Keynote Speakers Senator Rand Paul (R-KY) and Congressman Jared Polis (D-CO 2nd District), both avid proponents of the EB-5 Immigrant Investor visa program, spoke about improving the program through new legislation in 2015 at the 2nd Annual Las Vegas EB-5 Conference, hosted by EB5Investors.com January 17, 2015 at the Wynn Encore Resort.
Senator Paul’s signature approach to immigration was apparent in his speech as he pushed for legislative improvement through smaller bills passed incrementally, rather than difficult-to-pass comprehensive immigration reform. The senator also vowed to fight for the renewal of the EB-5 program when it comes up for vote this summer and mentioned increasing the 10,000 visa per year limit currently in place.
Congressman Polis is a co-author of The American Entrepreneurship and Investment Act of 2014, which would make the EB-5 program permanent. During his speech, he spoke about the challenges the program faces and how to address them through immigration reform. Co-authored by a second Democrat and two Republicans, Congressman Polis’ bill has the kind of bipartisan support needed to carry the program into the future.
The bipartisan support shown by Senator Paul and Congressman Polis at the conference is nothing new. The EB-5 program has enjoyed tremendous backing from both parties since its inception more than 20 years ago. While its initial “pilot program” designation has since been removed, the program still must be voted on for reinstatement every two years. However, like Senator Paul and Congressman Polis, many others on Capitol Hill like Congressmen Darrel Issa and Bob Goodlatte support making the program permanent.
Conference panelists addressed issues like retrogression, which negatively impacts the program and its capital flow on a yearly basis. The types of legislation discussed by Senator Paul and Congressman Polis would mitigate the impacts of retrogression and improve and strengthen the program.
At the event, there was an increased amount of institutional involvement between sponsors like CKE Restaurants, NES Financial, Related EB5, and Jay Peak Vermont and the more than 400 investors, attorneys, developers, regional center representatives, and other industry professionals.
EB5investors will be hosting another event in July in Los Angeles to discuss legislative updates and promote EB-5 industry service providers. Having the kind of support shown in Senator Paul and Congressman Polis’ speeches will only help the program continue to create jobs and inject money into the American economy in the future.
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