Back to Top skip to main content
Green and Spiegel - An Immigration Law Firm
Sep 5, 2019

Senator Rand Paul Seeks Congressional Action to Halt EB-5 Program Changes

David Spaulding

As we previously discussed, United States Citizenship and Immigration Services (USCIS) proposed substantial changes to the EB-5 regulations on July 24, 2019.   The “EB-5 Immigrant Investor Program Modernization Rule” is scheduled for implementation on November 21, 2019.  It appears that the Administration will apply the rule, as written, unless Congress acts to stop it.

On August 20, 2019, U.S. Senator Rand Paul, a long-time supporter of the EB-5 program, sought to block implementation of the changes through a Congressional Review Act resolution.  In a Letter to Colleagues, he wrote:

“By significantly raising the minimum investment levels required for foreign investors to become eligible petitioners under the EB-5 program, this rule may undermine the very purpose of the program, which is to create jobs and grow the economy.  Moreover, the rule would severely restrict the role of the states in determining targeted employment areas… Taken together, these regulatory changes will disrupt regional center operations and are likely to reduce the level of foreign direct investment in the U.S. economy.”

As written, the new rules – specifically those nearly doubling minimum investment amounts – will likely reduce the number of EB-5 filings and adversely impact the overall effectiveness of a program that has successfully channeled foreign investment into the US economy.  Senator Paul’s efforts to delay implementation may open a window for a broader legislative effort to address EB-5 program challenges like the country cap and adjudication delays. We have previously detailed our opposition to the EB-5 Modernization Rule, although our concerns were largely ignored. We accordingly advise clients to interested in EB-5 to move forward as quickly as possible given significantly worse terms starting November 21.

We will continue to monitor this issue closely.  Contact us today to discuss EB-5 investor questions.

Related Team

Recent Blogs

Oct 28, 2019

Matthew Galati To Represent Green and Spiegel LLC at the Seattle 2019 IIUSA Industry Forum

Immigration attorney Matthew Galati will represent Green and Spiegel LLC as he joins Breakout 4, USCIS Policy & Actions: Living in a World of Adjudication Backlogs, RFEs, and NOIDs panel on Tuesday, October 29th at 3:30pm. Learn more in this blog.

Aug 29, 2019

Update: French E Visa Validity Policy Will Take Effect September 26, 2019

The revised reciprocity schedule for E visa classifications for France announced that the validity period of E-1 and E-2 visas issued to French foreign nationals would be reduced to 15 months, down significantly from a maximum validity period of five years (or 60 months). The roll-out date has been pushed back. Learn more.

Aug 23, 2019

Final Action Dates Leap Forward on the Latest Visa Bulletin and Indian EB-5 Applicants are the Big Winners

The September 2019 Visa Bulletin was recently published and it contains significant changes for some visa applicants. Learn more in this blog.