EB-5 Reform and Integrity Act of 2021 Introduced
March 18, 2021
Senator Chuck Grassley (R-Iowa), Ranking Member of the Senate Judiciary Committee, and Senator Patrick Leahy (D-Vt.), a senior member and former chairman of the Judiciary Committee, today introduced the EB-5 Reform and Integrity Act of 2021 (the Integrity Act). The Integrity Act brings a 5-year reauthorization to the EB-5 regional center program. See Carolyn Lee’s updated section-by-section summary.
The Integrity Act also embeds regional center oversight measures reflecting reasonable controls without harsh vicarious liability for third parties’ acts. In this respect, the bill reflects the most closely-negotiated set of oversight measures since EB-5 program reform was first proposed with S. 1501 in 2015, a bill also introduced by then-chairman Senator Grassley.
Senators Grassley and Leahy released a joint statement noting IIUSA‘s support for the bill.
Carolyn Lee is Legislation Counsel for IIUSA and is a long-time advocate of permanent EB-5 program reauthorization.