Welcome to Tripp Talks, you are inside The Immigration Zone, this is your host, United States immigration attorney Hardam Tripathi, Esq. reaching you from Tampa, Florida.

Today we're going to be discussing how the EB-5 reform bill will ultimately change this whole EB-5 program post Covid with the pandemic and just overall, just assess kind of what is being put into this bill.

So, ladies and gentlemen, let's get right into it.

So once again, I just want to discuss how the EB-5 reform bill could change that EB-5 program.

And basically, it involves around two pieces of legislation that we're seeing, one of which is the Grassley Leahy EB-5 reform bill, the EB-5 Reform and Integrity Act. And the other one is President Biden's Immigration Reform Act, the U.S. Citizenship Act of twenty twenty-one.

Now, both of these bills or pieces of legislation will have an impact on the EB five space and will have impacts on potential investors interested in taking part in this wonderful program so that they can pursue their American dream.

So these bills have provisions in them that are going to really benefit clients and benefit these investors because it really will try to speed up processing times for that five to six approval in the Grassley Leahy bill could it could basically reform the EB five program comprehensively. So, there's been a lot of trade associations that have been working and negotiating with Senator Chuck Grassley from Iowa, who is a Republican, and Senator Patrick Leahy, who's a Democrat from Vermont. And so you are seeing that there is a bipartisan approach taken on both sides of the aisle to really pass this EB five, reform an integrity bill into law, preferably before the June 30, 2021.

And so the good thing is if this bill is passed, it would ultimately reauthorize that EB five regional center program through September 30th of twenty twenty-six. And it definitely offers all these various provisions so that fraud is kept in check, that we're preventing fraud, that we're basically advancing and reforming these foreign capital investments and looking for more U.S. job creation, which was the original intent of the bill when the whole program was started with respect to EB five.

So basically you would see a reauthorization of this and you would see that the bill does provide a very important provision in there that would require these five to six petitions to be processed within a two hundred forty day time frame, which would speed up the process, reduce backlogs and ultimately help those investors.

So how is the EB five industry actually reacting to this proposed reform bill? Well, it's gotten a lot of mixed reviews. You're seeing proponents of this and people who do not like the bill as well. So the ones who don't really like it, you know, they're really saying that if this bill was enacted that the industry wouldn't really have an opportunity to address programmatic issues. There would need to be more of a holistic legislative reform package that would need to be created.

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