EB-5 Regulation

Four Senators wrote an EB5 Letter to Secretary Kelly .

The thrust of the letter is:

The issue of raising minimum Investment levels alone will likely undermine the  program’s functionality.

The EB-5 Regional Center Program is not perfect and is  in need of reform.

CRE is of the opinion that the most significant criticisms associated with the  EB-5 program do not emanate from the subjects addressed  in the  Notice of Proposed Rulemaking, which in large part address  minimum investment levels, but instead with  the management of the program by the  regional centers, the topic of the Advanced Notice of Proposed Rulemaking.

 Special report: EB-5 reforms face major hurdles

Any and all federal programs are subject to fraudulent actions by small groups of bad actors.  It is for this reason that each and every major federal program is accompanied by the delegation of enforcement authorities to the relevant regulator.

USCIS has spent considerable time on restructuring the USCIS program through  a series of proposed rulemakings instead of focusing  on enforcement.  Even if the totality of the USCIS  proposed structural changes were to become law they  would have virtually no impact on eliminating fraud  in the  USCIS program. What is the rationale for making structural changes through new regulations a higher priority than enforcing existing regulations?

Editor’s Note:  USCIS has been spending considerable time on restructuring the  EB-5  program; instead what is needed is making the existing program more efficient  by streamlining the application process for a visa.  Refocusing USCIS’s priorities  will allow the EB-5 program to fulfill its statutory objective of  creating  new jobs.

By Joseph A. Mann Jr. | June 15, 2017