Future Caucus Co-Chairs Introduce Bipartisan Immigration Bill
May 16, 2014
Congressman Aaron Schock (IL-18) and Congresswoman Tulsi Gabbard (HI-02) formally announced bipartisan legislation today that permanently extends the popular EB-5 visa program for immigrant investors and eliminates the current program’s outdated country caps.
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Congressional Future Caucus Co-Chairs Congressman Aaron Schock (R-IL) and Congresswoman Tulsi Gabbard (D-HI) introduced bipartisan legislation titled EB-5 Regional Center Extension Act of 2014. It has been sent to the House Committee of the Judiciary for review.
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The bill, H.R. 4659, amends the Immigration and Nationality Act of 1990 to eliminate per-country caps on employment visas by permanently extending the EB-5 visa program, also known as the Immigrant Investor Program. This program was established to help stimulate the U.S. economy through job creation and capital investments by foreign investors.
These EB-5 visas are also set aside for investors in Regional Centers designated by the United States Citizenship and Immigration Services (USCIS). Under Schock and Gabbards’ bill, a minimum of 3,000 visas per fiscal year shall be reserved for EB-5 program applicants. Current law requires a minimum $1 million investment per visa, or a $500,000 investment if located in a rural or high-unemployment area.
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“Repeatedly, EB-5 program extensions have received overwhelming bipartisan support. This much-needed legislation underscores the importance of an incremental approach to immigration reform as Congress seeks common ground to address our nation’s broken system.”
— Rep. Aaron Schock (R-IL)
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