The publication is reproduced in full below:
EB-5 REGIONAL CENTER PROGRAM
Mr. CORNYN. Mr. President, I have long been a supporter of the EB-5 program, which has been a significant economic driver in Texas. This merit-based immigration program has created thousands of American jobs and brought billions of dollars in investment to urban and rural areas across Texas and the U.S.
While it was unfortunate that the authorization for the EB-5 Regional Center program was allowed to lapse on June 30, 2021, I am pleased to have worked with my colleagues, Senators Chuck Grassley and Patrick Leahy, on the EB-5 Reform and Integrity Act, which was included as part of the Consolidated Appropriations Act, 2022.
The EB-5 Reform and Integrity Act reauthorizes the regional center program through September 30, 2027, and implements meaningful reforms and integrity measures that will ensure the viability and security of the program for the coming years.
This legislation provides the first multiyear authorization for the regional center program since 2015, so that regional centers, which have been in limbo for nearly 9 months, will have much-needed stability going forward. There is also a 60-day implementation period to allow USCIS to begin processing EB-5 petitions and applications that have been on hold since the lapse. Following that initial period, existing regional centers will be able to immediately get back to work driving investment into the U.S. and facilitating the creation of jobs across the country.
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SOURCE: Congressional Record Vol. 168, No. 47
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