This is an opinion piece adapted from ILW’s article, “Wishful Rumors,” that was published in an email blast on November 15, 2019.
November 21, 2019 marks the beginning of following new rules for the EB-5 Immigrant Investor Program. Some rumors have been circulating about whether anyone will try to stop these new rules. The rumored ways of stopping these rules focus around each of the three parts of the U.S. government. We believe that it is highly unlikely for anyone to stop these new rules from being enacted, so we should all be preparing to adjust to the new requirements.
Some have wondered if anyone will try obtaining a Temporary Restraining Order (“TRO”) from a judge that would stop the new rules from being put into place. Attorneys familiar with the process of obtaining a TRO say that this is unlikely since a judge typically only grants a TRO if it looks like there can be changes made to whatever is being restrained. It is highly unlikely that any changes would be made on these new rules.
The only way anyone in the Executive Branch could stop the new rules is if there was a true national emergency, i.e. a war breaks out or a natural disaster causes extreme damage. Even the President is lawfully unable to issue an Executive Order that affects these new rules.
The Legislative Branch is the only branch that could change these new rules. But there needs to be a strong group of legislators who are willing to take the lead and change these rules through either a Continuing Resolution (“CR”) or a new statute. This path has proven to be deadlocked for years. Many are hopeful that Congress will eventually pass long-term changes to the program, but everyone is unsure of when this will actually come to pass.
One bill that is currently being considered by Congress, S.2778 – Immigrant Investor Program Reform Act seems to be gathering some good support. We are hopeful that Congress will eventually pass legislation making the program stronger for the future.
If you have any questions about the new changes to the EB-5 immigrant investor program, or you have questions about your immigration plans, contact us today to schedule a consultation with one of our attorneys.