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EB-5 Insights Where Government Policies and Business Realities Converge

Senate Bill S. 232 Introduced to Abolish the EB-5 Program

Posted in EB-3, EB-5, EB-5 Program, Visa

On Jan. 24, 2017, Senators Grassley (R-IA) and Feinstein (D-CA), the Chair and Ranking Committee members of the Senate Judiciary Committee introduced bill S. 232 to terminate the EB-5 Visa Program and to reallocate the employment creation visas to the other employment-based visa classifications. The bill would eliminate both the direct and regional center program and reallocate the visas to the EB-1, EB-2, EB-3 and EB-4 employment-based visa categories. The regional center program has been extended through April 28, 2017 and must be re-authorized to extend that program. Given the support for the EB-5 program from numerous legislators in both Houses of Congress, we think it is very unlikely that this legislation will actually be passed and signed into law. We will continue to follow this legislation initiative and other proposals to that impact the EB-5 program.