Today, Senators Chuck Grassley (R-IA) and Patrick Leahy (D-VT), leading members and former Chairmen of the Senate Judiciary Committee, introduced the EB-5 Reform and Integrity Act, which proposes key integrity measures and 5-year reauthorization of the EB-5 Program. Widely supported by the EB-5 stakeholder community, this bipartisan-endorsed legislation brings about requirements that will standardize best practices for EB-5 operators, address concerns of national security, and will be the first 5-year reauthorization of the EB-5 Program since 2003.

“We see a real opportunity to end the streak of consecutive short-term reauthorizations and temporary lapses, and to secure a long-term extension of the EB-5 Program with the passage of the bipartisan integrity provisions long sought by Senators Grassley and Leahy,” said Tom Rosenfeld, President and CEO at CanAm Enterprises. “We believe that the passage of these integrity provisions will address important concerns of key legislators and create an opportunity to engage in good faith discussions regarding the EB-5 industry’s long-sought increase in annual EB-5 visa availability and provide more assurance for our investors and help obtain the immigration benefits they seek,” added Rosenfeld.

Administrated by the United States Citizenship and Immigration Services (USCIS), the EB-5 Immigrant Investor Program (EB-5 Program) has been bringing economic growth and vitality to the American economy by leveraging capital from high-net-worth foreign nationals in return for lawful permanent resident status for their families. It is estimated that more than $41 billion of foreign direct investment has been injected into the U.S. economy via the EB-5 Program. However, the EB-5 Program is currently set to sunset on June 30, 2021, which imposes great risks to the investors, stakeholders, and many businesses and communities that rely on this crucial financing. At a time when the U.S. is facing unprecedented challenges post COVID and with a Biden Administration that continues to emphasize its sincere pro-immigration intentions, we believe it is critical to passing this EB-5 legislation when Program can contribute greatly to the recovery of U.S. economy.

“It is in everyone’s interests for Congress to pass this legislation,” said Rosenfeld.  “Now is the time to highlight the great many benefits of the EB-5 Program to the U.S. when it is facing unprecedented challenges.  I, and other stakeholders, watched the EB-5 Program help lift this great country out of a recession in 2008.  The EB-5 Reform and Integrity Act of 2021 provides all of us with an opportunity to unite behind a clean 5-year extension.  With a long-term extension in place, people around the world can once again see opportunity and security in the EB-5 Program.  Stakeholders must use this newfound goodwill to attract investors and once again help ignite a U.S. economy in severe distress by creating thousands of jobs for American workers.”