Expert: Lapse of EB-5 Regional Center Program Will Hurt "Tens of Thousands" of Investors

July 1, 2021 - Due to obstruction by Sen. Lindsay Graham (R-SC), a bipartisan bill to keep the Regional Center portion of the USCIS EB-5 Investor Visa program failed.  More here and here.  Cornell Law School professor and EB-5 expert Stephen W. Yale-Loehr said: "The EB-5 regional center program allows immigrant investors to get a green card if they invest a significant amount of money in a U.S. project that creates at least 10 jobs for U.S. workers.  Done correctly, the program is a four-way win.  First, it creates jobs for U.S. workers.  Second, it does so at no expense to U.S. taxpayers.  Third, it helps U.S. developers obtain the capital they need to start or finish a project.  And fourth, it stimulates the economy through the money EB-5 investors spend, both directly and indirectly.  Given our efforts to jump start the economy after the pandemic, it is particularly unfortunate that the Senate failed to extend the EB-5 regional center program.  Studies have shown the positive economic impact of the EB-5 program over its 30-year history.  One study showed that in fiscal year 2013 alone, the EB-5 regional center program contributed $2 billion in foreign direct investment, contributed $3.58 billion to U.S. GDP, and supported over 41,000 jobs.  The regional center program’s lapse also hurts the tens of thousands of immigrant investors who have already invested their money in a project and who might remain stuck in their investment while losing their immigration benefits.  Congress should extend the EB-5 regional center program as soon as possible."