The EB-5 Regional Center Program is a thriving engine of job creation, with an economic impact in just about all 50 states across a broad range of industries. In early 2014, the Brookings Institute estimated that the program has generated at least $5 billion in investment in U.S. businesses and has created at least 85,500 direct full-time jobs since its creation. With more than 13,000 pending applications this year, certain proposed reforms to the EB-5 program put in jeopardy at least $6.8 billion more in foreign direct investment, all generated without any expense to the U.S. taxpayer.
The EB-5 Regional Center Program's success has been well-documented by economists and the bipartisan support of policymakers has merited its reauthorization more than six times over, but that fact is getting drowned out by a handful of vocal critics of the program's advancement in major urban centers like New York or Los Angeles. These critics are arguing that larger, urban projects are taking foreign investment away from high unemployment areas.
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