Roundtable and Coalition Support Immigrant Investor Program Act (S. 2778)
November 15, 2019
The Real Estate Roundtable, U.S. Chamber of Commerce, EB-5 Investment Coalition, and other real estate organizations sent a Nov. 15, 2019 letter in support of the bipartisan Immigrant Investor Program Reform Act (S. 2778) – sponsored by Senate Judiciary Chairman Lindsey Graham (R-SC), Democratic Leader Charles Schumer (D-NY), and Sens. Mike Rounds (R-SD) and John Cornyn (R-TX).
The letter states: "This legislation would bring long overdue improvements to modernize EB-5 regional centers with strong program integrity measures to deter investor fraud and optimize national security protections.
This bill represents a fair compromise between rural and urban stakeholders. S. 2778 would confer appropriate market advantages upon projects located in rural and distressed urban areas to attract foreign investors, while providing opportunities for major projects that drive significant job growth in downtown locations to access EB-5 capital.
Our groups have long supported comprehensive EB-5 modernization from Congress over piecemeal regulatory changes."
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