Seyfarth Synopsis: On July 24, 2019, U.S. Citizenship and Immigration Services (USCIS), the immigration-benefits component of the Department of Homeland Security (DHS), published a final regulation on “EB-5 Immigrant Investor Program Modernization” (the “Rule”) to reform the EB-5 program in the Federal Register. Absent successful court challenges, or the passage by Congress of EB-5 legislation, the Rule will take effect on November 21, 2019. The Rule makes pronounced changes to the EB-5 program, including a significant increase in the investment threshold, conferral of exclusive authority to USCIS to designate Targeted Employment Areas (TEAs), and retention of priority dates for petitioners. The text of the Rule can be found here.
Seyfarth Shaw’s new, leading Government Relations and Policy Group, which has already won the attention of national media outlets, is excited to offer regular updates to clients regarding the actions of Congress, administrative agencies, and other lawmakers at the federal, state, and local levels. Comprised of Seyfarth attorneys with government relations and policy experience, the team will develop solutions for clients and provide ongoing education and advocacy on policy issues. Below is our round-up from what happened this week in Washington.
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House to Vote on Two Immigration Proposals Next Week. Speaker Paul Ryan defused a moderate Republican rebellion with a promise to hold high-stakes votes on two DACA related immigration bills next week. The floor votes will effectively stop the effort to bring up legislation through the discharge petition; Republican moderates reportedly fell two signatures short of the 218 needed to force votes.
The House will consider H.R. 4760, the “Securing America’s Future Act of 2018,” a bill drafted by Judiciary Committee Chairman Bob Goodlatte (R-VA), as well as a second compromise package, the “Border Security and Immigration Reform Act of 2018” (still in draft form), which was assembled by Speaker Ryan in consultation with conservatives and moderates. House Leadership circulated this summary of the draft compromise bill. There are no guarantees that either bill will pass.
By Mark Katzoff
The omnibus spending bill signed into law by President Trump on March 23, 2018 included a six month extension of the EB-5 regional center program to September 30. This marks the latest in a series of short-term extensions over the last few years while Congress has attempted to agree upon legislation providing more substantive changes to the EB-5 program in general.