Senate Adopts Leahy-Backed Extension For Foreign Investment Program
WASHINGTON (Tuesday, October 20, 2009) – Senate Judiciary Committee Chairman Patrick Leahy (D-Vt.) praised the Senate’s adoption of a three-year extension for the EB-5 Immigrant Investor Regional Center pilot program as part of legislation approved by the Senate Tuesday. The extension, championed by Leahy, was included in the 2010 Department of Homeland Security Appropriations Act conference report, which will now be sent to President Obama to be signed into law.
The EB-5 Immigrant Investor Regional Center Program, which is operated by the U.S. Citizenship and Immigration Services (USCIS), has generated over a billion dollars of capital investment in states and communities across the country since it was established in 1993. The program is also responsible for the creation of tens of thousands of jobs. Leahy has played a critical role in extending the Regional Center pilot program, and introduced legislation last year to permanently authorize the program. There are currently72 Regional Centers across the country, including a successful center in Leahy’s home state of Vermont.
“The biggest impediment to the EB-5 Regional Center program is its lack of permanence,” said Leahy. “I have long believed in the potential of this program as an economic engine for America’s communities. Given the recent and rapid expansion in the number of approved Regional Centers around the country, it is clear that many Americans recognize their potential, as well. I look forward to helping Vermont and states across the country realize the full potential of this program through a permanent authorization.”
Leahy, a senior member of the Senate Appropriations Committee, added an extension of the EB-5 program to the Senate’s version of the annual Department of Homeland Security Appropriations Bill. Leahy also chairs the Senate Judiciary Committee, which oversees USCIS. The House bill did not include a counterpart to the Leahy amendment, and Leahy pushed to include the three-year extension in the final compromise bill, which the Senate passed Tuesday. The President is expected to sign the bill.
Under the Regional Center program, foreign investors are required to pledge a minimum of $500,000 to a project within a Regional Center and can apply for an EB-5 visa. If approved by USCIS, foreign investors are granted a conditional two-year green card. After two years, the investor must provide proof that they have created at least ten jobs as a result of the investment and have met additional investment requirements set by USCIS.
On July 22, the Senate Judiciary Committee held a hearing to examine the economic impact of the EB-5 Program.