I 
114TH CONGRESS 
2D SESSION 
H. R. 4530 
To implement integrity measures to strengthen the EB–5 Regional Center 
Program in order to promote and reform foreign capital investment 
and job creation in American communities. 
IN THE HOUSE OF REPRESENTATIVES 
FEBRUARY 10, 2016 
Mr. POLIS (for himself and Mr. AMODEI) introduced the following bill; which 
was referred to the Committee on the Judiciary 
A BILL 
To implement integrity measures to strengthen the EB– 
5 Regional Center Program in order to promote and 
reform foreign capital investment and job creation in 
American communities. 
Be it enacted by the Senate and House of Representa-
tives of the United States of America in Congress assembled, 
SECTION 1. SHORT TITLE. 
This Act may be cited as the ‘‘EB–5 Integrity Act 
of 2016’’. 
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SEC. 2. REFORM OF THE REGIONAL CENTER PROGRAM. 
(a) INTEGRITY REFORMS.—Section 203(b)(5) of the 
Immigration and Nationality Act (8 U.S.C. 1153(b)(5)) 
is amended by adding at the end the following: 
‘‘(E) REGIONAL CENTER PROGRAM.— 
‘‘(i) PROCESSING.—In processing peti-
tions under section 204(a)(1)(H) for clas-
sification under this paragraph, the Sec-
retary of Homeland Security— 
‘‘(I) may process petitions in a 
manner and order established by the 
Secretary; and 
‘‘(II) shall deem such petitions to 
include records previously filed with 
the Secretary pursuant to subpara-
graph (F) if the alien petitioner cer-
tifies that such records are incor-
porated by reference into the alien’s 
petition. 
‘‘(ii) ESTABLISHMENT OF A REGIONAL 
CENTER.—A regional center shall operate 
within a defined and limited geographic 
area, which shall be described in the pro-
posal and be consistent with the purpose of 
concentrating pooled investment within 
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such area. The proposal to establish a re-
gional center shall— 
‘‘(I) demonstrate that the pooled 
investment will have a significant eco-
nomic impact on such geographic 
area; 
‘‘(II) include reasonable pre-
dictions, supported by economically 
and 
statistically 
valid 
forecasting 
tools, concerning— 
‘‘(aa) the amount of invest-
ment that will be pooled; 
‘‘(bb) the kinds of commer-
cial enterprises that will receive 
such investments; 
‘‘(cc) the details of the jobs 
that will be created directly or in-
directly as a result of such in-
vestments; and 
‘‘(dd) other positive eco-
nomic effects such investments 
will have; and 
‘‘(III) include a description of the 
policies and procedures in place rea-
sonably designed to monitor new com-
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mercial enterprises and any affiliated 
job-creating entity to ensure compli-
ance with— 
‘‘(aa) all applicable laws, 
regulations, and Executive orders 
of the United States, including 
immigration laws (as defined in 
section 101(a)(17)) and securi-
ties laws; and 
‘‘(bb) all securities laws of 
each State in which securities of-
ferings will be conducted, invest-
ment advice will be rendered, or 
the offerors or offerees reside. 
‘‘(iii) COMPLIANCE.— 
‘‘(I) IN
GENERAL.—In deter-
mining compliance with subparagraph 
(A)(ii), the Secretary of Homeland Se-
curity shall permit aliens seeking ad-
mission under this subparagraph to 
rely on economically and statistically 
valid methodologies for determining 
the number of jobs created by the pro-
gram, including— 
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‘‘(aa) jobs estimated to have 
been created directly, which may 
be verified using such methodolo-
gies, provided that the Secretary 
may request additional evidence 
to verify that the directly created 
jobs satisfy the requirements 
under subparagraph (A)(ii); and 
‘‘(bb) consistent with this 
subparagraph, jobs estimated to 
have 
been 
created 
indirectly 
through revenues generated from 
increased exports, improved re-
gional productivity, job creation, 
and increased domestic capital 
investment resulting from the 
program. 
‘‘(II) JOB AND INVESTMENT RE-
QUIREMENTS.— 
‘‘(aa) RELOCATED
JOBS.— 
In determining compliance with 
the 
job 
creation 
requirement 
under subparagraph (A)(ii), the 
Secretary may include jobs esti-
mated to be created under a 
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methodology that attributes jobs 
to prospective tenants occupying 
commercial real estate created or 
improved by capital investments 
if the number of such jobs esti-
mated to be created has been de-
termined by an economically and 
statistically 
valid 
methodology 
and such jobs are not existing 
jobs that have been relocated. 
‘‘(bb) PUBLICLY AVAILABLE 
BONDS.—Alien investor capital 
may not be utilized, by a new 
commercial enterprise or other-
wise, 
to 
purchase 
municipal 
bonds or any other bonds, if such 
bonds are available to the general 
public, either as part of a pri-
mary offering or from a sec-
ondary market. 
‘‘(iv) AMENDMENTS.—The Secretary 
of Homeland Security shall— 
‘‘(I) require regional centers to 
give advance notice to, and obtain ap-
proval from, the Secretary of signifi-
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cant proposed changes to their organi-
zational structure, ownership, or ad-
ministration, including the sale of 
such centers or other arrangements in 
which individuals not previously sub-
ject to the requirements under sub-
paragraph (H) become involved with 
the regional center, before any such 
proposed changes may take effect un-
less exigent circumstances are present 
in which case the regional center shall 
provide notice to the Secretary within 
5 business days of such change; 
‘‘(II) approve the changes re-
ferred to in subclause (I) after— 
‘‘(aa) notice of any such 
proposed changes are made pub-
licly available through a publicly 
accessible website of U.S. Citi-
zenship and Immigration Services 
for not fewer than 30 days; and 
‘‘(bb) the Secretary deter-
mines that the regional center 
would remain compliant with this 
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subparagraph and subparagraph 
(H); and 
‘‘(III) notwithstanding the pend-
ency of a request for approval of any 
amendment that has been filed pursu-
ant to subclause (I), adjudicate busi-
ness plans under subparagraph (F) 
and 
petitions 
under 
section 
204(a)(1)(H). 
‘‘(F) BUSINESS
PLANS
FOR
REGIONAL 
CENTER INVESTMENTS.— 
‘‘(i) APPLICATION FOR APPROVAL OF 
AN
INVESTMENT
IN
A
COMMERCIAL
EN-
TERPRISE.—A regional center shall file an 
application with the Secretary of Home-
land Security for each particular invest-
ment offering through an associated com-
mercial enterprise before any alien files a 
petition for classification under this para-
graph by reason of investment in that of-
fering, which shall include— 
‘‘(I) a comprehensive business 
plan for a specific capital investment 
project; 
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‘‘(II) a credible economic analysis 
regarding estimated job creation that 
is based upon economically and statis-
tically valid methodologies; 
‘‘(III) any documents filed with 
the Securities and Exchange Commis-
sion under the Securities Act of 1933 
(15 U.S.C. 77a et seq.) or with the 
securities regulator of any State, as 
required by law; 
‘‘(IV) any investment and offer-
ing documents, including subscription, 
investment, partnership, and oper-
ating agreements, private placement 
memoranda, term sheets, biographies 
for management, officers, directors, 
and any person with similar respon-
sibilities, the description of the busi-
ness plan to be provided to potential 
alien investors, and marketing mate-
rials used or drafts prepared for use 
in connection with the offering, which 
shall contain references, as appro-
priate, to— 
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‘‘(aa) any investment risks 
associated with the new commer-
cial enterprise and the job-cre-
ating entity; 
‘‘(bb) any conflicts of inter-
est that currently exist or may 
arise among the regional center, 
new commercial enterprise, job- 
creating entity, or the principals 
or attorneys of the aforemen-
tioned entities; 
‘‘(cc) any pending material 
litigation or bankruptcy, or ad-
verse judgments or bankruptcy 
orders issued during the most re-
cent 
10-year 
period, 
in 
the 
United States or abroad, affect-
ing the regional center, new com-
mercial enterprise, any affiliated 
job-creating entity, or any other 
enterprise in which any principal 
of the aforementioned entities 
held majority ownership at the 
time; and 
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‘‘(dd)(AA) any fees, ongoing 
interest, or other compensation 
paid or to be paid by regional 
center or new commercial enter-
prise to agents, finders, or broker 
dealers involved in the offering; 
‘‘(BB) a description of the 
services performed, or which will 
be performed, by such person to 
entitle the person to such fees, 
interest, or compensation; and 
‘‘(CC) the name and contact 
information of any such person; 
‘‘(V) a description of the policies 
and procedures, including those re-
lated to internal and external due dili-
gence, reasonably designed to cause 
the regional center, new commercial 
enterprise, and any affiliated job-cre-
ating entity, their agents, employees, 
advisors, and attorneys, and any per-
sons in active concert or participation 
with the regional center, new commer-
cial enterprise, or any affiliated job- 
creating entity comply, as applicable, 
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with the securities laws of the United 
States and the laws of the applicable 
States in connection with the offer, 
purchase, or sale of its securities; and 
‘‘(VI) a certification from each of 
the regional centers and any issuer of 
securities under common control with 
the regional center that their respec-
tive employees and any parties associ-
ated with each of the regional centers 
and the issuer of securities under 
common control with any of the re-
gional centers are in compliance with 
the securities laws of the United 
States and the laws of the applicable 
States in connection with the offer, 
purchase, or sale of its securities, to 
the best of the certifier’s knowledge, 
after a due diligence investigation. 
‘‘(ii) EFFECT
OF
APPROVAL
OF
A 
BUSINESS PLAN FOR AN INVESTMENT IN A 
REGIONAL CENTER’S COMMERCIAL ENTER-
PRISE.—The approval of an application 
under this subparagraph shall be binding 
for purposes of the adjudication of subse-
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quent petitions seeking classification under 
this paragraph by immigrants investing in 
the 
same 
capital 
investment 
project 
through a new commercial enterprise, and 
of petitions by the same immigrants filed 
under section 216A, except in the case of 
fraud, misrepresentation, criminal misuse, 
a threat to public safety or national secu-
rity, a material change that affects the 
program eligibility of the approved eco-
nomic model, other evidence affecting pro-
gram eligibility that was not disclosed by 
the applicant during the adjudication proc-
ess, or a material mistake of law or fact in 
the prior adjudication. 
‘‘(iii) SITE
VISITS.—The Secretary 
shall— 
‘‘(I) perform site visits to re-
gional centers; and 
‘‘(II) perform at least 1 site visit 
to each new commercial enterprise or 
affiliated job-creating entity, which— 
‘‘(aa) shall include a review 
for evidence of direct job creation 
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in accordance with subparagraph 
(E)(v)(I); and 
‘‘(bb) may occur at any time 
during the period between the fil-
ing of an application for approval 
of an investment in a commercial 
enterprise under this subpara-
graph and the adjudication of the 
first petition for removal of con-
ditions on lawful permanent resi-
dent 
status 
under 
section 
216A(c) filed by an alien invest-
ing in such investment if the re-
gional center, new commercial 
enterprise, or affiliated job-cre-
ating entity, as applicable, is pro-
vided with notice in accordance 
with section 274A. 
‘‘(G) REGIONAL CENTER ANNUAL STATE-
MENTS.— 
‘‘(i) IN GENERAL.—Each regional cen-
ter designated under subparagraph (E) 
shall annually submit a statement to the 
Director of U.S. Citizenship and Immigra-
tion Services (referred to in this subpara-
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item (aa) has been committed to 
each capital investment project; 
‘‘(dd) detailed evidence of 
the progress made toward the 
completion of each capital invest-
ment project; 
‘‘(ee) an accounting of the 
aggregate direct jobs created or 
preserved; 
‘‘(ff) to the best of the re-
gional center’s knowledge, for all 
fees, 
including 
administrative 
fees, loan monitoring fees, loan 
management fees, commissions 
and 
similar 
transaction-based 
compensation, 
collected 
from 
alien investors by the regional 
center, new commercial enter-
prise, any affiliated job-creating 
entity or issuer of securities 
under common control with the 
regional center, or any promoter, 
finder, broker-dealer or other en-
tity engaged by any of the fore-
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going to locate individual inves-
tors— 
‘‘(AA) a description of 
all fees collected; 
‘‘(BB) an accounting of 
the entities that received 
such fees; and 
‘‘(CC) the purpose for 
which such fees were col-
lected; 
‘‘(gg) any documentation re-
ferred 
to 
in 
subparagraph 
(F)(i)(IV) if there has been a 
material change during the pre-
ceding fiscal year; and 
‘‘(hh) a certification by the 
regional center that such state-
ments are accurate, to the best of 
the certifier’s knowledge, after a 
due diligence investigation; and 
‘‘(VII) a description of the re-
gional center’s policies and procedures 
that are designed to enable the re-
gional center to comply with applica-
ble Federal labor laws. 
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‘‘(ii) AMENDMENT OF ANNUAL STATE-
MENTS.—The Director— 
‘‘(I) shall require the regional 
center to amend or supplement an an-
nual statement required under clause 
(i) if the Director determines that 
such statement is deficient; and 
‘‘(II) may require the regional 
center to amend or supplement such 
annual statement if the Director de-
termines that such an amendment or 
supplement is appropriate. 
‘‘(iii) SANCTIONS.— 
‘‘(I) EFFECT
OF
VIOLATION.— 
The Director shall sanction any re-
gional center in accordance with sub-
clause (II) if the regional center fails 
to submit an annual statement or if 
the Director determines that the re-
gional center— 
‘‘(aa) knowingly submitted 
or caused to be submitted a 
statement, certification, or any 
information submitted under this 
subparagraph, that contained an 
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untrue statement of material 
fact; or 
‘‘(bb) is conducting itself in 
a manner inconsistent with its 
designation, including any willful, 
undisclosed, and material devi-
ation by new commercial enter-
prises from any filed business 
plan for such commercial enter-
prises. 
‘‘(II) AUTHORIZED SANCTIONS.— 
The Director shall establish a grad-
uated set of sanctions based on the 
severity of the violations referred to in 
subclause (I), including— 
‘‘(aa) fines equal to not 
more than 10 percent of the total 
capital invested by alien investors 
in the regional center’s new com-
mercial enterprises or job-cre-
ating entities, which— 
‘‘(AA) may not be paid 
from any of such alien inves-
tor’s 
capital 
investments; 
and 
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‘‘(BB) shall be depos-
ited into the EB–5 Integrity 
Fund established under sub-
paragraph (J); 
‘‘(bb) temporary suspension 
from participation in the pro-
gram described in subparagraph 
(E), which may be lifted by the 
Director if the individual or enti-
ty cures the alleged violation 
after being provided such an op-
portunity by the Director; 
‘‘(cc) permanent bar from 
program participation for 1 or 
more individuals associated with 
the regional center or new com-
mercial enterprise or job-creating 
entity; and 
‘‘(dd) termination of re-
gional center designation. 
‘‘(H) BONA FIDES OF PERSONS INVOLVED 
WITH REGIONAL CENTER PROGRAM.— 
‘‘(i) IN GENERAL.—A person may not 
be permitted to be involved with any re-
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gional center, new commercial enterprise, 
or job-creating entity if— 
‘‘(I) the person has been found to 
have committed— 
‘‘(aa) a criminal or civil vio-
lation involving fraud or deceit 
within the previous 10 years; 
‘‘(bb) a civil violation involv-
ing fraud or deceit that resulted 
in 
a 
liability 
in 
excess 
of 
$1,000,000; or 
‘‘(cc) a crime for which the 
person was convicted and was 
sentenced to a term of imprison-
ment of more than 1 year; 
‘‘(II) the person is subject to a 
final order, for the duration of any 
penalty imposed by such order, of a 
State securities commission (or an 
agency or officer of a State who per-
forms similar functions), a State au-
thority that supervises or examines 
banks, savings associations, or credit 
unions, a State insurance commission 
(or an agency of or officer of a State 
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who performs similar functions), an 
appropriate Federal banking agency, 
the 
Commodity 
Futures 
Trading 
Commission, the Securities and Ex-
change Commission, a financial self- 
regulatory organization recognized by 
the Securities and Exchange Commis-
sion, or the National Credit Union 
Administration, which is based on a 
violation of any law or regulation 
that— 
‘‘(aa) prohibits fraudulent, 
manipulative, or deceptive con-
duct; or 
‘‘(bb) 
bars 
the 
person 
from— 
‘‘(AA) association with 
an entity regulated by such 
commission, authority, agen-
cy, or officer; 
‘‘(BB) appearing before 
such commission, authority, 
agency, or officer; 
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‘‘(CC) engaging in the 
business of securities, insur-
ance, or banking; or 
‘‘(DD) engaging in sav-
ings association or credit 
union activities; 
‘‘(III) the person is engaged in, 
has ever been engaged in, or seeks to 
engage in— 
‘‘(aa) any illicit trafficking 
in any controlled substance or in 
any listed chemical (as defined in 
section 102 of the Controlled 
Substances Act (21 U.S.C. 802)); 
‘‘(bb) any activity relating to 
espionage, sabotage, or theft of 
intellectual property; 
‘‘(cc) any activity related to 
money laundering (as described 
in section 1956 or 1957 of title 
18, United States Code); 
‘‘(dd) any terrorist activity 
(as 
defined 
in 
section 
212(a)(3)(B)(iii)); 
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‘‘(ee) any activity consti-
tuting or facilitating human traf-
ficking or a human rights of-
fense; 
‘‘(ff) any activity described 
in section 212(a)(3)(E); or 
‘‘(gg) the violation of any 
statute, regulation, or Executive 
order regarding foreign financial 
transactions or foreign asset con-
trol; or 
‘‘(IV) the person— 
‘‘(aa) is, or during the pre-
ceding 10 years has been, in-
cluded on the Department of 
Justice’s List of Currently Dis-
ciplined Practitioners; or 
‘‘(bb) during the preceding 
10 years, has received a rep-
rimand or otherwise been publicly 
disciplined for conduct related to 
fraud or deceit by a State bar as-
sociation of which the person is 
or was a member. 
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‘‘(ii) FOREIGN INVOLVEMENT IN RE-
GIONAL CENTER PROGRAM.— 
‘‘(I) 
LAWFUL
STATUS
RE-
QUIRED.—A person may not be in-
volved with a regional center unless 
the person is a national of the United 
States or an individual who has been 
lawfully admitted for permanent resi-
dence (as such terms are defined in 
paragraphs (20) and (22) of section 
101(a)). 
‘‘(II) FOREIGN GOVERNMENTS.— 
A foreign government entity may not 
provide capital to, or be directly or in-
directly involved with the ownership or 
administration of, a regional center. 
‘‘(III) RULEMAKING.—Not later 
than 180 days after the date of the 
enactment of this Act, the Secretary, 
in consultation with the Secretary of 
the Treasury and the Secretary of 
Commerce, shall issue regulations im-
plementing subclauses (I) and (II). 
‘‘(iii) INFORMATION REQUIRED.—The 
Secretary of Homeland Security shall re-
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quire such attestations and information, 
including the submission of fingerprints or 
other biometrics to the Federal Bureau of 
Investigation, and shall perform such 
criminal record checks and other back-
ground and database checks with respect 
to a regional center, new commercial enter-
prise, and any affiliated job-creating entity, 
and persons involved with such entities (as 
described in clause (v)), to determine 
whether such entities are in compliance 
with clauses (i) and (ii). The Secretary 
may require the information and attesta-
tions described in this clause from the enti-
ties described in this clause and any person 
involved with such entities, at any time on 
or after the date of the enactment of the 
EB–5 Integrity Act of 2016. 
‘‘(iv) TERMINATION.— 
‘‘(I) IN
GENERAL.—The Sec-
retary shall suspend or terminate the 
designation of any regional center, or 
the participation under the program 
of any new commercial enterprise or 
job-creating entity under this para-
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graph if the Secretary determines that 
such entity— 
‘‘(aa) knowingly involved a 
person with such entity in viola-
tion of clause (i) or (ii); 
‘‘(bb) failed to provide an 
attestation or information re-
quested by the Secretary; or 
‘‘(cc) 
knowingly 
provided 
any false attestation or informa-
tion under clause (iii). 
‘‘(II) INFORMATION.—The Sec-
retary, after the performance of the 
criminal record and other background 
checks described in clause (iii), shall 
notify a regional center, new commer-
cial enterprise, or job-creating entity 
whether any person involved with such 
entities is not in compliance with 
clause (i) or (ii). If the regional cen-
ter, new commercial enterprise, or 
job-creating entity, as the case may 
be, fails to discontinue the prohibited 
person’s involvement with such entity 
within 30 days after receiving a notifi-
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cation under this subclause, the re-
gional center, new commercial enter-
prise, or job-creating entity shall be 
deemed to have knowledge under sub-
clause (I)(aa) that such person is in 
violation of clause (i) or (ii). 
‘‘(v) PERSONS INVOLVED WITH A RE-
GIONAL
CENTER, NEW
COMMERCIAL
EN-
TERPRISE, OR JOB-CREATING ENTITY.—In 
this paragraph, a person is involved with a 
regional center, a new commercial enter-
prise, any affiliated job-creating entity, or 
other job-creating entity, as applicable, if 
the person is in a position of substantive 
authority to make operational or manage-
rial 
decisions 
over 
any 
pooling, 
securitization, investment, release, accept-
ance, or control of any funding that was 
procured under the EB–5 Regional Center 
Program. A person may be in a position of 
substantive authority if the person serves 
as the principal, representative, adminis-
trator, owner, officer, board member, man-
ager, executive, or general partner of the 
regional center, new commercial enterprise, 
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