EB5 Investors Magazine Volume 1 Issue 2 | Page 42

Trust Verify but A Legislative Perspective on the EB-5 Regional Center Program Based On Current Legislative Proposals and Judiciary Committee Action by Laura Foote Reiff What does Congress want to do on the enforcement and compliance side of the EB-5 Regional Center programs? We know that agencies, U.S. Citizenship and Immigration Services (USCIS) and the U.S. Securities and Exchange Commission (SEC) in particular, are becoming much more active in their review and investigation of compliance requirements. Congress has also jumped into the fray in the quest for broader, more comprehensive immigration reform. It is difficult to tell if there is truly a will to do broad-based and comprehensive immigration reform, but it is clear that some type of reform is coming. While the U.S. House of Representatives broke for August recess without passing a single immigration-related bill, it did have legislation that included EB-5 provisions introduced and marked up in the Judiciary Committee. The Supplying Knowledge Based Immigrants and Lifting Levels or STEM Visas Act (H.R. 2131), also known as The SKILLS Visa Act, was introduced by Rep. Darrell Issa on May 23, 2013. The SKILLS Visa Act was approved by the House Judiciary Committee on June 27, 2013. In addition, the Senate did pass S. 744, The Border Security, Economic Opportunity, and Immigration Modernization Act. This is a comprehensive immigration reform measure that also includes 42 E B 5 I n v e s to r s M ag a z i n e