Reps. Schock, Gabbard Introduce Bipartisan Immigration Bill

Press Release

Congressman Aaron Schock (IL-18) and Congresswoman Tulsi Gabbard (HI-02) formally announced bipartisan legislation today that permanently extends the popular EB-5 visa program for immigrant investors and eliminates the current program's outdated country caps. The bill, H.R. 4659, was introduced yesterday in the House of Representatives and was referred to the House Committee on the Judiciary for action.

"Right now, more than anything, the U.S. economy needs good-paying jobs and investment capital to build the companies that create them. The EB-5 regional center program accomplishes both goals by attracting qualified foreign investors and establishing measurable goals for job creation," Rep. Schock said of the bill. "Repeatedly, EB-5 program extensions have received overwhelming bipartisan support. This much-needed legislation underscores the importance of an incremental approach to immigration reform as Congress seeks common ground to address our nation's broken system."

The EB-5 visa category was initially created as a pilot program under the Immigration Act of 1990. Current law allows for as many as 10,000 annual admissions and requires a minimum $1 million investment per visa. If the investment is made in a high unemployment or rural area, however, the investment threshold can be lowered to $500,000. The program has been extended twice in the last five years, with the House voting 412-3 in 2012 in the 112th Congress to extend the program until Sept. 30, 2015.

"When I hear from people in Hawai"i, the most important issue they bring up, by far, is that we need to revitalize and strengthen our economy. By introducing the EB-5 Act, we can leverage funds and capital from overseas in our communities by encouraging foreign investors to create and support jobs in every sector of our economy, particularly in rural areas or those with high unemployment," Rep. Gabbard noted in the bill's announcement. "Between 2005-2013, for example, $6.5 billion was invested in projects around the country, supporting 131,000 American jobs. In Hawai"i, our business owners and job-seekers have the potential to benefit greatly from our proximity to investors in the Asia-Pacific region who want to expand to the U.S. market. As a founding co-chair of the Congressional Future Caucus, I am proud to introduce this bipartisan legislation with my friend and colleague Congressman Aaron Schock. Together, we are working to identify practical, creative, and long-term solutions to the challenges we face in our communities and across the country."

According to the most recent reports, the EB-5 visa program contributed $3.4 billion to U.S. gross domestic product (GDP) in 2012, supported 42,000 U.S. jobs and generated $712 million in federal, state and local tax revenues. Presently, there are more than 6,000 pending EB-5 investor applications that would support 60,000 U.S. jobs under the program, with many of them in high unemployment states. Presently, the State of Illinois has the 3rd highest unemployment in the nation at 8.4 percent.

Facts about the EB-5 visa program in the State of Illinois:

· 2,408 jobs presently supported

· $22 million in investment presently deployed

· $186,495,303 contributed to the GDP

· $25.7 million generated in federal tax revenue

· $12.3 million in state and local tax revenue

Reps. Schock and Gabbard are co-founders of the Congressional Future Caucus, a bipartisan working group of next generational lawmakers who seek to develop long-term policy solutions that meet the challenges of America's future. By fostering a bipartisan community of Members of Congress who are dedicated to pragmatic leadership and issue-oriented results, the Future Caucus provides a platform to re-engage young people across the country with their government and our nation's democratic institutions.

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