ATR Opposes Obama-Era Regulations to EB-5 Visa Program

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Posted by Brenna Reach on Friday, March 15th, 2019, 9:39 AM PERMALINK

 

ATR President Grover Norquist continues to lead the opposition to the Obama midnight regulations on the employment-based (EB-5) visa program. This Wednesday, he sent a letter to Director of the Office of Management and Budget Mick Mulvaney urging him to reject the proposition.

 

EB-5 visas are key drivers of foreign investment and economic growth. They are allocated to individuals who invest at least $1 million in a U.S. business ($500,000 for economically depressed areas) and create at least ten full-time jobs. Since 2008, the program has increased foreign investment in the U.S. by $20 billion and created over 174,000 jobs.

 

Attracting immigrants who pledge investment in our country and immediately increase the nation’s GDP is a critical step in enhancing US economic strength, competitiveness, and job creation. However, Obama-era regulations intended to curtail the EB-5 program are currently under review by the Office of Information and Regulatory Affairs. Americans for Tax Reform urges that the DHS proposal currently under review by OIRA not be finalized.

 

Read the full letter here

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