AILA Welcomes Senator Leahy's Hearing on Reauthorizing the EB-5 Regional Center Program

FOR IMMEDIATE RELEASE:
December 7, 2011

CONTACT:
George Tzamaras / Jenny Werwa
202-507-7649 / 202-507-7628
gtzamaras@aila.org / jwerwa@aila.org

WASHINGTON, DC - The American Immigration Lawyers Association (AILA) applauds Senator Leahy and the Senate Judiciary Committee for conducting the hearing, "Reauthorizing the EB-5 Regional Center Program: Promoting Job Creation and Economic Development in American Communities."

"Each EB-5 visa that gets approved is guaranteed to create jobs in a rural or high unemployment area in the U.S. It makes perfect sense for the country right now and it's good to see that Senator Leahy is promoting it," said AILA President Eleanor Pelta.

The EB-5 Regional Center pilot program, established in 1992, is scheduled to sunset on September 30, 2012. This important visa program provides conditional green cards to immigrant investors who invest their funds into projects that will create jobs for U.S. workers in areas of especially high unemployment. Administration and USCIS interest in the EB-5 program in general, and their recent initiatives to improve and streamline processing, underscore the program's obvious potential as a driver of economic growth and job creation.

The regional center program creates the incentives to attract foreign investors which in turn will help spur the U.S. economy. "The sooner Congress enacts a permanent reauthorization, the sooner uncertainty will be taken out of the equation for investors. Uncertainty undercuts any investment opportunity; speedy enactment of a permanent reauthorization will cement the EB-5 Regional Center program as an important vehicle to return to economic prosperity," said Pelta.

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The American Immigration Lawyers Association is the national association of immigration lawyers established to promote justice, advocate for fair and reasonable immigration law and policy, advance the quality of immigration and nationality law and practice, and enhance the professional development of its members.