More Than 20 Democrat and Republican Leaders of the Senate and House Meet with Members of MAJA to Discuss EB-5 Immigrant Investment Program
More American Job Alliance (MAJA) moves forward with efforts to improve functioning and efficiency of the program
-Members of the newly formed More American Job Alliance (MAJA) have been diligently meeting with leaders of the Senate and House, key legislative staff and committees over the last several months to raise concern over the American Job Creation and Investment Promotion Reform Act (S.1501) which addresses The Regional Center program (EB-5) set to expire on September 30, 2015.
“One of our main concerns is the direct versus indirect aspect of the program”
The Alliance, formed earlier this year, supports the EB-5 program but is determined to improve its functioning and efficiency, ultimately improving the value of the program to the American public and the national economy.
“One of our main concerns is the direct versus indirect aspect of the program,” said Shae Armstrong, MAJA Director and Counsel. “Direct jobs create more benefit to the American Economy. There are at least $3 billion of direct projects in the market that would meet the EB-5 quota while maximizing job creation. There is no need to attenuate the efficiency of the program with the indirect job concession.”
The program, introduced in 1990, was created to stimulate the U.S. economy through job creation and capital investment by foreign investors.
“The U.S. Senate is considering a bill which actually shortchanges U.S. job creation by at least 50% of what would otherwise be possible under the EB-5 program,” Armstrong continues. “While we support the program and wish to see it continue, we believe that slight modifications can be made to vastly improve the benefit to the economy.”
MAJA members will continue to meet with key leaders in the coming weeks, particularly those serving on the Judiciary Committee and the Senate Committee on Foreign Relations. Both Chairman Goodlatte and Senator Rubio (respectively) have been very open to discussing some of the issues raised by the Alliance and are taking them into consideration as the reauthorization deadline nears.
The More American Job Alliance comprises of more than 170 EB-5 stakeholders, global immigration specialists, real estate developers, health care operators and concerned U.S. citizens.
Goals of MAJA:
- Indirect Job Credit Elimination – There are at least $3 billion of direct projects in the market that would meet the EB-5 quota while maximizing job creation.
- Prevent Projects from being Grandfathered in under preexisting EB-5 Legislation – Grandfathered investors would consume the next 5 years of EB-5 quota, thus, making any new EB-5 legislation futile.
- Strengthen governmental oversight of the EB-5 Program – reduce EB-5 fraud while encouraging greater adherence to U.S. securities laws.
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