|MAJA Opens Discussion for Amendments to the EB-5 Visa Immigration Bill
August 11, 2015
Washington, August 11, 2015: The More American Jobs Alliance (MAJA)’s tireless efforts to draw awareness to the bipartisan Bill S.1501, the American Job Creation and Investment Promotion Reform Act, has sparked heavy discussions among leaders of the Senate and House, key legislative staff and committees.
The Bill, which addresses The Regional Center program (EB-5) set to expire on September 30, 2015, undermines the original intent of the program by extending the Regional Center/Indirect Job creation and reducing real job creation by at least 50% of what would otherwise be possible under the EB-5 program. The Alliance, formed earlier this year, supports the EB-5 program, but is determined to improve its functioning and efficiency, ultimately improving the value of the program to the American public
and the national economy.
“We have had several discussions with key members of both the House and the Senate including Senator Sessions and Chairman McCaul,” said Shae Armstrong, MAJA Director and Counsel. “The goal of these meetings is to solidify slight modifications to the Bill that will support the creation of the maximum number of real jobs for Americans.” The U.S. EB-5 Immigrant Investment program facilitates foreign investment in U.S. enterprises to create jobs in local communities, especially in rural areas or other high unemployment areas in America. “Now that the program has matured, it makes sense to reassess it and take it back to its original intent, requiring each investor to hire 10 employees, creating 10 real, direct American jobs,” Armstrong continues.
There are more than $3 billion in funds investors have set aside for direct job projects and are ready for investment through the EB-5 program. These projects mean direct and full-time jobs for U.S. workers in distressed areas and cash flow into communities that are struggling. The following suggestions for a reconsideration of the Bill are to:
Provide a minimum of 5000 of the allowed visas for direct job projects.
Reserve the lower investment amount for rural areas or areas of high unemployment.
Remove the grandfather clause allowing exemptions from the new requirements.
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