Professor Jeanne Calderon Testifies Before Congress, Citing Research with Gary Friedland on the Immigrant Investor EB-5 Program
If Congress seeks to limit the project locations that qualify as a TEA, then it must establish clear, unambiguous and objective criteria to determine which locations are deserving of the incentive that permits immigrants to invest a discounted amount.
Professor Calderon’s written testimony was jointly prepared with Friedland and partly based on their recent paper, entitled, “What TEA Projects Might Look Like Under EB-5 2.0: Alternatives Illustrated with Maps and Data,” which examined Congress’ proposed changes to the “Targeted Employment Areas,” or TEA, under the EB-5 program and its impact on NYC projects. Her remarks touched on several topics, including:
- Congress’ original intent in establishing the TEA concept
- EB-5 capital as a subsidy available to all projects, not limited to projects located in TEAs
- The prevalence of urban area TEA projects in today’s market
- Factors to be considered by Congress in redefining TEAs
- The US Citizenship and Immigration Services’ (USCIS) role in fostering gerrymandering
- Current opportunities for USCIS to remedy the problem
- Why visa reserves might be as – or more – important than TEA project qualification
Additional witnesses included Nicholas Colucci, Chief, Immigration Investor Program Office, US Citizenship and Immigration Services; Rebecca Gambler, Director, Homeland Security and Justice Issues, US Government Accountability Office; and Matt Gordon, CEO, E3 Investment Group.
Read Professor Calderon’s complete written testimony.
Watch the full hearing (Professor Calderon’s remarks begin at 1:09:05).