EB-5 Regional Center Program Requires RenewalDecember 4, 2020
EB-5 Regional Center Program Requires Renewal by Dec. 11, even with a Lame Duck (Exiting) President
Currently, the EB-5 Regional Center Program is set to expire or “sunset” on December 11, 2020. The funding of the federal government and the renewal of certain federal programs, including the EB-5 Regional Center Program, requires bills by Congress that pass both chambers and are signed by the President. Traditionally, these bills, known as appropriations bills, that set funding benchmarks and reauthorize federal programs are passed as bundles making it more difficult for the President to veto the bill without negative repercussions. This is also the case with continuing resolutions, which are bills that can serve as a stopgap to allow federal agencies and programs to continue in operation until final appropriations bills are passed.
So, what would happen if President Trump chose not to sign a bill that passed both chambers of Congress required to fund the federal government and extend the EB-5 Regional Center Program?
Firstly, it is important to realize the historical decline in vetoes by recent Presidents. President Trump has vetoed a total of 8 pieces of legislation, compared to Franklin D. Roosevelt who had the most vetoes with 635. The only recent Presidents with a significant number of vetoes came from Ronald Reagan with 78 vetoes and Gerald Ford with 66 vetoes, which were both over 30 years ago.
Another important point is that while the President has the ability to veto a bill, Congress can override that veto with a 2/3 majority in both houses of Congress. It should be noted that the number of congressional overrides on a vetoed bill is very low, but an appropriations related bill with a lame duck (exiting) President would likely have a higher probability of being overridden by Congress.
The reality is that President Trump has the power to veto any bill, including bills needed to fund the government and reauthorize federal programs. However, if President Trump chooses to use his veto power he would carry very little support with members of Congress who would see passing these types of bills as critical in serving their constituents.
Therefore, as with past sunset dates, December 11, 2020 will likely be met with an extension of the EB-5 Regional Center Program, and hopefully without any lapse or last minute maneuvering.
However, the safest approach for an individual who is ready to move forward with their immigration pursuit is to move forward before any potential change or lapse in the program occurs. CMB will continue to monitor the upcoming deadline and encourages Congress and the President to do what is best for the nation by passing a bill as soon as possible.
If you would like to learn more about the EB-5 Investor Visa, or CMB’s current EB-5 offerings, please contact us here to schedule a free initial consultation with a CMB Investor Relations Manager.
CMB engages Prevail Capital, LLC, a broker-dealer registered with the SEC and a member of FINRA and SIPC, to be the administrative placement agent for all CMB EB-5 program projects
.