Senator Rand Paul Introduces EB-5 Bill
Introduced in Senate (03/27/2017)
S 727 - Invest in Our Communities Act
This bill amends the Immigration and Nationality Act to: (1) exempt spouses and children of EB-5 investor immigrants from worldwide employment-based immigration limits, and (2) revise the fiscal year worldwide level of employment-based immigrant admissions.
EB-5 visas are excluded from per country caps.
EB-5 visas shall be made available to qualified immigrants who participate in a regional center program in the United States designated by the Department of Homeland Security (DHS) for the promotion of economic growth, including: (1) increased exports, (2) improved regional productivity, (3) job c
reation, and (4) increased domestic capital investment.
A regional center shall: (1) have jurisdiction over a specific geographic area, which shall be consistent with the purpose of concentrating pooled investment in defined economic zones; and (2) certify compliance with U.S. securities laws, and supervise all offers, purchases, and sales of securities made by associated parties to ensure securities compliance.
DHS shall establish a procedure for pre-approval of new commercial enterprises.
Any person subject to the suspension or termination of EB-5 rights made under the discretion of DHS may appeal such decision and be entitled to a hearing before an administrative law judge.
No person may be involved with a regional center as its principal, administrator, owner, officer, board member, manager, executive, general partner, fiduciary, or other similar position of significant authority for the operations or management of the center if he or she: (1) is not a U.S. national or lawful permanent resident; or (2) has been found liable for certain financial or securities crimes, or terrorist, espionage, or human trafficking activities.
The bill sets forth DHS suspension or termination authority for a noncomplying regional center.
The child of an alien investor whose conditional permanent resident status is terminated shall continue to be considered a child for purposes of a subsequent immigrant petition by the alien investor if the child remains unmarried and the subsequent petition is filed within one year after termination of status. An alien shall not be considered a child with respect to more than one petition filed after he or she reaches 21 years old.
You can read the full text of the bill here.
The Bill has been referred to committee.