EB-5 Legislative Genesis
The EB-5 program is the result of a legislative effort to promote job creation and the infusion of foreign capital into the U.S. economy. This structure was developed during a time when the U.S. economy was thriving and represented an underlying promise of continued strength. However, at the time of this writing, in light of the restricted credit market and elevated unemployment rate, it is evident that the U.S. is in the midst of tumultuous economic times. Unlike the financial strength that the U.S. exuded at the time that the EB-5 program was enacted, a new source of capital investment received through foreign investors, which will result in the development of numerous new employment opportunities for Americans, provides a promising opportunity for growth and redevelopment across the nation. The EB-5 program provides a glimpse of hope to political leaders, developers, U.S. workers, and foreign investors alike.
It has taken many years to improve and enhance the benefits of the EB-5 program in order to ensure that it meets its goals and the expectations of its beneficiaries. The USCIS is actively engaged in the process and works diligently to continuously modify its regulations. Together, with the various regional centers across the U.S., the USCIS is expanding its knowledge through the daily successes and challenges of the program. Although Congress has extended the program numerous times, at present the EB-5 program is scheduled to sunset on September 30, 2012, Congress now understands that to ensure its continued success the program must receive a permanent extension to guarantee the security of duration and consistency. This permanent extension is contemplated in the Comprehensive Immigration Reform Bill of 2010.