JTC’s Laura Kelly joined the IIUSA Leadership Circle’s efforts to explain how EB-5 is benefitting America and how Congress can help the program do more.
In 2022, the EB-5 Regional Center Program was reauthorized for five more years thanks to the EB-5 Reform and Integrity Act of 2022 (RIA). Unfortunately, in 2027, it will once again be in danger of another lapse if not reauthorized by Congress. This will be catastrophic for immigrant investors and the American communities that benefit from the impact of EB-5 investment projects.
Determined not to let that happen, industry trade association Invest In the USA (IIUSA) has deployed its Leadership Circle to educate lawmakers about how EB-5 has improved thanks to the RIA, what would help it to work better, and how permanent renewal – as opposed to the temporary renewal it has traditionally been given – would allow the Regional Center Program to continue to aid communities around the country.
In September, the IIUSA Leadership Circle sent representatives to Washington, D.C., to discuss these issues on Capitol Hill. JTC’s Laura Kelly participated in informational sessions with Congressional staffers, who told her and other industry leaders about the support they’re hearing for EB-5.
“We found out some of their offices had been contacted by constituents and investors looking to find out more about EB-5,” said Kelly, who added that one of the biggest hurdles to permanent renewal is a reputation for fraud and abuse that came from several high-profile cases prior to the passage of the RIA. The message that needs to be spread now is how many of the best practices pioneered by JTC are now mandated by the RIA, bolstering the integrity of the program.
“A lot of lawmakers are familiar with EB-5, but aren’t aware of how JTC makes it safer for investors,” said Kelly. “At JTC, our role in the industry is providing the oversight and compliance required by the RIA. We need to make sure Congress knows that these measures are working.”
Kelly and other industry leaders received an incredible response from many individuals eager to learn about how EB-5 can benefit their districts and what it’s doing for America. JTC will continue our efforts to educate the public about how EB-5 has improved since the RIA, explain to lawmakers why strict compliance standards and measures like H.R. 7220, the EB-5 Regional Center Program Advisory Committee Authorization Act, will make the program work even better, and spread the message that permanent renewal of the Regional Center Program is what’s best for America.
Learn more about IIUSA’s efforts on Capitol Hill here.
