Research Highlights
Scholar-in-Residence Gary Friedland Testifies Before Congress, Citing Research with Professor Jeanne Calderon on the Immigrant Investor EB-5 Program
— April 13, 2016

Thus, if the commercial traffic pattern approach would enable the large-scale real estate projects in Gateway cities to qualify as a TEA, it is difficult to view this approach as a serious effort at TEA reform.
Scholar-in-Residence Gary Friedland delivered testimony based on his joint work with Professor Jeanne Calderon at a Congressional hearing convened by the United States Senate Committee on the Judiciary on the immigrant investor EB-5 program. The hearing, entitled, “The Distortion of EB-5 Targeted Employment Areas: Time to End the Abuse,” was held on April 13, 2016.
Friedland’s written testimony was jointly prepared with Professor Calderon 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. His remarks touched on several topics, including:
Read Friedland's complete written testimony.
Watch the full hearing (Friedland’s remarks begin at 01:14:04).
Read reflections on the Senate Judiciary Committee Hearing on EB-5: Time for TEA Reform.
Friedland’s written testimony was jointly prepared with Professor Calderon 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. His 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
- California’s approach to TEA Designation
- Why visa reserves might be as – or more – important than TEA project qualification
Read Friedland's complete written testimony.
Watch the full hearing (Friedland’s remarks begin at 01:14:04).
Read reflections on the Senate Judiciary Committee Hearing on EB-5: Time for TEA Reform.
More Congressional Testimony:
Read More by Professor Jeanne Calderon & Scholar-in-Residence Gary Friedland:
- 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 Scholar-in-Residence Gary Friedland's paper entitled, "“Impact of Tax Cuts and Jobs Act Provisions on Commercial Real Estate”
- 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?"
- Reflections on the House Judiciary Committee Hearings on EB-5 Reform and their recommendations to Congress and Homeland Security's Citizenship and Immigration Services
- "EB-5 Capital Project Database: Revisited and Expanded"
- "EB-5 Mezzanine Financing: A Real World Example"
- "EB-5 2.0? Not Even 1.1 – For Now," 12.17.15
- "EB-5 and the American Dream," 12.2.15
- "Chinese Investors Prefer TEA," 10.5.15
- "A Roadmap to the Use of EB-5 Capital: An Alternative Financing Tool for Commercial Real Estate Projects”