Omnibus as a Vehicle for EB-5
The core function of the omnibus is to fund the government through FY18, which ends on September 30, 2018. However, as one of only a handful of “must pass” bills, legislators are looking to incorporate a host of policy "riders" onto the omnibus. Legislative reform of the EB-5 program is an item that could be included in the omnibus package. This moment is a real opportunity for a long-term EB-5 reauthorization to be included on an omnibus. Opportunities to be a part of a major piece of legislation like the FY18 omnibus will more challenging if not impossible as the year progresses and draws closer to the mid-term election. As lawmakers turn to the 2018 midterm elections, fewer legislative vehicles will be available in an increasingly difficult political environment. It is likely that another omnibus will not be available to ride until the 116th Congress in 2019 - which may be too late in the face of regulations.
IIUSA is working closely with EB-5 champions in both chambers to ensure that the program remains a top priority for lawmakers when they are considering what to include in the omnibus. The EB-5 industry, led by IIUSA, is working diligently to persuade legislators that only a 6 year reauthorization and reform package will provide the certainty the industry needs to continue to support economic growth in across the nation.
