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[HOT] Why doesn't Regional Center Program get a longer extension or made permanent by Congress?


That's a good question. Let us explain to you as best as we can, because many in the EB-5 community are wondering the same thing.

First, we would like to reiterate that the real issue is not whether the RC EB-5 Program will be extended up to the end of this fiscal year, which is September 30th 2009, but how quickly after September 30th -- and by what means -- the RC EB-5 Program will be extended for at least 5 more years or made permanent.

As the RC Program neared its 5 year extension period on September 30, 2008, the Congress extended it until March 6th 2009 through a provision in Continuing Resolution bill, along with two other non-controversial bills. During 2008, there had been a great deal of efforts in both the House and Senate to give at least another 5 years of extension to the RC Pilot Program. But despite the efforts, and despite strong supports by both Democrats and Republicans, the political maneuverings to tie E-Verify and other piece meal immigration bills to those certain-to-be-extended bills -- such as RC extension bill -- stalled a longer extension efforts. Another stumbling block was that some in the Congress wanted to try to pass a Comprehensive Immigration Reform bill overhauling and addressing all U.S. immigration bills as a group, rather than by piece meal approach. Therefore, non-controversial immigration bills such as Regional Center EB-5 Program, will continue to get extended, and more efforts will be made to extend it for at least 5 more years, or even made permanent.

For the RC Program to really take off, it has to be made permanent, because continuing for even another 5 years does not show a real commitment by U.S. Congress. Many potential EB-5 investors are wondering why the United States are construing these temporary extensions of RC EB-5 Program as lack of real commitment to this Program; but once the EB-5 Program is made permanent, USCIS and the EB-5 community will realize that this RC EB-5 Program is here to stay, and expand more efforts to improve the Program.

It's ironic and sad that RC Program is not being made permanent especially during the current economic crisis, because RC Program can really help without hurting U.S. tax-payers, unlike any Economic Stimulus bills that are being considered by the U.S. Congress these days. In our view, the RC Program is one of few means that do not hurt American workers and also help the U.S. economy by creating jobs. It should really receive more positive coverages from the U.S. media who seem to resent the relatively rich foreign investors who are willing to invest in the U.S. The bottom line is that their investments in RC Program has led to a creation of much-needed jobs for U.S. workers (U.S. citizens and permanent residents). Note immediate family members of EB-5 investor do not count in the required employment.