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S. 744
Border Security, Economic Opportunity,
and Immigration Modernization Act
Introduced in the Senate by Senator Chuck Schumer
(D-NY) on April 16, 2013
Passed in the Senate on June 27, 2013
Proposes:
• Permanent authorization of the
regional center program
• Preapproval of key regional center documents,
such as business plans and job creation analyses
• Expedited visa application processing options
• Annual submission of regional
center financial statements
• Barring from participation in regional center
operations any individuals that have been
convicted of certain crimes, including fraud
• Certification of regional center
securities compliance
• 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
The EB-5 provisions of the Senate’s comprehensive immigration reform bill were proposed by Senator Patrick
Leahy (D-VT) in the form of the amendment Leahy2
Strengthening the Job-Creating EB-5 Regional Center
Program. According to a press release from the Senator’s
office, “When fully subscribed, this program has the
potential to contribute $5 billion to communities around
the country on an annual basis with the creation of tens
of thousands of American jobs[…]” The amendment is
intended to make the program more user-friendly for
regional center operators and create more predictability
for investors, while protecting against fraud and abuse of
the program.
This piece of legislation is one of the more robust of
the current proposals on the table, given its place in the
Senate’s immigration reform bill. The bill will go to the
House of Representatives next for debate.
• Excluding dependents from
numerical visa limitations
• Setting aside 5,000 visas for
immigrants who invest in TEAs
• Designating TEAs for five-year periods
• Adjusting the minimum investment amount
based on the consumer price index
“I have long championed the EB-5 program. I consider
its permanent reauthorization an important priority. This
is because I have seen this program’s potential in Vermont.
EB-5 investments have transformed parts of Vermont by
drawing in new business and tourism. Across the country,
the EB-5 program has spurred capital investment and job
creation since its inception, and all at no cost to American
taxpayers.”
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Senator Patrick Leahy
–Senator Patrick Leahy
E B 5 I n v e s to r s M ag a z i n e