EB-5 Legislation Under Consideration

rklasko@klaskolaw.com — Thu, 30 Jul 2009 16:39:35 +0000

The climate for EB-5 legislative change appears to be favorable for a number of reasons. In the Senate, the Chair of the Judiciary Committee, which will consider immigration legislation, is Senator Leahy of Vermont. Vermont is one of the major beneficiaries and supporters of the regional center EB-5 program, and Senator Leahy is a huge fan. In fact, he recently held hearings with testimony from three advocates of favorable EB-5 legislation. In the House, indications are that Representative Loughren of California, the Chair of the Immigration Subcommittee, is also favorably disposed to an expansion of the EB-5 program. Representative Polis of Colorado has been designated to put together an EB-5 legislative package.

Among the more likely topics for possible inclusion in EB-5 legislation are the following:

1.    Permanent extension of the regional center program. In fact, this is already included in the Senate’s DHS Appropriations Bill.
2.    Pre-approval of regional center projects.
3.    Premium processing and possibly concurrent filing of EB-5 petitions and adjustment of status applications.
4.    Clarification of the issues to be adjudicated in the condition removal process.
5.    Changes to the definitions and designation procedures for targeted employment areas.

With the possible exception of the permanent extension of the regional center program, it is likely that other changes will have to await comprehensive immigration reform.

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EB-5 Legislation Under Consideration