EB-5 Legislative Update

While our nation’s elected officials are preparing for their annual July recess, re-election campaigns, and national party conventions, GCF continues its industry leading effort to lobby for a long-term reauthorization for the program.  In a whirlwind two-day trip to Washington, DC last week,  Kyle and Mike met with key staffers from nine of the 11 Arizona Congressional offices.

Their objectives were simple: demonstrate the significant impact the program has contributed to the economies of Arizona and the US in terms of capital investment and job creation for Americans, advocate for a long-term reauthorization, and emphasize the detrimental impact a program lapse or expiration would have on the US economy. The conversations were frank and open with topics ranging from the importance of national security, the need for integrity measures, visa numbers, and petition backlog relief.  The meetings were extremely positive and the messages were well received with future discussions to be planned. Lastly, Kyle and Mike highlighted substantial progress on industry-wide compromise to ease Congress’ burden in crafting new legislation in a vacuum which was met with great optimism. In the days since the DC advocacy trip, the final touches on a joint letter from key industry stakeholders to be submitted to Congress and the committees of jurisdiction are being finalized. It is  expected the letter will be ratified and  released in the coming weeks.

Mike and Kyle are already planning another trip to the Capitol in September as the reauthorization date closes in.

If you’d like to help, please write your elected officials and tell them you support reauthorization of EB-5!

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