Unfreakingbelievable: after years of TEA manipulation by big EB-5 developers, the Senate Judiciary Committee finally schedules a meeting very properly titled “The Distortion of EB-5 Targeted Employment Areas: Time to End the Abuse” for THIS Wednesday…and BOOM, they just cancelled it!
What an incredible coincidence, right? It can’t possibly have anything to do with, ahem, Big EB-5 lobbyists…can it?
This morning I wrote about how a handful of EB-5 Regional Center heavyweights are basically stalling desperately-needed reforms to insure that REAL targeted employment areas in rural and poor urban areas benefit the EB-5 as Congress ALWAYS intended versus their glitzy highrises in Miami and Manhattan. This afternoon they once again stall the inevitable. See for yourself:
Senate Judiciary Committee Delays EB-5 TEA Abuse Reform Meeting
If you care about the TRUE spirit and purpose of EB-5 and about the industry, call your Congressional Representative and tell them that it’s time to get it together. I have seen the powerful local impact of EB-5 dollars channeled into truly poor parts of this country and there are ample testaments to impact of EB-5 capital on impoverished American communities. As the owner and operator of a small EB-5 Regional Center which really DOES create jobs in such communities, being forced into the role of EB-5 “apologist” as a result of the political power of those who see EB-5 as simply a convenient “cost of money” subsidy for their luxury projects has gotten quite tiresome.
Let’s clean this up, guys, before they take it away from us. Time to stop subsidizing megadevelopers with money intended to create jobs in bona fide high-unemployment parts of America. Basta.
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