U.S. Reps. Aaron Schock (R-IL) and Tulsi Gabbard have introduced legislation that permanently extends “the popular EB-5 visa program” for immigrant investors and eliminates the current program’s “outdated country caps,” according to Gabbard’s office.
The bill, H.R. 4659, has been referred to the House Committee on the Judiciary for action.
“By introducing this bill, we can leverage funds and capital from overseas in our communities by encouraging foreign investors to create and support jobs in every sector of our economy, particularly in rural areas or those with high unemployment,” Gabbard said in a press release. “Between 2005-2013, for example, $6.5 billion was invested in projects around the country, supporting 131,000 American jobs. In Hawai‘i, our business owners and job-seekers have the potential to benefit greatly from our proximity to investors in the Asia-Pacific region who want to expand to the U.S. market.”
Gabbard’s office says that Hawaii projects that have benefitted from EB-5 investments the UH West Oahu campus and the Hawaii DOTconsolidated rental car facility project at Honolulu International Airport.
Photo: Screen shot of Reps. Aaron Schock and Tulsi Gabbard on “Morning Joe.” (YouTube)
Stay Up To Date On The Coronavirus And Other Hawaii Issues