EB5 Investors Magazine Volume 2 Issue 2 | Page 57

H.R. 2131 The SKILLS Visa Act Introduced in the House of Representatives by Congressman Darrell Issa (R-CA) and 22 Republican cosponsors On May 23, 2013 Proposes: The EB-5 provisions of the SKILLS Visa Act are part of a wider program of immigration reform proposed by the legislation. According to Rep. Issa’s spokesperson, “the SKILLS Visa Act’s EB-5 reforms will modernize the program, established over two decades ago, to ensure the United States has a competitive investor visa program that creates U.S. jobs.” ★ • Making the EB-5 regional center program permanent • Extending the conditional permanent residency period an additional year, in certain cases, to allow investors more time for job creation Congressman Darrell Issa • Tying the minimum required investment amount to the consumer price index to adjust for inflation • Setting a uniform methodology for the designation of TEAs under the discretion of the Secretary of Labor • Barring from participation in regional center operations any individuals that have been convicted of certain crimes, including fraud • Granting the Department of Homeland Security the authority to terminate any regional center found to be involved in fraudulent activities or out of compliance with SEC regulations “We should improve our legal immigration programs so that they boost economic growth and job creation here at home. The investor visa program is an important part of meeting this goal as it helps grow our economy and create jobs for Americans through capital investment by foreign investors. I recently met with U.S. Citizenship and Immigration Services officials who oversee the EB-5 program. At the meeting, I voiced my support for the program and also expressed concern about the long approval process for investor petitions and regional center applications. We should build upon the success of the regional pilot project by making it permanent. We should also strengthen the program to maintain its integrity and ensure it runs as effectively and efficiently as possible.” –Chairman Bob Goodlatte Chairman Bob Goodlatte Continued on page 56 w w w. E B 5 I n v e s to r s . c o m 55