Tuesday, September 15, 2015
Update: EB-5 Regional Center Program Reauthorization
(by GreenbergTraurig) Democratic and Republican Negotiators in the House and Senate are working through the EB-5 Regional Center Program’s reauthorization and have not reached consensus as of this writing. The House and the Senate must agree on language and pass that identical language in both Chambers prior to September 30, 2015 in order to effectuate the desired more comprehensive reform of the program. The chances of that happening , however, given the few legislative days in the House in the Senate – fewer than 10 – is challenging. The more likely scenario will be the program’s temporary extension with three other immigration-related programs that are also slated to sunset at the month’s end. This temporary extension will most probably be a shorter term extension as part of the larger Continuing Resolution (“CR”) – a bill that will be introduced to keep significant parts of the U.S. government open following the end of the government fiscal year on September 30, 2015. The CR is something that has become a Congressional fall back in lieu of passing actual spending bills. At this point there is even a question about whether the CR can be passed in time so as to prevent a government shutdown. All that being said, September 30, 2015 remains a critical deadline for reauthorization of the EB-5 program.