3.0.0 2415 2023-01-11T13:32:21Z 2023-01-11T13:32:21Z Senate S 2015-12-17 114 ssju00 Judiciary Committee Senate Standing Referred to 2015-12-17T20:36:16Z EB-5 Integrity Act of 2016 114 4530 HR 2016-02-29 Referred to the Subcommittee on Immigration and Border Security. Related bill CRS 2015-12-17 ssju00 Judiciary Committee Senate Read twice and referred to the Committee on the Judiciary. IntroReferral 2015-12-17 Introduced in Senate IntroReferral 10000 9 Library of Congress F000444 Sen. Flake, Jeff [R-AZ] JEFF FLAKE R AZ N C001056 Sen. Cornyn, John [R-TX] John Cornyn R TX 2015-12-17 True S000148 Sen. Schumer, Charles E. [D-NY] Charles Schumer D NY E. 2015-12-17 True T000476 Sen. Tillis, Thomas [R-NC] Thomas Tillis R NC Roland 2016-02-04 False H001041 Sen. Heller, Dean [R-NV] Dean Heller R NV 2016-09-14 False 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 status and procedures Securities Terrorism U.S. and foreign investments User charges and fees Visas and passports Immigration 00 2015-12-17 Introduced in Senate 2016-02-08T21:18:13Z EB-5 Integrity Act of 2015

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.

]]> EB-5 Integrity Act of 2015 Display Title EB-5 Integrity Act of 2015 Official Title as Introduced A bill 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. Introduced in Senate IS Short Titles as Introduced EB-5 Integrity Act of 2015 Introduced in Senate 2015-12-17T05:00:00Z https://www.govinfo.gov/content/pkg/BILLS-114s2415is/xml/BILLS-114s2415is.xml 2015-12-17 Read twice and referred to the Committee on the Judiciary. text/xml EN Pursuant to Title 17 Section 105 of the United States Code, this file is not subject to copyright protection and is in the public domain. Congressional Research Service, Library of Congress This file contains bill summaries and statuses for federal legislation. A bill summary describes the most significant provisions of a piece of legislation and details the effects the legislative text may have on current law and federal programs. Bill summaries are authored by the Congressional Research Service (CRS) of the Library of Congress. As stated in Public Law 91-510 (2 USC 166 (d)(6)), one of the duties of CRS is "to prepare summaries and digests of bills and resolutions of a public general nature introduced in the Senate or House of Representatives". For more information, refer to the User Guide that accompanies this file.