For Immediate Release
Thursday, March 28, 2019
202-285-0244
www.freedomandprosperity.org
Coalition Calls for Obama-era EB-5 Regulation Withdrawal
(Washington, D.C., Thursday, March 28, 2019) A coalition of 15 free market organizations, led by the Center for Freedom and Prosperity, today called on the Trump administration not to finalize Obama-era regulations that would undermine the EB-5 immigrant investor program. The EB-5 Immigrant Investor Program Modernization (82 Federal Register 4738) would dramatically increase the investment thresholds required for foreign investors to participate in the program, while failing to address inefficiencies in the program that have led to significant backlogs.
The coalition letter reads, in part:
“EB-5 investment provides alternative sources of funding for worthwhile projects that may otherwise go overlooked. Urban areas often struggle to secure development investment despite significant interest, but now, for instance, dilapidated parts of the nation’s capital are being revitalized thanks to EB-5 investment and the hard work of an American entrepreneur.
Global competitiveness has been a top objective of the Trump administration. Tax reform and efforts to streamline government regulations have contributed to historic lows in unemployment numbers and made America more competitive for business. Furthermore, many countries seek to attract foreign investment through economic citizenship programs. The EB-5 program allows for the U.S. to compete for mobile foreign investment and the jobs that these funds bring.“
The full letter is available here.
For additional comments:
Andrew Quinlan can be reached at 202-285-0244, andy@freedomandprosperity.org
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Image credit: Vinícius Pimenta | Pexels License.
