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The EB-5 program is currently at risk of expiring Sept. 30, 2015.  Congress needs to act immediately to reauthorize this program which has a proven record for stimulating the economy and creating hundreds of thousands of jobs. On March 23, 2015, Congressman Jared Polis (D-CO) released a statement explaining the merits of the EB-5 program and the reasons why this program should not be further delayed in partisan debate.

On Jan. 28, 2015, Congressmen Jared Polis and Mark Amodei (R-NV) introduced The American Entrepreneurship & Investment Act of 2015 [HR 616] in a push to permanently authorize the EB-5 Immigrant Investor program.   The bill has received strong support from the real estate, business, and tourism industries, also evidenced by the EB-5 Coalition’s final letter supporting HR 616 released earlier this month.  The legislation makes the following proposals:

  • Improve the definition of Targeted Employment Areas (TEA);
  • Eliminate country quotas;
  • Alleviate processing backlogs and streamline processing times for I-924 and I-526 filings;
  • Allow concurrent filing of Form I-526 and Form I-485;
  • Require regional center compliance with federal securities law to deter fraud and abuse, FCPA application to EB-5 petitions;
  • Remove spouses and children from the EB-5 cap;
  • Codify TEA designation authority;
  • Authorize the EB-5 Regional Center Program permanently;
  • Enhance procedure for project preapprovals.

According to Congressman Polis, “The EB-5 visa program works.  It is time for action to permanently authorize it and show the American people that even in the midst of partisan battles and rhetoric, people on both sides of the aisle can still spot and support a good idea.”

 

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Photo of Laura Foote Reiff‡ Laura Foote Reiff‡

Laura Foote Reiff is the Co-Managing Shareholder of the Northern Virginia Office. She also Co-Chairs the firm’s Labor & Employment Practice’s International Employment, Immigration & Workforce Strategies group. Laura focuses her practice on business immigration laws and regulations affecting U.S. and foreign companies,

Laura Foote Reiff is the Co-Managing Shareholder of the Northern Virginia Office. She also Co-Chairs the firm’s Labor & Employment Practice’s International Employment, Immigration & Workforce Strategies group. Laura focuses her practice on business immigration laws and regulations affecting U.S. and foreign companies, as well as related employment compliance and legislative issues.

Laura advises corporations on a variety of compliance-related issues, particularly related to Form I-9 eligibility employment verification matters. Laura has been involved in audits and internal investigations and has successfully minimized monetary exposure as well as civil and criminal liabilities on behalf of her clients. She develops immigration compliance strategies and programs for both small and large companies. Laura performs I-9, H-1B and H-2B compliance inspections during routine internal reviews, while performing due diligence (in the context of a merger, acquisition or sale) or while defending a company against a government investigation.

Laura represents many businesses in creating, managing and using “Regional Centers” that can create indirect jobs toward the 10 new U.S. jobs whose creation can give rise to EB-5 permanent residence for investment. She coordinates this work with attorneys practicing in securities law compliance, with economists identifying “targeted employment areas” and projecting indirect job creation, and with licensed securities brokers coordinating offerings. She also represents individual investors in obtaining conditional permanent residence and in removing conditions from permanent residence.

Laura’s practice also consists of managing business immigration matters and providing immigration counsel to address the visa and work authorization needs of U.S. and global personnel including professionals, managers and executives, treaty investors/ traders, essential workers, persons of extraordinary ability, corporate trainees, and students. She is an immigration policy advocacy expert and works on immigration reform policies.

Photo of Rebecca B. Schechter ‡ Rebecca B. Schechter ‡

Rebecca Schechter focuses her practice on business immigration and compliance, representing multi-national corporations midsized companies, and startups, as well as individual clients. She has experience with all areas of employment-based immigration, particularly H-1B, L-1, O-1 and E-2 petitions, as well as outstanding researcher…

Rebecca Schechter focuses her practice on business immigration and compliance, representing multi-national corporations midsized companies, and startups, as well as individual clients. She has experience with all areas of employment-based immigration, particularly H-1B, L-1, O-1 and E-2 petitions, as well as outstanding researcher petitions and labor certification applications. Rebecca regularly assists GT clients with global immigration matters, including business and work visas to countries in Europe, the Middle East, Asia, and Latin America. She also works on state and federal I-9 and E-Verify audits. Rebecca has a thorough understanding of third party contractor issues and experience handling complex naturalization, deportation defense, family and employment-based adjustment applications.

Admitted in Maryland and Connecticut. Not admitted in Virginia. Practice limited to federal immigration practice.