EB5 Investors Magazine Volume 2 Issue 2 | Page 60

Wish List for EB-5 Reform EB5 Investors Magazine has reached out to stakeholders in the industry to source reform recommendations from those who know the program best. It is our hope that increased dialogue between key players will generate positive, lasting change in the EB-5 industry. The following suggestions were submitted by members of our online community and reflect the opinions of their respective authors. EB-5 financing has become so integrated into mainstream financing, that new stakeholders in the banking, insurance, corporate and professional services areas have joined with traditional stakeholders to become involved in pushing both the Administration and Congress for needed policy changes. The stake- Laura Reiff holders joined together in May 2014 to form the EB-5 Immigration Coalition. The Coalition is a broad-based organization of businesses and trade associations with the shared mission to support and promote the continuation and improvement of the EB-5 Immigrant Investor Program. The goals of the Coalition are to address critical stakeholder needs, both legislatively and administratively. The key specific policy goals for EB-5 reform through legislation include, but are not limited to: • Permanent authorization of EB-5 program, providing investors and businesses with certainty and predictability; • Market-based immigrant visa numbers tied to demand; • Elimination of numerical limitation on individual foreign states; • Improved definition of targeted employment area (TEA) designations; • Codify the current TEA designation authority, which leaves such designations up to the states, which are best equipped to determine local employment needs; • Reasonable capital requirements; • Respect for economic modeling and job creation calculations; • Respect and deference for project preapprovals and deference to pr