Chamber Urges Changes to EB-5 Integrity Rule
The Chamber commented on DHS's proposed rule implementing the EB-5 Reform and Integrity Act of 2022. It backed the law's integrity goals but said some provisions exceed Congress's statute, reverse prior policy without explanation, and impose unworkable obligations on banks, investors, public companies, and businesses connected to EB-5 projects. The Chamber warned these changes could reduce participation by major capital sources and harm the program's job-creation purpose.
Congress launched EB-5 in 1990 to spur U.S. jobs and inbound capital. Regional centers handle nearly all EB-5 investment, supporting infrastructure, real estate, and manufacturing. Commerce figures for FY2012–2015 credit the regional center model with roughly 381,000 jobs, $27.9 billion in capital, and over $33 billion in GDP, all without taxpayer funds.
A later IIUSA-commissioned study found 2016–2019 EB-5 activity produced $75.2 billion in investment, 1.7 million jobs, $122 billion in wages, $184 billion in GDP, and $14.5 billion in tax revenue. Since 2022, the program has drawn over $5.36 billion, with FY2024 setting a record 14,924 visas.
If finalized, the rule could affect immigrant investors, regional centers, banks, public companies, and project-linked businesses by adding compliance burdens. Communities hosting EB-5 projects—including rural and high-unemployment areas—may see fewer funded developments if capital participation declines. The Chamber argues this could weaken job creation, while DHS's integrity aims may improve program oversight. Overall, the outcome may shape how much foreign investment reaches local construction, manufacturing, and infrastructure.