WASHINGTON--(BUSINESS WIRE)--Projects representing more than $3 billion in direct job opportunities utilizing the EB-5 Immigrant Investor program represent the importance of improving the efficiency of the EB-5 program. MAJA, the More American Jobs Alliance, supports these projects and voices serious concerns regarding the allowances given for indirect projects and the grandfathering clause which will cause significant delay to program reforms.
“As Congress looks to renew the EB-5 program in late September, serious consideration should be given to reducing the dependence on indirect job investments and removing the grandfathering clause to allow the more beneficial investment of billions of dollars in direct EB-5 projects,” says Shae Armstrong, Director and Counsel for MAJA.
Direct job investments are about people. MAJA has identified more than $3 billion in viable direct job projects. That equals 83,725 full-time, W-2 jobs for American workers at no cost to taxpayers. Direct job projects are vital and play an integral role in keeping the U.S. economy strong and the communities vibrant, yet these projects have taken a backseat to indirect job projects, which water down the effectiveness of the program and the benefit to the communities and American workers. A full listing of these projects and the industries represented can be found on MAJA’s website.
In order to protect the quality and integrity of the EB-5 program and direct U.S. job creation, the following suggestions for a reconsideration of the program are to:
- Provide a minimum of 5000 of the allowed visas for direct job projects.
- Reserve the lower investment amount for rural areas or areas of high unemployment.
- Remove the grandfather clause allowing exemptions from the new requirements.
An amended version of Bill S.1501, the American Job Creation and Investment Promotion Reform Act, can be found here.
If you are a member of the media interested in covering this story or setting up an interview, please contact Amber Bagwell at (214) 347.7140 ext. 146; email firstname.lastname@example.org.
The More American Jobs Alliance comprises of more than 170 EB-5 stakeholders, global immigration specialists, real estate developers, health care operators and concerned U.S. citizens.
Goals of MAJA:
- Indirect Job Credit Elimination – There are at least $3 billion of direct projects in the market that would meet the EB-5 quota while maximizing job creation.
- Prevent Projects from being grandfathered in under preexisting EB-5 Legislation – grandfathered investors would consume the next 5 years of EB-5 quota, thus, making any new EB-5 legislation futile.
- Strengthen governmental oversight of the EB-5 Program – reduce EB-5 fraud while encouraging greater enforcement of U.S. securities laws.
For more information about the More American Jobs Alliance, visit www.maj-a.us or call (214) 347.7140.