The EB-5 Investment Coalition, co-chaired by Managing Shareholder Laura Foote Reiff, joined forces with key members of the EB-5 industry to advocate the reauthorization of the program before the September 30, 2015 expiration date.
On August 5, 2015, an EB-5 Stakeholder Letter was hand-delivered to key Members of Congress of the Senate and House leadership and chairmen and ranking members of the Senate and House Judiciary Committees. A copy of the letter was widely circulated to various staff members in Congress, as well as staff of both the Senate and House Judiciary Committees.
The EB-5 Stakeholder Letter encouraged these key leaders to continue the dialogue on extending or making permanent the EB-5 program, and in coming to a consensus on the necessary reforms and changes needed for the program as the program gains even more momentum and use. With the September 30, 2015 expiration date looming, the letter brings attention to the benefits of the EB-5 program by highlighting the key projects and industries it assists through foreign capital investment. The letter also highlights the economic impact the program has had on the U.S. economy, both in terms of job growth and capital investment. Finally, the letter commends Senators and Representatives for their leadership so far and encourages continued bipartisan cooperation to achieve the program’s timely reauthorization.
The EB-5 Investment Coalition, in addition to many key members and advocates within the EB-5 community, has been in constant communication with Members of Congress. It is apparent that each Member understands the importance of the EB-5 program to the United States, and all agree that letting the program expire would be destructive to investor confidence and to American businesses in the midst of the EB-5 process. Many Members of Congress recognize the challenge of coming to a consensus on the reforms that are needed in order for the program meet its potential as an engine for job growth and economic development.
The key leaders and supporters of the EB-5 program who signed the letter made clear their support for Members of Congress to continue working toward a successful reauthorization. The letter demonstrates support from all industries that are affected by the EB-5 program, and that recognize the impact of the program. The full text of the letter, including signatories, can be found here.