EB–5 Regional Center Program Advisory Committee Authorization Act
If enacted, HB 7220 could significantly reform how the EB-5 program operates by bringing together stakeholders from federal, state, local, and tribal governments to evaluate and enhance the program. The establishment of this committee would be beneficial in promoting transparency and better communication between EB-5 regional centers and the USCIS. Legislative supporters argue this change could stimulate job creation and attract capital investments, vital for economic development in high-unemployment and rural areas. It aligns with ongoing efforts to revitalize regions through foreign investment.
House Bill 7220, named the 'EB–5 Regional Center Program Advisory Committee Authorization Act', proposes the establishment of an Advisory Committee within the U.S. Citizenship and Immigration Services (USCIS) aimed at enhancing the EB-5 Regional Center Program. The bill mandates that the Secretary of Homeland Security appoint members from various governmental and EB-5 regional center representatives, ensuring a diverse representation from various geographical and project categories. This committee's primary responsibility is to advise and consult with the USCIS director on improvements to the EB-5 program, facilitating better investment opportunities and economic growth.
Despite the potential benefits, the establishment of an advisory committee may raise concerns about oversight and the effectiveness of its recommendations. Opponents may question whether such a committee can maintain independence and provide unbiased feedback, especially if it includes individuals with vested interests in the program. Furthermore, issues related to compliance and potential fraud prevention measures within the investment landscape might also lead to discussions on the adequacy of any proposed reforms. Additionally, the requirement that committee members represent regional centers in good standing under the EB-5 Reform and Integrity Act of 2022 may limit participation from newer or less-established centers.