Sunday, March 25, 2012

EB-5 industry group: let's get law renewed, then we can worry about weeding out the bad apples

An insight into the world of EB-5 investment immigration just emerged: apparently some of those marketing investments to would-be immigrants think some of their peers are cutting corners.

The response from an industry group? Let's get the law authorizing regional centers, investment pools federally authorized to market such investments, permanently renewed by September. Then we can go after the bad apples.

A new coalition

From Brian Su's EB-5 News Blog: Regional Centers in the USA, a statement from the Association to Invest in the USA (IIUSA), the national organization representing regional centers:
Who is "Coalition for Responsible Regional Centers"?
(Source: IIUSA) - Recent Mailing from "Coalition for Responsible Regional Centers": Several IIUSA Regional Center members received a mailing from this group over the past few days. IIUSA is not in any way affiliated with this initiative. With less than 200 days until the sunset of the Regional Center Program, NOW is a time for industry unity around our central goal of Permanent Reauthorization of the Regional Center Program. Divisive messages, such as those being advocated by this group, jeopardize all of our collective hard work and detracts from our sole objective to make the Program a permanent tool of economic development and job creation. Discussion of Program reform will have its time and place once we have achieved our objective.
(I couldn't find the statement on the IIUSA site.)

This occurred, apparently, slightly before the tough (but not as tough as it could be) Bloomberg BusinessWeek article on the "dodgy" EB-5 program. Presumably those behind the new movement--details of which I couldn't find--have some momentum.

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