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A June U.S. Policy Metrics/Hamilton Place Strategies report Harnessing Private Capital For Job Creation: An Analysis Of The EB-5 Visa Program demonstrates the impact of the EB-5 visa program as a net job creator and budget-neutral catalyst for bringing private investment into the U.S. The report was commissioned by the EB-5 Investment Coalition (EB-5IC), a broad-based, bipartisan organization focused on reauthorizing and strengthening the EB-5 Regional Center Program. This report is authored by Steve McMillin, a partner at U.S. Policy Metrics and former deputy director of the White House Office of Management and Budget under President George W. Bush; Michael Solon, also a partner at U.S. Policy Metrics and former budget advisor to Senate Majority Leader Mitch McConnell (R-KY); and Matt McDonald, a partner at Hamilton Place Strategies and a former advisor to President George W. Bush.

The report’s top findings include:

EB-5 GENERATES PRIVATE INVESTMENT AT A TIME WHEN OTHER POLICY CHANNELS FALL SHORT

  • National debates over tax reform, trade expansion, and infrastructure policy have one thing in common: a desire to boost private investment to help fuel long-term growth. EB-5 does exactly that, catalyzing growth at no cost to taxpayers.
  • The report shows that the EB-5 program generated a minimum of $5.2 billion in private investment between 2005 and 2013, generating at least $1.6 billion in private investment in 2013 alone.

EB-5 IS 500 PERCENT MORE EFFICIENT AT JOB CREATION THAN THE 2009 STIMULUS BILL

  • While the 2009 American Recovery and Reinvestment Act, commonly known as the “stimulus” bill, created one job for every $100,000 to $400,000 in public spending, the EB-5 program has created tens of thousands of jobs at no cost to taxpayers.
  • The EB-5 program created 31,000 jobs in 2013 alone – more jobs than 11 different states have individually created in the last 12 months.
  • EB-5 investments have funded job-creating projects in all 50 states and across a broad range of industries, including health care, education, manufacturing, energy, agriculture, retail, hospitality, transportation, infrastructure, and real estate.

EB-5 PROVIDES ‘PATIENT CAPITAL’, CAPABLE OF ADDRESSING BOTH SHORT-TERM FINANCIAL CRISES AND LONG-TERM ECONOMIC CHALLENGES

  • The report shows that the EB-5 program can sustain growth during both short-term economic contractions, such as the 2008 financial crisis, and across long-term financial headwinds.
  • As the U.S. population ages and baby boomers start retiring, EB-5 can address challenges associated with capital formation by bringing fresh streams of private investment into the U.S.
  • The report notes the role of EB-5 in delivering “patient capital,” a form of financing that is considered ideal for long-term, capital-intensive projects.

WITH SMART REFORMS, CONGRESS CAN BOOST EB-5’S JOB CREATING IMPACT

  • The report assesses the potential effects of proposed reforms, including those contained in a bipartisan Senate bill introduced by Senate Judiciary Committee Chairman Chuck Grassley (R-IA) and Ranking Member Patrick Leahy (D-VT).

The study cautions that overly restrictive job creation requirements and rules favoring certain geographic regions could restrict the program. It notes that other policy options, such as those to effectively increase the 10,000 visa cap, could have significant economic benefits.

For more information, including the full report and recent press release, please visit www.eb5coalition.org.

Tags: EB-5, EB-5 Investment Coalition, eb-5 investments, EB-5 Job Creation, EB-5 Program, EB-5 Regional Center Program, eb-5 visa program, Greenberg Traurig, Laura Foote Reiff, Robert Maples
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Photo of Laura Foote Reiff ‡ Laura Foote Reiff ‡

Laura Foote Reiff has more than 32 years of experience representing businesses and organizations in the business immigration and compliance field. She is also a business immigration advocate and has long chaired prominent business immigration coalitions. Laura is Co-Founder of GT’s Business and

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Laura Foote Reiff has more than 32 years of experience representing businesses and organizations in the business immigration and compliance field. She is also a business immigration advocate and has long chaired prominent business immigration coalitions. Laura is Co-Founder of GT’s Business and Immigration and Compliance Group which she co-led since 1999. She currently chairs the Northern Virginia/Washington D.C. Immigration and Compliance Practice. Laura is also Co-Managing Shareholder of the Northern Virginia Office of GT, a position she has held since 2010. As a global leader in the business immigration community, Laura has served on the Boards of the American Immigration Lawyers Association, the American Immigration Council, the National Immigration Forum and is currently the Chair of the America is Better Board.

Laura advises corporations on a variety of compliance-related issues, particularly related to Form I-9 eligibility employment verification matters. Laura has been involved in audits and internal investigations and has successfully minimized monetary exposure as well as civil and criminal liabilities on behalf of her clients. She develops immigration compliance strategies and programs for both small and large companies. Laura performs I-9, H-1B and H-2B compliance inspections during routine internal reviews, while performing due diligence (in the context of a merger, acquisition or sale) or while defending a company against a government investigation.

Laura represents many businesses in creating, managing and using “Regional Centers” that can create indirect jobs toward the 10 new U.S. jobs whose creation can give rise to EB-5 permanent residence for investment. She coordinates this work with attorneys practicing in securities law compliance, with economists identifying “targeted employment areas” and projecting indirect job creation, and with licensed securities brokers coordinating offerings. She also represents individual investors in obtaining conditional permanent residence and in removing conditions from permanent residence.

Laura’s practice also consists of managing business immigration matters and providing immigration counsel to address the visa and work authorization needs of U.S. and global personnel including professionals, managers and executives, treaty investors/ traders, essential workers, persons of extraordinary ability, corporate trainees, and students. She is an immigration policy advocacy expert and works on immigration reform policies.

‡ Admitted in the District of Columbia and Maryland. Not admitted in Virginia. Practice limited to federal immigration practice.

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