【ARCFE News】 EB-5 REGIONAL CENTER PROGRAM REAUTHORIZATION DATE NOW MOVE TO MARCH 11TH
02/10/2022 by ARCFE U.S.
Quick recap: The EB-5 Regional Center Program (EB-5 RC) expired in June 2021. The program’s reauthorization is attached to the FY 2022 federal budget bill. FY 2021 ended on September 30 of 2021. Congress failed to reach consensus which led to the first Continuing Resolution (CR) passed in October, and the second passed in December. The 2nd CR is set to expire on February 18th, 2022.
According to the Wall Street Journal, the House of Representatives passed a legislation earlier this week to keep the government funded through mid-March. The 272-162 vote sends the bill to Senate pending for approval. This is an attempt from Congress to avoid the government shutdown that might happen in case that they fail to reach consensus on the fiscal year (FY) 2022 Federal Budget on the February 18th deadline. The three-week Continuing Resolution (CR) will keep the government funded through March 11th. Senate Majority Leader Schumer said Congress is making good progress and he is optimistic that both parties will arrive at a top-line deal for an omnibus bill.
As the Regional Center program is tied to the federal budget bill, this decision has also in turn pushed the reauthorization of the EB-5 Regional Center Program (EB-5 RC) to March 11th. It is crucial to note that it is not unusual for Congress to pass multiple CRs before finally reaching consensus. There is an average of 5 CRs passed each year between FY 1998 to FY 2019. This is a common practice as a way for Congress to push the deadline and get more time to agree on the terms. And again, as previously mentioned, Senator Schumer confirmed that both parties are making good progress towards reaching an agreement. Senator Shelby of the Republican party also said “We’re close” regarding the matter.
Many of these changes are very close to what we have been reporting thus far. This bill may or may not be introduced to Congress. However, in the case that it is introduced, the changes would most likely go into effect immediately.
This will allow investors and their families to land in the U.S. on a temporary visa prior to getting their green cards. This will help investors from countries with retrogression issues. The temporary visas will let investors and their families live, work and study in the U.S. just as if they are green card holders.
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