54 Senator Patrick Leahy –Senator Patrick Leahy E B 5 I n v e s to r s M ag a z i n e