Congress Passes Continuing Resolution to Avoid Government ShutdownDecember 3, 2021
Last night, the United States Congress passed legislation to allow the government to continue to maintain current budget levels through February 18, 2022. This legislation, known as a Continuing Resolution (CR), comes in lieu of an actual budget appropriations bill for the fiscal year. This must-pass legislation has been the vehicle by which the EB-5 regional center program had received renewal over the past several years. Unfortunately with the lapse that occurred on June 30th, 2021, the EB-5 regional center program was not included in this legislation. Therefore, the EB-5 industry now must look ahead and redouble our efforts to achieve reauthorization.
As the EB-5 industry looks into early 2022, CMB and other industry leaders, including trade organizations, will continue our significant efforts to renew the regional center program. We encourage Congress and the entire industry to stay engaged in the process and seek compromise on this important program that has helped create hundreds of thousands of American jobs. We fully support the much needed program integrity reforms that have been proposed, along with measures that protect existing investors from future expiring legislation, and other program improvements for investors, projects, and all other involved parties.
As the lapse in authorization continues, CMB, as a leader in the EB-5 industry, will not stop working for our existing investors and the EB-5 industry as a whole. The current exclusion of the regional center program from the CR is disappointing, but we believe it is merely a small setback on the path to renewal. CMB will continue to provide updates to its clients and partners as we work toward reauthorization in the near future.