Congress Passes Spending Bill To Avoid Shutdown, Again Punts On Health Care (and EB-5 Revision)

With the clock ticking, Congress on Friday (4/28/2017) managed to fulfill its basic function — keeping the federal government running.

The House and Senate approved a short-term measure that funds the government for another week. Lawmakers voted hours ahead of a midnight deadline to avoid a partial shutdown of federal agencies.

Friday's extension gives members of Congress more time — until midnight on May 5 — to try to reach a deal on a spending bill that will last through the rest of fiscal year 2017, which ends Sept. 30.

USCIS issues proposed regulation changes: "EB-5 Immigrant Investor Program Modernization"

 USCIS has issued a proposed rule on "modernization of the EB-5 Immigrant Investor Program" changing some MAJOR provisions governing EB-5, including: Raising of the minimum capital investment amount to $1.8million (and $1.35 for TEA); Priority Date retention; Elimination of state designation of high unemployment areas. Public comment period ends 4/11/2017.

EB-5 Regional Center program to be Extended Through April 28, 2017

Yesterday, Congress introduced a bill for another continuing resolution that will extend federal government funding through April 28, 2017. Included in this stop-gap measure is a short-term reauthorization of the EB-5 Regional Center Program through April 28, 2017, avoiding a lapse to the Program which would otherwise sunset on December 9, 2016. 

 

U.S. SENATE MOVES TO EXTEND EB-5 PROGRAM AS IS

The Senate is moving forward with an extension of the EB-5 immigrant investor program as is and reforms to the program appear unlikely.

The provision to extend the program is included in the continuing resolution, a short-term budget bill that allows the government to keep running until early December.

EB-5 visa program may expire on Sept. 30 if Congress doesn’t take action

The investor visa program, EB-5, is set to expire on September 30, unless Congress can temporarily extend it, or reform it to cut down the loopholes and eliminate the numerous cases of fraud that surface with the program.

Three Immigration Lawyers Sanctioned by SEC for Brokering EB-5 Investment

The Securities and Exchange Commission (SEC) has just published three new decisions in connection with administrative proceedings against two well known immigration lawyers, as well as against a third lawyer. One party has allegedly earned $450,000 in commissions from one EB-5 Offeror alone.

https://www.sec.gov/litigation/admin/2016/34-78658.pdf
https://www.sec.gov/litigation/admin/2016/34-78657.pdf
https://www.sec.gov/litigation/admin/2016/34-78656.pdf

VT reaches $5.95 million settlement with Raymond James

The Vermont Department of Regulation has reached a settlement with Raymond James and Associates, Inc., in connection with the EB-5 scandal in the Northeast Kingdom.

Price for a Green Card: $500,000 Stadium Stake

For years, sports teams have tried to defray the multimillion-dollar costs of their new stadiums by asking fans to pay thousands for personal seat licenses that entitle them to buy season tickets.

Flávio Augusto da Silva is taking the concept further. In what may be the first deal of its kind, Mr. da Silva, the majority owner of Orlando City of Major League Soccer, is asking investors from Brazil, China and elsewhere to pay $500,000 each for a stake in the stadium he is building near downtown Orlando. In return, the foreign investors receive annual dividends, two season tickets and something even more valuable: a green card that allows them, their spouses and sometimes even their children to live and work in the United States.

Lawmakers Take ‘Fix It or Nix It’ Stance on EB-5

A popular senior housing finance program that was previously under fire received a short term reprieve—but lawmakers continue to discuss dismantling or reforming it.

The EB-5 financing program has been extended exactly as is until September 30, 2016, but calls to reform the program with stricter regulations have remained. The provision to extend the program without major changes was approved within the federal funding Omnibus Bill by Congress on December 15. But in early February, the program was back up for debate.

EB-5 Provision Extended

A joint resolution in Congress has temporarily extended the EB-5 provision governing Regional Centers by granting funding of the program until December 16, 2015.