FirstPathway Weblog

In a recent article, The Business Journal highlighted the importance of the continual push to make EB-5 permanent. Since 1993, the EB-5 pilot program has been renewed by Congress allowing Regional Centers to continue to bring much needed jobs and capital investment into our communities. The author also commends the Metropolitan Milwaukee Association of Commerce (MMAC) Regional Center, “which paved the way for EB-5 to be used on projects in southeast Wisconsin.”

This article serves as a reminder to future investors and the community at large that business leaders, Senators, and organizations like IIUSA, are continuing their efforts to make the “beloved” EB-5 program permanent.

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A statement issued by the office of Sen. Patrick S. Leahy, D-Vt., confirms the release of a comprehensive immigration reform framework, which currently includes permanent extension for EB-5, a popular investment visa category with bipartisan support. Below is an excerpt from the Senators statement; to read the full press release visit Senator Leahy’s website at http://leahy.senate.gov/.

“Senators Reid, Schumer and Menendez have released a productive framework for the process of drafting comprehensive immigration reform legislation.  I share their commitment to enacting key legislative efforts including AgJobs, the Uniting American Families Act, the DREAM Act, and a permanent extension of the EB-5 foreign investors program, as part of comprehensive reform.  These are sensible, constructive and urgently needed measures that have had, and should continue to have, bipartisan support.”

The Senate adopted an amendment to make the EB-5 Regional Center pilot program permanent in Washington, Wednesday July, 8 2009. This strongly supported bipartisan program is slated to expire in September of this year.

In a press release issued by the amendment’s sponsor, Senator Patrick Leahy (D-Vt.) commented on the importance of the EB5 program stating “This program must be made permanent if it is to achieve its potential as an economic engine in our communities… Authorizing the program for only months or a few years at a time sends the wrong message to individuals who want to make a permanent commitment to the United States. ”

This amendment is forecasted to significantly grow confidence among immigrant investors.

Read Senator Patrick Leahy’s Press Release