Research Highlights
Professor Jeanne Calderon Testifies Before Congress, Citing Research with Gary Friedland on the Immigrant Investor EB-5 Program
— February 11, 2016

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 Jeanne Calderon delivered testimony, based on her joint work with Scholar-in-Residence Gary Friedland, at a Congressional hearing convened by the United States House of Representatives Judiciary Committee on the reform of the immigrant investor EB-5 program. The hearing, “Is the Investor Visa Program an Underperforming Asset?” was held on February 11, 2016.
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:
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).
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).
- US Department of Homeland Security recently issued final EB-5 regulations citing research by Professor Jeanne Calderon and Scholar-in-Residence Gary Friedland, as well as Congressional testimony by Friedland
- Read Professor Jeanne Calderon and Scholar-in-Residence Gary Friedland's co-authored paper entitled, "EB-5 Reform on the Horizon – If the Palm House Hotel Debacle Does Not Precipitate Congressional Action, What Will?"
- Read Professor Jeanne Calderon and Scholar-in-Residence Gary Friedland's co-authored paper entitled, "EB-5 Securities – New Developments and Updated NYU Stern Database – 2018 Edition"
- Read Professor Jeanne Calderon and Scholar-in-Residence Gary Friedland's co-authored paper entitled, "SEC Whistleblower Program as a Valuable EB-5 Securities Anti-Fraud Enforcement Tool"
- Read Professor Jeanne Calderon and Scholar-in-Residence Gary Friedland's co-authored paper entitled, "EB-5 Program: It's Broken, When Will It Be Fixed?"
- Read Professor Jeanne Calderon and Scholar-in-Residence Gary Friedland's co-authored paper entitled, "Understanding EB-5 Securities - NYU Stern Database of SEC EB-5 Enforcement Actions"
- Read Professor Jeanne Calderon and Scholar-in-Residence Gary Friedland's co-authored paper entitled, "EB-5 Project Database: 2017 Supplement with Trends and Observations"
- Read Professor Jeanne Calderon and Scholar-in-Residence Gary Friedland's co-authored paper entitled, "EB-5 Prescription for Reform: Legislation or Regulation?"
- Read Professor Jeanne Calderon and Scholar-in-Residence Gary Friedland's co-authored paper entitled, "EB-5 Proposed Regulations: A Missed Opportunity, Next Steps for Reform"
- Read Professor Jeanne Calderon and Scholar-in-Residence Gary Friedland's co-authored paper entitled, "EB-5 2.0: Can Account Transparency Save the Program?"
- Read Professor Jeanne Calderon and Scholar-in-Residence Gary Friedland's co-authored paper entitled, "EB-5 Mezzanine Financing: A Real World Example"
- Read Professor Jeanne Calderon's and Scholar in Residence Gary Friedland's reflections on their recent participation at the House Judiciary Committee Hearings on EB-5 Reform and their recommendations to Congress and Homeland Security's Citizenship and Immigration Services. This piece is the first in a series that they intend to release in the coming weeks.