EB-5 Program Applauded During Senate Judiciary Hearing

During the week of February 11, 2013, as part of President Obama’s agenda for his second term in office, the Senate Judiciary Committee of the 113th Congress hosted its first hearing on comprehensive immigration reform. A diverse group of witnesses testified on the U.S. immigration policy, and the EB-5 Program was referenced numerous times. Chairman Patrick Leahy (D-VT), a program sponsor who led the push to extend the program in 2012, applauded the program during his speech opening, and specifically requested collaboration from Janet Napolitano, Secretary, U.S. Department of Homeland Security, on improving the administration of the Program. Republican Senator Jeff Session of Alabama also discussed the EB-5 Program as an example of U.S. immigration policy that emphasizes American economic interests. Steve Case, President of Revolution, LLC and founder of America Online (AOL), praised the program for its nationwide economic impact. The EB-5 Program is expected to produce $2.0 billion in capital formation for the Fiscal Year 2013. Changes to US immigration laws have taken a front seat in Congressional and Presidential speeches, as both the Senate is working to devise legislation and President Barak Obama is pushing for support from congress and the public. During Obama’s inaugural address Monday, January 20, 2013, he focused on the subject, explaining “Our journey is not complete until we find a way to welcome the striving, hopeful immigrants who still see America as a land of opportunity, until bright young students and engineers are listed in our workforce instead of being expelled from our country.”