On December 17, 2015, two days after Senate and House leadership recommended a “clean” extension of the EB-5 program until September 30, 2016, Senator Flake (R-AZ), with Senator Cornyn (R-TX) and Senator Schumer (D-NY), introduced S.2415, the “EB-5 Integrity Act of 2015.”  This is the first new piece of EB-5 reform legislation introduced since the EB-5 program’s original sunset date of September 30, 2015.  It is the sixth bill introduced in the 114th Congress that seeks to reform the EB-5 program.

The bill includes significant oversight and integrity reforms, many of which reflect earlier Senate legislation introduced in June of 2015. The integrity measures included in S.2415, as with those in prior bills, have been largely welcomed by the EB-5 industry.  Several of these provisions follow recommendations from the Department of Homeland Security (DHS), the Government Accountability Office (GAO), and leaders in the Congress.  The majority of the provisions mirror the reforms proposed in S.1501 and later discussion draft bills that circulated amongst stakeholders in November and December 2015.  The following are some of the main integrity measures designed to reform the EB-5 program:Continue Reading EB-5 Integrity Reform Bill Introduced As Congress Adjourns for the Holiday – Summary of S.2415: EB-5 Integrity Act of 2015