EB5 Investors Magazine | Page 40

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