Senate inaction dooms win-win immigration program

The U.S. Senate yesterday failed to extend the EB-5 immigrant investor regional center program, meaning the program will expire June 30.

Stephen Yale-Loehr, professor of immigration law at Cornell Law School and co-author of a leading 21-volume immigration law series, says the program’s expiration hurts both U.S. companies and foreign investors.

Yale-Loehr says:

“The EB-5 program allows immigrant investors to get a green card if they invest a significant amount of money in a U.S. project that creates at least 10 jobs for U.S. workers. Done correctly, the program is a four-way win. First, it creates jobs for U.S. workers. Second, it does so at no expense to U.S. taxpayers. Third, it helps U.S. developers obtain the capital they need to start or finish a project. And fourth, it stimulates the economy through the money EB-5 investors spend, both directly and indirectly.”

“Given our efforts to jump start the economy after the pandemic, it is particularly unfortunate that the Senate failed to extend the program yesterday. Studies have shown the positive economic impact of the EB-5 program over its 30-year history. One study showed that in fiscal year 2013 alone, the EB-5 regional center program contributed $2 billion in foreign direct investment, contributed $3.58 billion to U.S. GDP, and supported over 41,000 jobs.”

“The program’s lapse after June 30 also hurts the estimated 100,000 immigrant investors who have already invested their money in a project and who might remain stuck in their investment while losing their immigration benefits. Congress must extend the EB-5 regional center program when it returns to work in early July.”