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EB-5 Insights Where Government Policies and Business Realities Converge

House Passes Continuing Resolution to Fund Government, Including Vital Programs Such as EB-5

Posted in Continuing Resolution (CR), EB-5, EB-5 Immigrant Investor Program, EB-5 Program

Yesterday, House Majority Leader Steny Hoyer (D-MD) introduced a continuing resolution (CR) to fund government from end of the current fiscal year, Sept. 30, until Nov. 21, 2019. By a vote of 301-123, the House today passed H.R. 4378, the CR that will fund the government through Nov. 21.

To EB-5 advocates, this timing is significant in that this CR extends the program coterminous with implementation of the recent Obama-era regulations. This timing continues to provide the opportunity for stakeholders to advocate and negotiate needed legislated industry reforms and a programmatic “better way forward” from the Obama-era regulations.

It is widely believed that the CR will be considered by the House this week and sent to the Senate. Reports vary as to when the Senate will schedule consideration, but it is expected that clearance by the Senate and signature of the president will occur prior to Sept. 30 (the fiscal year deadline). It is, as of this writing, believed that there will be no government shutdown over this CR.

CRs have become necessary in recent years to keep government open. The good news is such processes are available and being used to keep government open. The bad news is that this process may need to be utilized several more times this Congress due to spending differences between the House, Senate, and White House.

From Politico Pro: Congress has enacted one or more continuing resolutions “in all but three of the last 43 fiscal years,” the Congressional Research Service noted in an April report.

Please contact your GT attorney with any questions and please check back, as we expect more CR and end-of-year activities.

For more on continuing resolutions, click here.