Update on EB-5 Reauthorization
Government Shutdown Averted
Today, Congress averted a government shutdown by passing a continuing resolution to fund the government through December 3, 2021, as Congress continues to negotiate the debt ceiling, budget and and spending priorities. President Biden signed the stop-gap bill.
EB-5 Regional Center Program Not Included in Continuing Resolution
We are disappointed that Congress did not include a short-term extension for the EB-5 Regional Center Program to avoid further disruption of processing of thousands of existing EB-5 petitions filed by families who are patiently waiting approval after having invested their savings into the U.S. economy to create American jobs at no cost to the U.S. taxpayer. The EB-5 Regional Center Program had been decoupled from automatic budget renewals in December 2020 to compel the EB-5 industry and Congress to pass EB-5 reform. The program lapsed on June 30, 2021. Many EB-5 stakeholders, including Behring advocated for Congress to re-attach EB-5 to the CR process, to avoid further disruption while continuing efforts to pass the long-term EB-5 reauthorization bill.
But it should be noted that Congress’s neglect to include EB-5 should not automatically be construed as a lack of support. Rather, it is more a reflection of the political process and the issues that Congress is focusing on, viz. the debt ceiling, the Democrats’ infrastructure bill, etc. With the government shutdown looming, it was almost certainly easier for Congress to pass a continuing resolution without including EB-5 before the desired changes to the program are included.
Behring Calls on Congress to Act
Behring continues to contact Congressional offices educating our representatives on the vital role EB-5 investors have in the development of needed construction and infrastructure projects for our communities, particularly during this COVID-19 pandemic. Thousands of EB-5 families have already kept their end of the bargain. Now is the time for the US to make good on its end by establishing a robust EB-5 program for the long-term to protect existing EB-5 investors and to create a sustainable program for future participants.
What’s Next? Looking to December 3rd
We remain confident that reauthorization will come as part of the Congress’s omnibus bill in December. The main EB-5 industry groups have achieved a consensus on a reauthorization bill that will provide meaningful reform and opportunity for new and existing EB-5 investors. Behring will continue to advocate for long-term reauthorization so that families throughout the world can choose to invest in the US with confidence and have the opportunity to earn lawful permanent residence in a transparent and reliable process.