Congressional Future Caucus Co-Chairs Congressman Aaron Schock (R-IL) and Congresswoman Tulsi Gabbard (D-HI) introduced bipartisan legislation titled EB-5 Regional Center Extension Act of 2014. It has been sent to the House Committee of the Judiciary for review.
The bill, H.R. 4659, amends the Immigration and Nationality Act of 1990 to eliminate per-country caps on employment visas by permanently extending the EB-5 visa program, also known as the Immigrant Investor Program. This program was established to help stimulate the U.S. economy through job creation and capital investments by foreign investors.
These EB-5 visas are also set aside for investors in Regional Centers designated by the United States Citizenship and Immigration Services (USCIS). Under Schock and Gabbards’ bill, a minimum of 3,000 visas per fiscal year shall be reserved for EB-5 program applicants. Current law requires a minimum $1 million investment per visa, or a $500,000 investment if located in a rural or high-unemployment area.
“Repeatedly, EB-5 program extensions have received overwhelming bipartisan support. This much-needed legislation underscores the importance of an incremental approach to immigration reform as Congress seeks common ground to address our nation’s broken system.”