For Immediate Release
Wednesday, December 4, 2019
202-285-0244
www.freedomandprosperity.org
Coalition Supports Congressional Reforms for EB-5 Investor Immigrant Program
(Washington, D.C.,Wednesday, December 4, 2019) A coalition of 18 free market organizations, led by the Center for Freedom and Prosperity, today offered support for Congressional reforms to the EB-5 investor immigrant program. Long overdue, the compromise bill, S. 2778, the Immigrant Investor Program Reform Act, contains numerous fixes and improvements to the program, as well as a long-term re-authorization.
The coalition letter reads, in part:
“Congress needs to act soon to expand the program while making changes that will protect against fraud, because the EB-5 regional center program is scheduled to expire soon… Reliance on short-term EB-5 extensions over the last five years has diminished America’s ability to attract foreign investment for economic development projects here in the U.S. The balanced and comprehensive approach in the pending legislation will calm markets abroad while bringing stability to the regional center programs.
…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 letter further notes that Congressional action means that Obama-era “midnight regulations” that threaten the integrity of the program and are slated soon to go into effect should be withdrawn.
Representatives from the following 18 organizations joined the letter:
Center for Freedom and Prosperity, Americans for Tax Reform, FreedomWorks, Taxpayers Protection Alliance, Competitive Enterprise Institute, Small Business & Entrepreneurship Council, The American Consumer Institute, 60 Plus Association, Niskanen Center, National Tax Limitation Committee, Campaign for Liberty, Institute for Policy Innovation, Citizen Outreach, Market Institute, National Black Chamber of Commerce, Institute for Liberty, American Encore, Consumer Action for a Strong Economy
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: Chris6d | CC BY-SA 4.0.
