The coalition (CSCJ) is meant to stimulate economic recovery by advocating for the reauthorization of the Regional Center Program through the bipartisan EB-5 Reform and Integrity Act of 2020. Various politicians and business across the country have joined the coalition. Aaron Grau, IIUSA’s executive director, states that the CSCJ was created to “shed light on the significant impact the EB-5 Program has on the economy.”
Long-term EB-5 reauthorization is the goal
The June 30, 2021, expiry date for the EB-5 Regional Center Program is less than four months away. While many stakeholders are confident that reauthorization is imminent either before or after that date (EB-5 has expired in the past and expiry does not mean the death of the program) the sunset date has caused consternation with some investors.
IIUSA, the Regional Center Program’s only national not-for-profit organization, wants to ensure that the program is not only reauthorized, but extended for a number of years. To that end, it is lobbying vigorously for support for the EB-5 Reform and Integrity Act of 2020. And support for that act — that many believe will be reintroduced in Congress shortly — can be bolstered by highlighting the economic benefits of EB-5. This is the goal of the Coalition to Save and Create jobs.
A pandemic-ravaged U.S. needs EB-5 more than eve
While the entire EB-5 industry knows of the vital economic impact the program brings to the U.S., not everyone in Congress is aware. Grau would like to spread the message: “Especially after such a difficult year, our country risks missing a critical opportunity to stimulate commerce and save jobs if the program is not reauthorized. Now is the time for federal policymakers to embrace what is proven effective.”
And he is getting buy-in on the political level from mayors across that nation. Like Mayor Jason Cole of La Vergne, Tennessee: “One of the most important tasks as a mayor is to create jobs and economic prosperity for our local communities. The EB-5 program is an economic powerhouse that infuses millions of dollars into a variety of industries at no- cost to La Vergne taxpayers and is critical to our growth.”
The EB-5 historical impact on the U.S. economy
While the reauthorization of the program may be in question at the moment, history gives us a lesson as to what EB-5 can do to stimulate the economy and create jobs. EB-5 has provided over $41 billion foreign capital investment to U.S businesses and it has created at least 820,000 full-time U.S. jobs. This is the message that Congress needs to understand. This is the mission of the Coalition to Save and Create Jobs.
Who belongs to the coalition?
- 1. Municipal bodies Mayors and various municipal organizations belong to the coalition as a reflection of EB-5 investments and job creation that has occurred in over 260 U.S. cities.
- 2. Chambers of Commerce EB-5 is an important alternative financing tool for many U.S. businesses.
- 3. Trade Associations EB-5 investment capital is vital for more than 16 different American industries including health care, manufacturing, agriculture, logistics, commercial real estate, hospitality, and other sectors.
- 4.EB-5 industry stakeholders This includes approved regional centers, lawyers, economists, developers, broker-dealers, consultants, and more.
How to support CSCJ and EB-5 — join for free
Membership in the coalition is free. To join, simply click here to fill out a short form and show your support for the coalition and EB-5.
Visit the official website for the Coalition to Save and Create Jobs