The PennZone

WESTON, Fla. - PennZone -- An attempt on June 24, 2021 to pass legislation to extend the EB-5 Regional Center program (the "Program") beyond June 30^th failed in the Senate.  The legislation, S. 831, the EB-5 Reform and Integrity Act of 2021, was brought to the floor on a unanimous consent request and was not agreed to.  The Senate is now in recess.

As June 30^th approaches, it is almost certain that the Program will expire at least for a short period.  The Program has continually been renewed since 2015 as it was coterminous with other immigration programs that needed to be extended as well and always had bipartisan support for renewal.  However, in the last extension that took place, the Program was decoupled from the other immigration programs and is set to expire on June 30, 2021.

The EB5IC has always supported, and continues to support, a set of comprehensive legislative reforms to the Program that will safeguard national security and combat instances of fraud.  During the past six years we have been fighting for the interests on behalf of diverse stakeholders so that both rural and urban areas benefit from the EB-5 investments for years and, indeed, decades to come. That is why we believe in a holistic approach to reform the Program to achieve maximum benefit for our country and those immigrants who are seeking a better life for them and their families.  The Program should be reformed to provide enhanced job creation and and key funding for projects including infrastructure and public private partnerships that contribute to post pandemic economic development and recovery.

More on The PennZone

• Talentica Software Earns a Place Among India's Top 100 Great Mid-size Workplaces 2026
• 4-Week Search for 2 True "Philly Girls" Starts July 8th 2026
• Socialhose Launches TikTok Investigator, a Platform for Investigating TikTok Live
• David Pedrol named Managing Director in Indonesia
• AutomationIQ Launches to Bring Enterprise-Grade AI Automation to Local and Mid-Market Businesses

We believe that only a Program that is functional and addresses the key concerns for all stake holders would achieve the desired objectives of why the Program was founded in the first place.  We will work with Republican and Democratic supporters of the program to effect a long-term extension of the Program and that addresses the following issues:

1. Sensible integrity measures that reduce instances of fraud.
2. Strategic investment that benefits infrastructure and other critical development in the U.S. at no cost to the government or the U.S. taxpayer
3. Backlog Reduction and relief for the thousands of families who have patiently waiting in queue and for new investors.  
4. Rural and poverty-based set asides so that investors are incentivized to invest in rural and/or poverty-stricken neighborhoods.
5. Administrative Changes to the Program to Facilitate new Investments and Job Creation

We believe that action by Congress to finally reform and improve the program is necessary to balance all the priorities of the whole EB-5 industry.

More on The PennZone

• DEPIN Studios Sees Surge in Demand After AI Gaming Launch
• Discard Junk Removal Named #1 Junk Removal Company in Sacramento Out of 189 Businesses Evaluated
• J&J Exterminating Mourns the Passing of Founder Bobby John Sr
• Delirious Comedy Club Transforms Into Las Vegas' Newest Live Comedy Studio With Weekly Delirious TV Tapings
• BitTitan Advances MigrationWiz with New Capabilities, Platform Enhancements, and Product Leadership Update

We also welcome the decision in by a federal court to vacate the EB-5 regulation promulgated in November of 2019.  We hope that new regulations can be promulgated after EB-5 reform legislation in passed.

http://eb5coalition.org