By EB5Investors Staff
A group of Congress representatives introduced bipartisan bill H.R. 7220 aimed at creating an EB-5 Regional Center Program Advisory Committee, which will comprise experts from the EB-5 Regional Center Program.
If implemented, committee members would advise the U.S. Citizenship and Immigration Services (USCIS) on managing the program. The new body would comprise USCIS-authorized regional centers that undertake or participate in EB-5 projects in high unemployment areas, rural areas, and infrastructure initiatives, and state and local officials from large, midsize, and small cities, and state and county economic development authorities.
Representatives Greg Stanton (D-AZ), Brian Fitzpatrick (R-PA), Lance Gooden (R-TX), and Dwight Evans (D-PA) sponsored the bill.
EB-5 regional centers trade association Invest in the USA (IIUSA) and lobby firm Commonwealth Strategic Partners worked with the Congressmen for the introduction of the bill.
In the statement, Congress representatives emphasized how crucial the EB-5 program is for drawing foreign investments and generating new job opportunities in the U.S. They also mentioned that the bipartisan bill would help further improve the investor visa program as the committee would guarantee that local officials and other stakeholders have a say in its growth.
IIUSA’s executive director Aaron Grau also expressed gratitude towards the Congress members for their support of the EB-5 Regional Center program and advocating for its permanent authorization by Congress.
“This bill is focused on creating an open and constructive dialogue with the USCIS to ensure effective implementation of the 2022 Reform and Integrity Act,” said Kyle Walker, co-founder and managing partner of Green Card Fund, LLC. “Nearly two years after the law’s enactment we still have not seen updated regulations, USCIS has used policy guidance in place of proper rule making, and their lack of stakeholder engagement has resulted in litigation and federal rulings against the agency. The proposed Advisory Committee is an effort by industry and congressional champions, Stanton and Fitzpatrick, to set a more productive path forward for RIA implementation,” he added.
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