May 10, 20222 min read

【ARCFE News】 CONGRESS LETTER TO DHS: REGIONAL CENTER REDESIGNATION IS UNNECESSARY

Four Congressional leaders came together and published a bipartisan letter to the Department of Homeland Security Secretary Mayorkas on May 9th, 2022. The letter specifically mentioned that Congress did not intend for all Regional Centers to go through redesignation per the confusing interpretation that sparked outrage published by USCIS on April 29th. The letter was signed by Senate Majority Leader Charles Schumer (D-NY), Chairman Jerrold Nadler (D-NY), Senator Lindsey Graham (R-SC), and Senator John Cornyn (R-TX). Noting that Senator Patrick Leahy (D-VT) and Senator Charles Grassley (R-IA), who are the co-authors of the EB-5 Reform and Integrity Act of 2022, did not join the four Congressional leaders in signing the letter.

“…requiring all regional centers to go through a process to be redesignated is not required under the EB-5 Reform and Integrity Act of 2022 and will put an immense burden on the agency [USCIS].” The letter also criticized the immigration agency’s guidance regarding the regional center designations as “…confusing and causing great concern in the EB-5 stakeholder community.” Furthermore, it also pointed out that USCIS has enough tools and information to confirm the previously approved Regional Centers’ conformity without pulling a full-scale redesignation.

USCIS: All RC needs to be reauthorized

While the situation remains unresolved and confusing, this bipartisan letter is a positive sign showing the support that Congressional leaders from both parties have for the EB-5 Regional Center program, along with their belief that the reauthorization of all Regional Centers is completely unnecessary nor is this lawful. We hope that USCIS will take the points clearly stated in this letter into consideration as the industry quickly approaches the deadline of May 15th.

At this time, EB-5 Regional Center investors do not need to worry about the program continue to be further delayed. All Regional Centers in the EB-5 industry are advocating for a faster approval of Regional Center redesignation, or another potential change in processing policy that allows for more efficiency in processing new I-526s. New investors should start preparing the source of funds and all other required documents with an Immigration Attorney to make sure that everything is ready to be submitted.

ARCFE is monitoring USCIS updates very carefully for guidance and announcement. We are working closely with our attorney to prepare for any potential policy changes, and ensure that our investors have a swift transition into an exciting era of the EB-5 Regional Center program.

We will continue to update you with the latest information.

Read the full letter below: