Standing United
Behind H.R. 616
The American Entrepreneurship and Investment Act of 2015 was introduced to the House of
Representatives in January by Congressmen Jared Polis and Mark Amodei. It represents the EB-5
industry’s best chance for the permanent reauthorization of the Regional Center Program and
makes the types of improvements that industry stakeholders have been calling for. This article
explains the Congressional playing field surrounding the bill and provides insight from EB-5 professionals about how it will improve the program.
by Ali Jahangiri and Laura Foote Reiff
A year ago, EB5 Investors Magazine published a feature on
major legislation regarding the EB-5 program. Each of the bills
outlined in the article aimed to make significant improvements
to the program as a whole and make the Regional Center Pilot
Program permanent. Unfortunately, none of the bills were
passed, and the program now needs Congressional action
before the end of the government’s fiscal year — September
30, 2015.
Regional Center Pilot Program has been renewed by
Congress every three years since its inception. However, its
lack of permanency breeds instability and uncertainty among
program participants.
The most recent reauthorization was part of S. 3245, which
was passed with a unanimous vote in the Senate. Shortly
thereafter, the House of Representatives passed the bill to
reauthorize with a 412-3 vote.
This type of bipartisan support is unprecedented in
American politics, and measures should be taken by industry
stakeholders to ensure that support continues by advocating
for and endorsing bills that not only make the program permanent, but also make it more efficient and effective. After
25 years of continued bipartisan backing, the EB-5 Regional
Center program needs a strong, unified voice from industry
stakeholders willing to fight for its permanent reauthorization. The catalyst for industry unification was introduced by
Congressman Jared Polis (D-CO) and Mark Amodei (R-UT)
in January of this year. The American Entrepreneurship and
Investment Act of 2015, outlined in detail in the following
pages, is the industry’s best shot at permanent reauthorization
coupled with reform.
“The improvements that have been proposed through the
American Entrepreneurship and Investment Act ultimately
make the program stronger” Congressman Polis added.
EB-5 has garnered a diverse