24 Jan Congress Passes Continuing Resolution Extending EB-5 Program
Washington D.C., January 23, 2018 – Yesterday, the House of Representatives and the Senate each passed a Continuing Resolution extending the operation of the U.S. Federal Government until February 8, 2018. The Continuing Resolution was then signed into law by the President to ensure the continuity of government operations. As part of the Continuing Resolution, the EB-5 Regional Center visa program was also extended without changes until February 8, 2018.
The pattern of short Continuing Resolutions has been the dominant approach since September 2017. The Federal Government has passed four short-term Continuing Resolutions between September 2017 and January 2018. In each Continuing Resolution, the EB-5 Regional Center visa program has been extended without changes.
At the same time, in December 2017, the U.S. Federal Government (Office of Management and Budget Office of Information and Regulatory Affairs (OMB)), made public a summary of its regulatory agenda for 2018. The USCIS regulatory agenda included several important proposals such as accelerating the new EB-5 visa program regulations to take effect in February 2018.
Once USCIS publishes its final EB-5 program regulations in February, a 60-day grace period would take effect which could allow Congress additional time to finalize comprehensive EB-5 legislation in place of USCIS’ regulations.
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