Today in a vote of 412-3, the U.S. House of Representatives voted to pass a three year reauthorization of the EB-5 Regional Center Pilot Program. S. 3245 provides for a three year extension of the regional center program until September 30, 2015. President Obama is expected to ratify the measure later this week. Members of Congress came together from both sides of the aisle to pass this important legislation. Instrumental in the debate was Chairman of the House Judiciary Committee Lamar Smith (R-TX) who spoke at the EB5investors.com First Annual Southern California Conference held on July 30th in Newport Beach.
At the conference, Chairman Smith publicly vocalized his support of this program which not only creates U.S. jobs and attracts foreign direct investment to the country but also for its unique ability to attract the best and brightest business people to the U.S. Today, the Chairman cited statistics related to the number of jobs the program has already created while expressing his support of the program. Also, instrumental in the debate were Subcommittee Ranking Member Zoe Lofgren (D-CA), Representative Rick Larsen (D-WA) and Representative Peter Welch (D-VT).
EB-5 insiders were quick to praise the decision by the House of Representatives to reauthorize the program.
"The U.S. House of Representatives has taken an important step today in showing almost unanimous consent for a program that creates jobs in the U.S., bring in billions of dollars in foreign direct investment into the country and attracts the best and brightest to reside in the U.S," affirmed EB-5 immigration attorney Kate Kalmykov.
EB5Investors.com President Ali Jahangiri also noted how crucial the reauthorization will be to the economic growth of the United States in the midst of the Great Recession.
“The fact that the reauthorization was passed by the House by such an overwhelming majority clearly illustrates just how crucial the EB-5 Regional Center Pilot Program is to our country’s economic prosperity during these financially precarious times,” said Jahangiri.
EB5investors.com applauds the House of Representatives for its support of this important job creating program. For more information about the EB-5 program, contact 1.800.997.1228.