EB-5 Integrity Act of 2016
Latest action · Feb 29, 2016 Referred to the Subcommittee on Immigration and Border Security.
Progress
Where this bill reached, and when. A stage with no date was not reached; one that failed a vote and later carried shows the date it carried.
- IntroducedFeb 10, 2016
- Passed HouseNot reached
- Passed SenateNot reached
- To the PresidentNot reached
- Became lawNot reached
Summary
EB-5 Integrity Act of 2016
This bill amends the Immigration and Nationality Act to revise the EB-5 (alien investor) regional center program.
A regional center shall operate within a defined geographic area, and shall be consistent with the purpose of concentrating pooled investment within such area.
The bill prescribes job creation requirements.
Alien investor capital may not be used to purchase municipal or any other publicly-available bonds.
Approved regional centers must give advance notice to the Department of Homeland Security (DHS) of significant proposed changes to their organizational structure, ownership, or administration, which must then be approved by DHS.
A commercial enterprise associated with a regional center shall file an application with, and obtain approval from, DHS for each investment offering to aliens seeking alien investor classification.
Approval of a business plan shall be binding on future adjudication except in cases of fraud, criminal misuse, public or national security, or major errors of law or fact.
The bill expands regional center annual statement reporting requirements.
The bill also prohibits regional center involvement for persons who have committed certain crimes, human trafficking, controlled substance trafficking, espionage, or terrorist activity. DHS shall suspend or terminate designation of any regional center, or the participation of any new commercial enterprise or job-creating entity, that knowingly involved such a person.
Only a U.S. national or lawfully admitted permanent resident may be involved with a regional center.
A regional center shall monitor and supervise all offers, purchases, and sales of securities made by associated parties to ensure compliance with U.S. securities laws.
The bill establishes the EB-5 Integrity Fund in the Treasury, and prescribes specified fees to be collected from each regional center.
Direct and third party promoters must: (1) comply with DHS rules and standards and federal or state securities laws, (2) register with U.S. Citizenship and Immigration Services, and (3) meet other specified requirements.
The bill prescribes fund source and gift restrictions.
DHS shall deny or revoke the approval of a business plan application with any investment or business arrangement that: (1) presents a threat to public safety or national security; or (2) presents a significant risk of criminal misuse, fraud, or abuse.
An alien investor shall demonstrate that the required capital and any administrative funds were obtained from a lawful source and through lawful means.
If a regional center or regional center associated commercial enterprise has its designation or participation terminated for reasons relating to fraud or other specified offenses, any associated person, including an alien investor, who was a knowing participant shall be permanently barred from future program participation.
DHS employees may not give specified preferential treatment to any organization or individual in connection with any aspect of the EB-5 regional center investor visa program.
Cosponsors 2
Members who signed on, in the order they did. Signatures ran from Feb 10, 2016 to Apr 29, 2016; 1 is an original cosponsor, there from the day it was introduced.
| Seat | Cosponsor | Signed on | |
|---|---|---|---|
| R-NV | Mark E. Amodei | Original | Feb 10, 2016 |
| D-WA | Adam Smith | Apr 29, 2016 |
Committees 1
Where it was sent and what each committee and subcommittee did with it, in order.
| Chamber | Committee | What it did |
|---|---|---|
| House | Judiciary Committee | Referred Feb 10, 2016 |
| Immigration Integrity, Security, and Enforcement Subcommittee | Referred Feb 29, 2016 |
Actions 3
Everything that happened, newest first.
- Feb 29, 2016Referred to the Subcommittee on Immigration and Border Security.
- Feb 10, 2016Introduced in House
- Feb 10, 2016Referred to the House Committee on the Judiciary.
Research
What has been written about this bill: committee reports, cost estimates, the sponsor’s authority statement, printed hearings and the Congressional Research Service’s work.
Constitutional authority
The sponsor’s statement, as printed in the Congressional Record, vol. 162, no. 24, February 10, 2016, page H710.
Related bills 1
Companion bills and other measures the record links to this one.
| Bill | Title | Relationship | Latest action |
|---|---|---|---|
| S 2415 | EB-5 Integrity Act of 2015 | Related bill | Dec 17, 2015 |
Titles 2
Every title it has carried, official and short, at each stage.
- Official Title as Introduced
- To implement integrity measures to strengthen the EB-5 Regional Center Program in order to promote and reform foreign capital investment and job creation in American communities.
- Short Titles as Introduced
- EB-5 Integrity Act of 2016
Subjects
Assigned by the Library of Congress. Policy area: Immigration.
- Business investment and capital
- Congressional oversight
- Department of Homeland Security
- Drug trafficking and controlled substances
- Employee hiring
- Espionage and treason
- Financial services and investments
- Foreign labor
- Fraud offenses and financial crimes
- Government ethics and transparency, public corruption
- Government information and archives
- Government trust funds
- Human trafficking
- Immigration
- Immigration status and procedures
- Securities
- Terrorism
- U.S. and foreign investments
- User charges and fees
- Visas and passports
Text 1
Each version as it was printed, newest first.
- Feb 10, 2016Introduced in House
Everything here is as published by Congress: the summary is the Congressional Research Service's, the action wording is the clerks', and the subjects are the Library of Congress's. How far it got is read from the actions themselves, taking the most recent one of each kind, so a bill that failed a vote and later passed is shown as having passed. Records come from this bill on Congress.gov and govinfo.gov; cost estimates are the Congressional Budget Office's, and the hearings are the printed hearings GovInfo publishes, which can appear months after the hearing.
