H. R. 2471—1028 
‘‘(iii) ESTABLISHMENT OF A REGIONAL CENTER.—A 
regional center shall operate within a defined, contig-
uous, and limited geographic area, which shall be 
described in the proposal and be consistent with the 
purpose of concentrating pooled investment within 
such area. The proposal to establish a regional center 
shall demonstrate that the pooled investment will have 
a substantive economic impact on such geographic 
area, and shall include— 
‘‘(I) reasonable predictions, supported by 
economically and statistically valid and trans-
parent forecasting tools, concerning the amount 
of investment that will be pooled, the kinds of 
commercial enterprises that will receive such 
investments, details of the jobs that will be created 
directly or indirectly as a result of such invest-
ments, and other positive economic effects such 
investments will have; 
‘‘(II) a description of the policies and proce-
dures in place reasonably designed to monitor new 
commercial enterprises and any associated job-cre-
ating entity to seek to ensure compliance with— 
‘‘(aa) all applicable laws, regulations, and 
Executive 
orders 
of 
the 
United 
States, 
including immigration laws, criminal laws, 
and securities laws; and 
‘‘(bb) all securities laws of each State in 
which securities offerings will be conducted, 
investment advice will be rendered, or the 
offerors or offerees reside; 
‘‘(III) attestations and information confirming 
that all persons involved with the regional center 
meet the requirements under clauses (i) and (ii) 
of subparagraph (H); 
‘‘(IV) a description of the policies and proce-
dures in place that are reasonably designed to 
ensure program compliance; and 
‘‘(V) the identities of all natural persons 
involved in the regional center, as described in 
subparagraph (H)(v). 
‘‘(iv) INDIRECT JOB CREATION.— 
‘‘(I) IN GENERAL.—The Secretary of Homeland 
Security shall permit aliens seeking admission 
under this subparagraph to satisfy only up to 90 
percent of the requirement under subparagraph 
(A)(ii) with jobs that are estimated to be created 
indirectly through investment under this para-
graph in accordance with this subparagraph. An 
employee of the new commercial enterprise or job- 
creating entity may be considered to hold a job 
that has been directly created. 
‘‘(II) CONSTRUCTION
ACTIVITY
LASTING
LESS 
THAN 2 YEARS.—If the jobs estimated to be created 
are created by construction activity lasting less 
than 2 years, the Secretary shall permit aliens 
seeking admission under this subparagraph to sat-
isfy only up to 75 percent of the requirement under
H. R. 2471—1029 
subparagraph (A)(ii) with jobs that are estimated 
to be created indirectly through investment under 
this paragraph in accordance with this subpara-
graph. 
‘‘(v) COMPLIANCE.— 
‘‘(I) IN GENERAL.—In determining compliance 
with subparagraph (A)(ii), the Secretary of Home-
land Security shall permit aliens seeking admis-
sion under this subparagraph to rely on economi-
cally and statistically valid methodologies for 
determining the number of jobs created by the 
program, including— 
‘‘(aa) jobs estimated to have been created 
directly, which may be verified using such 
methodologies; and 
‘‘(bb) consistent with this subparagraph, 
jobs estimated to have been directly or 
indirectly created through capital expendi-
tures, revenues generated from increased 
exports, improved regional productivity, job 
creation, 
and 
increased 
domestic 
capital 
investment resulting from the program. 
‘‘(II) JOB AND INVESTMENT REQUIREMENTS.— 
‘‘(aa) RELOCATED
JOBS.—In determining 
compliance with the job creation requirement 
under subparagraph (A)(ii), the Secretary of 
Homeland Security may include jobs estimated 
to be created under a methodology that 
attributes jobs to prospective tenants occu-
pying commercial real estate created or 
improved by capital investments if the number 
of such jobs estimated to be created has been 
determined by an economically and statis-
tically valid methodology and such jobs are 
not existing jobs that have been relocated. 
‘‘(bb) PUBLICLY
AVAILABLE
BONDS.—The 
Secretary of Homeland Security shall prescribe 
regulations to ensure that alien investor cap-
ital may not be utilized, by a new commercial 
enterprise or otherwise, to purchase municipal 
bonds or any other bonds, if such bonds are 
available to the general public, either as part 
of a primary offering or from a secondary 
market. 
‘‘(cc) CONSTRUCTION ACTIVITY JOBS.—If the 
number of direct jobs estimated to be created 
has been determined by an economically and 
statistically valid methodology, and such direct 
jobs are created by construction activity 
lasting less than 2 years, the number of such 
jobs that may be considered direct jobs for 
purposes of clause (iv) shall be calculated by 
multiplying the total number of such jobs esti-
mated to be created by the fraction of the 
2-year period that the construction activity 
lasts.
H. R. 2471—1030 
‘‘(vi) AMENDMENTS.—The Secretary of Homeland 
Security shall— 
‘‘(I) require a regional center— 
‘‘(aa) to notify the Secretary, not later than 
120 days before the implementation of signifi-
cant proposed changes to its organizational 
structure, 
ownership, 
or 
administration, 
including the sale of such center, or other 
arrangements which would result in individ-
uals not previously subject to the requirements 
under subparagraph (H) becoming involved 
with the regional center; or 
‘‘(bb) if exigent circumstances are present, 
to provide the notice described in item (aa) 
to the Secretary not later than 5 business 
days after a change described in such item; 
and 
‘‘(II) adjudicate business plans under subpara-
graph (F) and petitions under section 204(a)(1)(H) 
during any notice period as long as the amendment 
to the business or petition does not negatively 
impact program eligibility. 
‘‘(vii) RECORD KEEPING AND AUDITS.— 
‘‘(I) RECORD KEEPING.—Each regional center 
shall make and preserve, during the 5-year period 
beginning on the last day of the Federal fiscal 
year in which any transactions occurred, books, 
ledgers, records, and other documentation from the 
regional center, new commercial enterprise, or job- 
creating entity used to support— 
‘‘(aa) any claims, evidence, or certifications 
contained in the regional center’s annual state-
ments under subparagraph (G); and 
‘‘(bb) associated petitions by aliens seeking 
classification under this section or removal of 
conditions under section 216A. 
‘‘(II) AUDITS.—The Secretary shall audit each 
regional center not less frequently than once every 
5 years. Each such audit shall include a review 
of any documentation required to be maintained 
under subclause (I) for the preceding 5 years and 
a review of the flow of alien investor capital into 
any capital investment project. To the extent mul-
tiple regional centers are located at a single site, 
the Secretary may audit multiple regional centers 
in a single site visit. 
‘‘(III) 
TERMINATION.—The 
Secretary 
shall 
terminate the designation of a regional center that 
fails to consent to an audit under subclause (II) 
or deliberately attempts to impede such an audit. 
‘‘(F) BUSINESS PLANS FOR REGIONAL CENTER INVEST-
MENTS.— 
‘‘(i) APPLICATION FOR APPROVAL OF AN INVESTMENT 
IN A COMMERCIAL ENTERPRISE.—A regional center shall 
file an application with the Secretary of Homeland 
Security for each particular investment offering 
through an associated new commercial enterprise
H. R. 2471—1031 
before any alien files a petition for classification under 
this paragraph by reason of investment in that offering. 
The application shall include— 
‘‘(I) a comprehensive business plan for a spe-
cific capital investment project; 
‘‘(II) a credible economic analysis regarding 
estimated job creation that is based upon economi-
cally and statistically valid and transparent meth-
odologies; 
‘‘(III) any documents filed with the Securities 
and Exchange Commission 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 offering documents, 
including subscription, investment, partnership, 
and operating agreements, private placement 
memoranda, term sheets, biographies of manage-
ment, officers, directors, and any person with 
similar responsibilities, the description of the busi-
ness plan to be provided to potential alien inves-
tors, and marketing materials used, or drafts pre-
pared for use, in connection with the offering, 
which shall contain references, as appropriate, to— 
‘‘(aa) all material investment risks associ-
ated with the new commercial enterprise and 
the job-creating entity; 
‘‘(bb) any conflicts of interest that cur-
rently exist or may arise among the regional 
center, the new commercial enterprise, the job- 
creating entity, or the principals, attorneys, 
or individuals responsible for recruitment or 
promotion of such entities; 
‘‘(cc) any pending material litigation or 
bankruptcy, or material adverse judgments or 
bankruptcy orders issued during the most 
recent 10-year period, in the United States 
or in another country, affecting the regional 
center, the new commercial enterprise, any 
associated job-creating entity, or any other 
enterprise in which any principal of any of 
the aforementioned entities held majority 
ownership at the time; and 
‘‘(dd)(AA) any fees, ongoing interest, or 
other compensation paid, or to be paid by the 
regional center, the new commercial enter-
prise, or any issuer of securities intended to 
be offered to alien investors, to agents, finders, 
or broker dealers involved in the offering of 
securities to alien investors in connection with 
the investment; 
‘‘(BB) a description of the services per-
formed, or that will be performed, by such 
person to entitle the person to such fees, 
interest, or compensation; and
H. R. 2471—1032 
‘‘(CC) the name and contact information 
of any such person, if known at the time of 
filing; 
‘‘(V) a description of the policies and proce-
dures, such as those related to internal and 
external due diligence, reasonably designed to 
cause the regional center and any issuer of securi-
ties intended to be offered to alien investors in 
connection with the relevant capital investment 
project, to comply, as applicable, with the securi-
ties 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 the regional center, 
and any issuer of securities intended to be offered 
to alien investors in connection with the relevant 
capital investment project, that their respective 
agents and employees, and any parties associated 
with the regional center and such issuer of securi-
ties affiliated with the regional center 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 COMMER-
CIAL
ENTERPRISE.—The approval of an application 
under this subparagraph, including an approval before 
the date of the enactment of this subparagraph, shall 
be binding for purposes of the adjudication of subse-
quent petitions seeking classification under this para-
graph by immigrants investing in the same offering 
described in such application, and of petitions by the 
same immigrants filed under section 216A unless— 
‘‘(I) the applicant engaged in fraud, misrepre-
sentation, or criminal misuse; 
‘‘(II) such approval would threaten public 
safety or national security; 
‘‘(III) there has been a material change that 
affects eligibility; 
‘‘(IV) the discovery of other evidence affecting 
program eligibility was not disclosed by the 
applicant during the adjudication process; or 
‘‘(V) the previous adjudication involved a mate-
rial mistake of law or fact. 
‘‘(iii) AMENDMENTS.— 
‘‘(I) APPROVAL.—The Secretary of Homeland 
Security may establish procedures by which a 
regional center may seek approval of an amend-
ment to an approved application under this 
subparagraph that reflects changes specified by 
the Secretary to any information, documents, or 
other aspects of the investment offering described 
in such approved application not later than 30 
days after any such changes.
H. R. 2471—1033 
‘‘(II) INCORPORATION.—Upon the approval of 
a timely filed amendment to an approved applica-
tion, any changes reflected in such amendment 
may be incorporated into and considered in deter-
mining program eligibility through adjudication 
of— 
‘‘(aa) pending petitions from immigrants 
investing in the offering described in the 
approved application who are seeking classi-
fication under this paragraph; and 
‘‘(bb) petitions by immigrants described in 
item (aa) that are filed under section 216A. 
‘‘(iv) SITE
VISITS.—The Secretary of Homeland 
Security shall— 
‘‘(I) perform site visits to regional centers not 
earlier than 24 hours after providing notice of 
such site visit; and 
‘‘(II) perform at least 1 site visit to, as 
applicable, each new commercial enterprise or job- 
creating entity, or the business locations where 
any jobs that are claimed as being created. 
‘‘(v) PARAMETERS FOR CAPITAL REDEPLOYMENT.— 
‘‘(I) IN GENERAL.—The Secretary of Homeland 
Security shall prescribe regulations, in accordance 
with subchapter II of chapter 5 and chapter 7 
of title 5, United States Code (commonly known 
as the ‘Administrative Procedure Act’), that allow 
a new commercial enterprise to redeploy invest-
ment funds anywhere within the United States 
or its territories for the purpose of maintaining 
the investors’ capital at risk if— 
‘‘(aa) the new commercial enterprise has 
executed the business plan for a capital invest-
ment project in good faith without a material 
change; 
‘‘(bb) the new commercial enterprise has 
created a sufficient number of new full time 
positions to satisfy the job creation require-
ments of the program for all investors in the 
new commercial enterprise, either directly or 
indirectly, as evidenced by the methodologies 
set forth in this Act; 
‘‘(cc) the job creating entity has repaid 
the capital initially deployed in conformity 
with the initial investment contemplated by 
the business plan; and 
‘‘(dd) the capital, after repayment by the 
job creating entity, remains at risk and it is 
not redeployed in passive investments, such 
as stocks or bonds. 
‘‘(II) TERMINATION.—The Secretary of Home-
land Security shall terminate the designation of 
a regional center if the Secretary determines that 
a new commercial enterprise has violated any of 
the requirements under subclause (I) in the 
redeployment of funds invested in such regional 
center.
H. R. 2471—1034 
‘‘(G) REGIONAL CENTER ANNUAL STATEMENTS.— 
‘‘(i) IN GENERAL.—Each regional center designated 
under subparagraph (E) shall submit an annual state-
ment, in a manner prescribed by the Secretary of 
Homeland 
Security. 
Each 
such 
statement 
shall 
include— 
‘‘(I) a certification stating that, to the best 
of the certifier’s knowledge, after a due diligence 
investigation, the regional center is in compliance 
with clauses (i) and (ii) of subparagraph (H); 
‘‘(II) a certification described in subparagraph 
(I)(ii)(II); 
‘‘(III) a certification stating that, to the best 
of the certifier’s knowledge, after a due diligence 
investigation, the regional center is in compliance 
with subparagraph (K)(iii); 
‘‘(IV) a description of any pending material 
litigation or bankruptcy proceedings, or material 
litigation or bankruptcy proceedings resolved 
during the preceding fiscal year, involving the 
regional center, the new commercial enterprise, 
or any affiliated job-creating entity; 
‘‘(V) an accounting of all individual alien 
investor capital invested in the regional center, 
new 
commercial 
enterprise, 
and 
job-creating 
entity; 
‘‘(VI) for each new commercial enterprise asso-
ciated with the regional center— 
‘‘(aa) an accounting of the aggregate cap-
ital invested in the new commercial enterprise 
and any job-creating entity by alien investors 
under this paragraph for each capital invest-
ment project being undertaken by the new 
commercial enterprise; 
‘‘(bb) a description of how the capital 
described in item (aa) is being used to execute 
each capital investment project in the filed 
business plan or plans; 
‘‘(cc) evidence that 100 percent of the cap-
ital described in item (aa) has been committed 
to each capital investment project; 
‘‘(dd) detailed evidence of the progress 
made toward the completion of each capital 
investment project; 
‘‘(ee) an accounting of the aggregate direct 
jobs created or preserved; 
‘‘(ff) to the best of the regional center’s 
knowledge, for all fees, including administra-
tive fees, loan monitoring fees, loan manage-
ment fees, commissions and similar trans-
action-based compensation, collected from 
alien investors by the regional center, the new 
commercial enterprise, any affiliated job-cre-
ating entity, any affiliated issuer of securities 
intended to be offered to alien investors, or 
any promoter, finder, broker-dealer, or other
H. R. 2471—1035 
entity engaged by any of the aforementioned 
entities to locate individual investors— 
‘‘(AA) a description of all fees col-
lected; 
‘‘(BB) an accounting of the entities 
that received such fees; and 
‘‘(CC) the purpose for which such fees 
were collected; 
‘‘(gg) any documentation referred to in 
subparagraph (F)(i)(IV) if there has been a 
material change during the preceding fiscal 
year; and 
‘‘(hh) a certification by the regional center 
that the information provided under items (aa) 
through (gg) is accurate, to the best of the 
certifier’s knowledge, after a due diligence 
investigation; and 
‘‘(VII) a description of the regional center’s 
policies and procedures that are designed to enable 
the regional center to comply with applicable Fed-
eral labor laws. 
‘‘(ii) AMENDMENT
OF
ANNUAL
STATEMENTS.—The 
Secretary of Homeland Security— 
‘‘(I) shall require the regional center to amend 
or supplement an annual statement required 
under clause (i) if the Secretary determines that 
such statement is deficient; and 
‘‘(II) may require the regional center to amend 
or supplement such annual statement if the 
Director determines that such an amendment or 
supplement is appropriate. 
‘‘(iii) SANCTIONS.— 
‘‘(I) EFFECT OF VIOLATION.—The Director shall 
sanction any regional center entity in accordance 
with subclause (II) if the regional center fails to 
submit an annual statement or if the Director 
determines that the regional center— 
‘‘(aa) knowingly submitted or caused to 
be submitted a statement, certification, or any 
information 
submitted 
pursuant 
to 
this 
subparagraph that contained an untrue state-
ment of material fact; or 
‘‘(bb) is conducting itself in a manner 
inconsistent 
with 
its 
designation 
under 
subparagraph (E), including any willful, undis-
closed, and material deviation by new commer-
cial enterprises from any filed business plan 
for such new commercial enterprises. 
‘‘(II) AUTHORIZED
SANCTIONS.—The Director 
shall establish a graduated set of sanctions based 
on the severity of the violations referred to in 
subclause (I), including— 
‘‘(aa) fines equal to not more than 10 per-
cent of the total capital invested by alien inves-
tors in the regional center’s new commercial 
enterprises or job-creating entities directly 
involved in such violations, the payment of
H. R. 2471—1036 
which shall not in any circumstance utilize 
any of such alien investors’ capital invest-
ments, and which shall be deposited into the 
EB–5 
Integrity 
Fund 
established 
under 
subparagraph (J); 
‘‘(bb) temporary suspension from partici-
pation in the program described in subpara-
graph (E), which may be lifted by the Director 
if the individual or entity cures the alleged 
violation after being provided such an oppor-
tunity by the Director; 
‘‘(cc) permanent bar from participation in 
the program described in subparagraph (E) 
for 1 or more individuals or business entities 
associated with the regional center, new 
commercial enterprise, or job-creating entity; 
and 
‘‘(dd) termination of regional center des-
ignation. 
‘‘(iv) AVAILABILITY
OF
ANNUAL
STATEMENTS
TO 
INVESTORS.—Not later than 30 days after a request 
from an alien investor, a regional center shall make 
available to such alien investor a copy of the filed 
annual statement and any amendments filed to such 
statement, which shall be redacted to exclude any 
information unrelated to such alien investor or the 
new commercial enterprise or job creating entity into 
which the alien investor invested. 
‘‘(H) BONA FIDES OF PERSONS INVOLVED WITH REGIONAL 
CENTER PROGRAM.— 
‘‘(i) IN
GENERAL.—The Secretary of Homeland 
Security may not permit any person to be involved 
with any regional center, new commercial enterprise, 
or job-creating entity if— 
‘‘(I) the person has been found to have com-
mitted— 
‘‘(aa) a criminal or civil offense involving 
fraud or deceit within the previous 10 years; 
‘‘(bb) a civil offense involving 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 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 performing similar 
functions), a State authority that supervises or 
examines banks, savings associations, or credit 
unions, a State insurance commission (or an 
agency or officer of a State performing similar 
functions), an appropriate Federal banking agency, 
the Commodity Futures Trading Commission, the 
Securities and Exchange Commission, a financial 
self-regulatory organization recognized by the 
Securities and Exchange Commission, or the
H. R. 2471—1037 
National Credit Union Administration, which is 
based on a violation of any law or regulation that— 
‘‘(aa) prohibits fraudulent, manipulative, 
or deceptive conduct; or 
‘‘(bb) bars the person from— 
‘‘(AA) association with an entity regu-
lated by such commission, authority, 
agency, or officer; 
‘‘(BB) appearing before such commis-
sion, authority, agency, or officer; 
‘‘(CC) engaging in the business of 
securities, insurance, or banking; or 
‘‘(DD) engaging in savings association 
or credit union activities; 
‘‘(III) the Secretary determines that the person 
is engaged in, has ever been engaged in, or seeks 
to engage in— 
‘‘(aa) any illicit trafficking in any con-
trolled substance or in any listed chemical (as 
defined in section 102 of the Controlled Sub-
stances Act); 
‘‘(bb) any activity relating to espionage, 
sabotage, or theft of intellectual property; 
‘‘(cc) any activity related to money laun-
dering (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)); 
‘‘(ee) any activity constituting or facili-
tating human trafficking or a human rights 
offense; 
‘‘(ff) any activity described in section 
212(a)(3)(E); or 
‘‘(gg) the violation of any statute, regula-
tion, or Executive order regarding foreign 
financial transactions or foreign asset control; 
or 
‘‘(IV) the person— 
‘‘(aa) is, or during the preceding 10 years 
has been, included on the Department of Jus-
tice’s List of Currently Disciplined Practi-
tioners; or 
‘‘(bb) during the preceding 10 years, has 
received a reprimand or has otherwise been 
publicly disciplined for conduct related to 
fraud or deceit by a State bar association of 
which the person is or was a member. 
‘‘(ii) FOREIGN INVOLVEMENT IN REGIONAL CENTER 
PROGRAM.— 
‘‘(I) LAWFUL STATUS REQUIRED.—A person may 
not be involved with a regional center unless the 
person— 
‘‘(aa) is a national of the United States 
or an individual who has been lawfully 
admitted for permanent residence (as such 
terms are defined in paragraphs (20) and (22) 
of section 101(a)); and
H. R. 2471—1039 
‘‘(aa) knowingly involved a person with 
such entity in violation of clause (i) or (ii) 
by failing, within 14 days of acquiring such 
knowledge— 
‘‘(AA) to take commercially reasonable 
efforts to discontinue the prohibited per-
son’s involvement; or 
‘‘(BB) to provide notice to the Sec-
retary; 
‘‘(bb) failed to provide an attestation or 
information requested by the Secretary under 
clause (iii)(I); or 
‘‘(cc) knowingly provided any false attesta-
tion or information under clause (iii)(I). 
‘‘(II) LIMITATION.—The Secretary’s authorized 
sanctions under subclause (I) shall be limited to 
entities that have engaged in any activity 
described in subclause (I). 
‘‘(III) INFORMATION.— 
‘‘(aa) NOTIFICATION.—The Secretary, after 
performing the criminal record checks and 
other background checks described in clause 
(iii), shall notify a regional center, new 
commercial enterprise, or job-creating entity 
whether any person involved with such enti-
ties is not in compliance with clause (i) or 
(ii), unless the information that provides the 
basis for the determination is classified or 
disclosure is otherwise prohibited under law. 
‘‘(bb) EFFECT OF FAILURE TO RESPOND.— 
If the regional center, new commercial enter-
prise, or job-creating entity fails to discontinue 
the prohibited person’s involvement with the 
regional center, new commercial enterprise, or 
job-creating entity, as applicable, within 30 
days after receiving such notification, such 
entity shall be deemed to have knowledge 
under subclause (I)(aa) that the involvement 
of such person with the entity is in violation 
of clause (i) or (ii). 
‘‘(v) PERSONS INVOLVED WITH A REGIONAL CENTER, 
NEW
COMMERCIAL
ENTERPRISE, 
OR
JOB-CREATING 
ENTITY.—For the purposes of this paragraph, unless 
otherwise determined by the Secretary of Homeland 
Security, a person is involved with a regional center, 
a new commercial enterprise, any affiliated job-creating 
entity, as applicable, if the person is, directly or 
indirectly, in a position of substantive authority to 
make operational or managerial decisions over pooling, 
securitization, investment, release, acceptance, or con-
trol or use of any funding that was procured under 
the program described in subparagraph (E). An indi-
vidual may be in a position of substantive authority 
if the person serves as a principal, a representative, 
an administrator, an owner, an officer, a board 
member, a manager, an executive, a general partner, 
a fiduciary, an agent, or in a similar position at the
H. R. 2471—1040 
regional center, new commercial enterprise, or job-cre-
ating entity, respectively. 
‘‘(I) COMPLIANCE WITH SECURITIES LAWS.— 
‘‘(i) JURISDICTION.— 
‘‘(I) IN GENERAL.—The United States has juris-
diction, including subject matter jurisdiction, over 
the purchase or sale of any security offered or 
sold, or any investment advice provided, by any 
regional center or any party associated with a 
regional center for purposes of the securities laws. 
‘‘(II) COMPLIANCE
WITH
REGULATION
S.—For 
purposes of section 5 of the Securities Act of 1933 
(15 U.S.C. 77e), a regional center or any party 
associated with a regional center is not precluded 
from offering or selling a security pursuant to 
Regulation S (17 C.F.R. 230.901 et seq.) to the 
extent that such offering or selling otherwise com-
plies with that regulation. 
‘‘(III) SAVINGS PROVISION.—Subclause (I) is not 
intended to modify any existing rules or regula-
tions of the Securities and Exchange Commission 
related to the application of section 15(a) of the 
Securities and Exchange Act of 1934 (15 U.S.C. 
78o(a)) to foreign brokers or dealers. 
‘‘(ii) 
REGIONAL
CENTER
CERTIFICATIONS 
REQUIRED.— 
‘‘(I) INITIAL CERTIFICATION.—The Secretary of 
Homeland Security may not approve an application 
for regional center designation or regional center 
amendment unless the regional center certifies 
that, to the best of the certifier’s knowledge, after 
a due diligence investigation, the regional center 
is in compliance with and has policies and proce-
dures, including those related to internal and 
external due diligence, reasonably designed to con-
firm, as applicable, that all parties associated with 
the regional center are and will remain in compli-
ance with the securities laws of the United States 
and of any State in which— 
‘‘(aa) the offer, purchase, or sale of securi-
ties was conducted; 
‘‘(bb) the issuer of securities was located; 
or 
‘‘(cc) the investment advice was provided 
by the regional center or parties associated 
with the regional center. 
‘‘(II) 
REISSUE.—A 
regional 
center 
shall 
annually reissue a certification described in sub-
clause (I), in accordance with subparagraph (G), 
to certify compliance with clause (iii) by stating 
that— 
‘‘(aa) the certification is made by a cer-
tifier; 
‘‘(bb) to the best of the certifier’s knowl-
edge, after a due diligence investigation, all 
such offers, purchases, and sales of securities 
or the provision of investment advice complied
H. R. 2471—1041 
with the securities laws of the United States 
and the securities laws of any State in which— 
‘‘(AA) the offer, purchase, or sale of 
securities was conducted; 
‘‘(BB) the issuer of securities was 
located; or 
‘‘(CC) the investment advice was pro-
vided; and 
‘‘(cc) 
records, 
data, 
and 
information 
related to such offers, purchases, and sales 
have been maintained. 
‘‘(III) 
EFFECT
OF
NONCOMPLIANCE.—If 
a 
regional center, through its due diligence, discov-
ered during the previous fiscal year that the 
regional center or any party associated with the 
regional center was not in compliance with the 
securities laws of the United States or the securi-
ties laws of any State in which the securities activi-
ties were conducted by any party associated with 
the regional center, the certifier shall— 
‘‘(aa) describe the activities that led to 
noncompliance; 
‘‘(bb) describe the actions taken to remedy 
the noncompliance; and 
‘‘(cc) certify that the regional center and 
all parties associated with the regional center 
are currently in compliance, to the best of 
the certifier’s knowledge, after a due diligence 
investigation. 
‘‘(iii) OVERSIGHT REQUIRED.—Each regional center 
shall— 
‘‘(I) use commercially reasonable efforts to 
monitor and supervise compliance with the securi-
ties laws in relations to all offers, purchases, and 
sales of, and investment advice relating to, securi-
ties made by parties associated with the regional 
center; 
‘‘(II) maintain records, data, and information 
relating to all such offers, purchases, sales, and 
investment advice during the 5-year period begin-
ning on the date of their creation; and 
‘‘(III) make the records, data, and information 
described in subclause (II) available to the Sec-
retary or to the Securities and Exchange Commis-
sion upon request. 
‘‘(iv) SUSPENSION OR TERMINATION.—In addition to 
any other authority provided to the Secretary under 
this paragraph, the Secretary, in the Secretary’s discre-
tion, may suspend or terminate the designation of any 
regional center or impose other sanctions against the 
regional center if the regional center, or any parties 
associated with the regional center that the regional 
center knew or reasonably should have known— 
‘‘(I) are permanently or temporarily enjoined 
by order, judgment, or decree of any court of com-
petent jurisdiction in connection with the offer,
H. R. 2471—1042 
purchase, or sale of a security or the provision 
of investment advice; 
‘‘(II) are subject to any final order of the Secu-
rities and Exchange Commission or a State securi-
ties regulator that— 
‘‘(aa) bars such person from association 
with an entity regulated by the Securities and 
Exchange Commission or a State securities 
regulator; or 
‘‘(bb) constitutes a final order based on 
a finding of an intentional violation or a viola-
tion related to fraud or deceit in connection 
with the offer, purchase, or sale of, or invest-
ment advice relating to, a security; or 
‘‘(III) submitted, or caused to be submitted, 
a certification described in clause (ii) that con-
tained an untrue statement of a material fact or 
omitted to state a material fact necessary in order 
to make the statements made, in light of the cir-
cumstances under which they were made, not mis-
leading. 
‘‘(v) DEFINED
TERM.—In this subparagraph, the 
term ‘parties associated with a regional center’ 
means— 
‘‘(I) the regional center; 
‘‘(II) any new commercial enterprise or affili-
ated job-creating entity or issuer of securities asso-
ciated with the regional center; 
‘‘(III) the regional center’s and new commercial 
enterprise’s owners, officers, directors, managers, 
partners, agents, employees, promoters and attor-
neys, or similar position, as determined by the 
Secretary; and 
‘‘(IV) any person under the control of the 
regional center, new commercial enterprise, or 
issuer of securities associated with the regional 
center who is responsible for the marketing, 
offering, or sale of any security offered in connec-
tion with the capital investment project. 
‘‘(vi) SAVINGS PROVISION.—Nothing in this subpara-
graph may be construed to impair or limit the authority 
of the Securities and Exchange Commission under the 
Federal securities laws or any State securities regu-
lator under State securities laws. 
‘‘(J) EB–5 INTEGRITY FUND.— 
‘‘(i) ESTABLISHMENT.—There is established in the 
United States Treasury a special fund, which shall 
be known as the ‘EB–5 Integrity Fund’ (referred to 
in this subparagraph as the ‘Fund’). Amounts deposited 
into the Fund shall be available to the Secretary of 
Homeland Security until expended for the purposes 
set forth in clause (iii). 
‘‘(ii) FEES.— 
‘‘(I) ANNUAL FEE.—On October 1, 2022, and 
each October 1 thereafter, the Secretary of Home-
land Security shall collect for the Fund an annual 
fee—
H. R. 2471—1043 
‘‘(aa) except as provided in item (bb), of 
$20,000 from each regional center designated 
under subparagraph (E); and 
‘‘(bb) of $10,000 from each such regional 
center with 20 or fewer total investors in the 
preceding fiscal year in its new commercial 
enterprises. 
‘‘(II) PETITION FEE.—Beginning on October 1, 
2022, the Secretary shall collect a fee of $1,000 
for the Fund with each petition filed under section 
204(a)(1)(H) for classification under subparagraph 
(E). The fee under this subclause is in addition 
to the fee that the Secretary is authorized to estab-
lish and collect for each petition to recover the 
costs of adjudication and naturalization services 
under section 286(m). 
‘‘(III) INCREASES.—The Secretary may increase 
the amounts under this clause by prescribing such 
regulations as may be necessary to ensure that 
amounts in the Fund are sufficient to carry out 
the purposes set forth in clause (iii). 
‘‘(iii) PERMISSIBLE USES OF FUND.—The Secretary 
shall— 
‘‘(I) use not less than 1⁄3 of the amounts depos-
ited into the Fund for investigations based outside 
of the United States, including— 
‘‘(aa) monitoring and investigating pro-
gram-related events and promotional activi-
ties; and 
‘‘(bb) ensuring an alien investor’s compli-
ance with subparagraph (L); and 
‘‘(II) use amounts deposited into the Fund— 
‘‘(aa) to detect and investigate fraud or 
other crimes; 
‘‘(bb) to determine whether regional cen-
ters, new commercial enterprises, job-creating 
entities, and alien investors (and their alien 
spouses and alien children) comply with the 
immigration laws; 
‘‘(cc) to conduct audits and site visits; and 
‘‘(dd) as the Secretary determines to be 
necessary, including monitoring compliance 
with the requirements under section 107 of 
the EB–5 Reform and Integrity Act of 2022. 
‘‘(iv) FAILURE TO PAY FEE.—The Secretary of Home-
land Security shall— 
‘‘(I) impose a reasonable penalty, which shall 
be deposited into the Fund, if any regional center 
does not pay the fee required under clause (ii) 
within 30 days after the date on which such fee 
is due; and 
‘‘(II) terminate the designation of any regional 
center that does not pay the fee required under 
clause (ii) within 90 days after the date on which 
such fee is due. 
‘‘(v) REPORT.—The Secretary shall submit an 
annual report to the Committee on the Judiciary of
H. R. 2471—1044 
the Senate and the Committee on the Judiciary of 
the House of Representatives that describes how 
amounts in the Fund were expended during the pre-
vious fiscal year. 
‘‘(K) DIRECT AND THIRD-PARTY PROMOTERS.— 
‘‘(i) RULES
AND
STANDARDS.—Direct and third- 
party promoters (including migration agents) of a 
regional center, any new commercial enterprise, an 
affiliated job-creating entity, or an issuer of securities 
intended to be offered to alien investors in connection 
with a particular capital investment project shall 
comply with the rules and standards prescribed by 
the Secretary of Homeland Security and any applicable 
Federal or State securities laws, to oversee promotion 
of any offering of securities related to the EB–5 Pro-
gram, including— 
‘‘(I) registration with U.S. Citizenship and 
Immigration Services, which— 
‘‘(aa) includes identifying and contact 
information for such promoter and confirma-
tion of the existence of the written agreement 
required under clause (iii); and 
‘‘(bb) may be made publicly available at 
the discretion of the Secretary; 
‘‘(II) certification by each promoter that such 
promoter is not ineligible under subparagraph 
(H)(i); 
‘‘(III) guidelines for accurately representing 
the visa process to foreign investors; and 
‘‘(IV) guidelines describing permissible fee 
arrangements under applicable securities and 
immigration laws. 
‘‘(ii) EFFECT OF VIOLATION.—If the Secretary deter-
mines that a direct or third-party promoter has vio-
lated clause (i), the Secretary shall suspend or perma-
nently bar such individual from participation in the 
program described in subparagraph (E). 
‘‘(iii) COMPLIANCE.—Each regional center, new 
commercial enterprise, and affiliated job-creating 
entity shall maintain a written agreement between 
or among such entities and each direct or third-party 
promoter operating on behalf of such entities that out-
lines the rules and standards prescribed under clause 
(i). 
‘‘(iv) DISCLOSURE.—Each petition filed under sec-
tion 204(a)(1)(H) shall include a disclosure, signed by 
the investor, that reflects all fees, ongoing interest, 
and other compensation paid to any person that the 
regional center or new commercial enterprise knows 
has received, or will receive, in connection with the 
investment, including compensation to agents, finders, 
or broker dealers involved in the offering, to the extent 
not already specifically identified in the business plan 
filed under subparagraph (F). 
‘‘(L) SOURCE OF FUNDS.— 
‘‘(i) IN
GENERAL.—An alien investor shall dem-
onstrate that the capital required under subparagraph
H. R. 2471—1045 
(A) and any funds used to pay administrative costs 
and fees associated with the alien’s investment were 
obtained from a lawful source and through lawful 
means. 
‘‘(ii) REQUIRED
INFORMATION.—The Secretary of 
Homeland Security shall require that an alien inves-
tor’s petition under this paragraph contain, as 
applicable— 
‘‘(I) business and tax records, or similar 
records, including— 
‘‘(aa) foreign business registration records; 
‘‘(bb) corporate or partnership tax returns 
(or tax returns of any other entity in any 
form filed in any country or subdivision of 
such country), and personal tax returns, 
including income, franchise, property (whether 
real, personal, or intangible), or any other tax 
returns of any kind, filed during the past 7 
years (or another period to be determined by 
the Secretary to ensure that the investment 
is obtained from a lawful source of funds) with 
any taxing jurisdiction within or outside the 
United States by or on behalf of the alien 
investor; and 
‘‘(cc) any other evidence identifying any 
other source of capital or administrative fees; 
‘‘(II) evidence related to monetary judgments 
against the alien investor, including certified 
copies of any judgments, and evidence of all 
pending governmental civil or criminal actions, 
governmental administrative proceedings, and any 
private 
civil 
actions 
(pending 
or 
otherwise) 
involving possible monetary judgments against the 
alien investor from any court within or outside 
the United States; and 
‘‘(III) the identity of all persons who transfer 
into the United States, on behalf of the investor, 
any funds that are used to meet the capital 
requirement under subparagraph (A). 
‘‘(iii) GIFT AND LOAN RESTRICTIONS.— 
‘‘(I) IN GENERAL.—Gifted and borrowed funds 
may not be counted toward the minimum capital 
investment requirement under subparagraph (C) 
unless such funds— 
‘‘(aa) were gifted or loaned to the alien 
investor in good faith; and 
‘‘(bb) were not gifted or loaned to cir-
cumvent any limitations imposed on permis-
sible sources of capital under this subpara-
graph, including but not limited to proceeds 
from illegal activity. 
‘‘(II) 
RECORDS
REQUIREMENT.—If 
funds 
invested under subparagraph (A) are gifted or 
loaned to the alien investor, the Secretary shall 
require that the alien investor’s petition under 
this paragraph includes the records described in
H. R. 2471—1046 
subclauses (I) and (II) of clause (ii) from the donor 
or, if other than a bank, the lender. 
‘‘(M) TREATMENT OF GOOD FAITH INVESTORS FOLLOWING 
PROGRAM NONCOMPLIANCE.— 
‘‘(i) TERMINATION OR DEBARMENT OF EB–5 ENTITY.— 
Except as provided in clause (vi), upon the termination 
or debarment, as applicable, from the program under 
this paragraph of a regional center, a new commercial 
enterprise, or a job-creating entity— 
‘‘(I) an otherwise qualified petition under sec-
tion 204(a)(1)(H) or the conditional permanent resi-
dence of an alien who has been admitted to the 
United States pursuant to section 216A(a)(1) based 
on an investment in a terminated regional center, 
new commercial enterprise, or job-creating entity 
shall remain valid or continue to be authorized, 
as applicable, consistent with this subparagraph; 
and 
‘‘(II) the Secretary of Homeland Security shall 
notify the alien beneficiaries of such petitions of 
such termination or debarment. 
‘‘(ii) NEW REGIONAL CENTER OR INVESTMENT.—The 
petition under section 204(a)(1)(H) of an alien described 
in clause (i) and the conditional permanent resident 
status of an alien described in clause (i) shall be termi-
nated 180 days after notification of the termination 
from the program under this paragraph of a regional 
center, a new commercial enterprise, or a job creating 
entity (but not sooner than 180 days after the date 
of the enactment of the EB–5 Reform and Integrity 
Act of 2022) unless— 
‘‘(I) in the case of the termination of a regional 
center— 
‘‘(aa) the new commercial enterprise 
associates with an approved regional center, 
regardless 
of 
the 
approved 
geographical 
boundaries of such regional center’s designa-
tion; or 
‘‘(bb) such alien makes a qualifying invest-
ment in another new commercial enterprise; 
or 
‘‘(II) in the case of the debarment of a new 
commercial enterprise or job-creating entity, such 
alien— 
‘‘(aa) associates with a new commercial 
enterprise in good standing; and 
‘‘(bb) invests additional investment capital 
solely to the extent necessary to satisfy 
remaining job creation requirements under 
subparagraph (A)(ii). 
‘‘(iii) AMENDMENTS.— 
‘‘(I) 
FILING
REQUIREMENT.—The 
Secretary 
shall permit a petition described in clause (i)(I) 
to be amended to allow such petition to meet the 
applicable eligibility requirements under clause 
(ii), or to notify the Secretary that a pending or 
approved petition continues to meet the eligibility
H. R. 2471—1047 
requirements described in clause (ii) notwith-
standing termination or debarment described in 
clause (i) if such amendment is filed not later 
than 180 days after the Secretary provides notifica-
tion of termination or debarment of a regional 
center, a new commercial enterprise, or a job-cre-
ating entity, as applicable. 
‘‘(II) DETERMINATION OF ELIGIBILITY.—For pur-
poses of determining eligibility under subclause 
(I)— 
‘‘(aa) the Secretary shall permit amend-
ments to the business plan, without such facts 
underlying the amendment being deemed a 
material change; and 
‘‘(bb) may deem any funds obtained or 
recovered by an alien investor, directly or 
indirectly, from claims against third parties, 
including insurance proceeds, or any addi-
tional investment capital provided by the 
alien, to be such alien’s investment capital 
for the purposes of subparagraph (A) if such 
investment 
otherwise 
complies 
with 
the 
requirements under this paragraph and sec-
tion 216A. 
‘‘(iv) REMOVAL OF CONDITIONS.—Aliens described 
in subclauses (I)(bb) and (II) of clause (ii) shall be 
eligible to have their conditions removed pursuant to 
section 216A beginning on the date that is 2 years 
after the date of the subsequent investment. 
‘‘(v) REMEDIES.—For petitions approved under 
clause (ii), including following an amendment filed 
under clause (iii), the Secretary— 
‘‘(I) shall retain the immigrant visa priority 
date related to the original petition and prevent 
age-out of derivative beneficiaries; and 
‘‘(II) may hold such petition in abeyance and 
extend any applicable deadlines under this para-
graph. 
‘‘(vi) EXCEPTION.—If the Secretary has reason to 
believe that an alien was a knowing participant in 
the conduct that led to the termination of a regional 
center, new commercial enterprise, or job-creating 
entity described in clause (i)— 
‘‘(I) the alien shall not be accorded any benefit 
under this subparagraph; and 
‘‘(II) the Secretary shall— 
‘‘(aa) notify the alien of such belief; and 
‘‘(bb) subject to section 216A(b)(2), shall 
deny or initiate proceedings to revoke the 
approval of such alien’s petition, application, 
or benefit (and that of any spouse or child, 
if applicable) described in this paragraph. 
‘‘(N) THREATS TO THE NATIONAL INTEREST.— 
‘‘(i) DENIAL
OR
REVOCATION.—The Secretary of 
Homeland Security shall deny or revoke the approval 
of a petition, application, or benefit described in this 
paragraph, including the documents described in clause
H. R. 2471—1048 
(ii), if the Secretary determines, in the Secretary’s 
discretion, that the approval of such petition, applica-
tion, or benefit is contrary to the national interest 
of the United States for reasons relating to threats 
to public safety or national security. 
‘‘(ii) DOCUMENTS.—The documents described in 
this clause are— 
‘‘(I) a certification, designation, or amendment 
to the designation of a regional center; 
‘‘(II) a petition seeking classification of an alien 
as an alien investor under this paragraph; 
‘‘(III) a petition to remove conditions under 
section 216A; 
‘‘(IV) an application for approval of a business 
plan in a new commercial enterprise under 
subparagraph (F); or 
‘‘(V) a document evidencing conditional perma-
nent resident status that was issued to an alien 
pursuant to section 216A. 
‘‘(iii) DEBARMENT.—If a regional center, new 
commercial enterprise, or job-creating entity has its 
designation or participation in the program under this 
paragraph terminated for reasons relating to public 
safety or national security, any person associated with 
such regional center, new commercial enterprise, or 
job-creating entity, including an alien investor, shall 
be permanently barred from future participation in 
the program under this paragraph if the Secretary 
of Homeland Security, in the Secretary’s discretion, 
determines, by a preponderance of the evidence, that 
such person was a knowing participant in the conduct 
that led to the termination. 
‘‘(iv) NOTICE.—If the Secretary of Homeland Secu-
rity determines that the approval of a petition, applica-
tion, or benefit described in this paragraph should 
be denied or revoked pursuant to clause (i), the Sec-
retary shall— 
‘‘(I) notify the relevant individual, regional 
center, or commercial entity of such determination; 
‘‘(II) deny or revoke such petition, application, 
or benefit or terminate the permanent resident 
status of the alien (and the alien spouse and alien 
children of such immigrant), as of the date of 
such determination; and 
‘‘(III) 
provide 
any 
United 
States-owned 
regional center, new commercial enterprise, or job 
creating entity an explanation for such determina-
tion unless the relevant information is classified 
or disclosure is otherwise prohibited under law. 
‘‘(v) JUDICIAL REVIEW.—Notwithstanding any other 
provision of law (statutory or nonstatutory), including 
section 2241 of title 28, United States Code, or any 
other habeas corpus provision, and sections 1361 and 
1651 of such title, no court shall have jurisdiction 
to review a denial or revocation under this subpara-
graph. Nothing in this clause may be construed as 
precluding review of constitutional claims or questions
H. R. 2471—1052 
audit shall be provided to the Secretary and all 
investors in the new commercial enterprise. 
‘‘(vi) DEFINED TERM.—In this subparagraph, the 
term ‘separate account’ means an account that— 
‘‘(I) is maintained in the United States by 
a new commercial enterprise or job creating entity 
at a federally regulated bank or at another finan-
cial institution (as defined in section 20 of title 
18, United States Code) in the United States; 
‘‘(II) is insured; and 
‘‘(III) contains only the pooled investment 
funds of alien investors in a new commercial enter-
prise with respect to a single capital investment 
project.’’. 
(2) EFFECTIVE DATE.—The amendment made by this sub-
section shall take effect on the date that is 60 days after 
the date of the enactment of this Act. 
(c) REQUIRED CHECKS.— 
(1) IN GENERAL.—Section 203(b)(5) of the Immigration and 
Nationality Act (8 U.S.C. 1153(b)(5)), as amended by subsection 
(b), is further amended by adding at the end the following: 
‘‘(R) REQUIRED CHECKS.—Any petition filed by an alien 
under section 204(a)(1)(H) may not be approved under this 
paragraph unless the Secretary of Homeland Security has 
searched for the alien and any associated employer of such 
alien on the Specially Designated Nationals List of the 
Department of the Treasury Office of Foreign Assets Con-
trol.’’. 
(2) EFFECTIVE DATE.—The amendment made by this sub-
section shall take effect on the date of the enactment of this 
Act. 
SEC. 104. CONDITIONAL PERMANENT RESIDENT STATUS FOR ALIEN 
INVESTORS, SPOUSES, AND CHILDREN. 
(a) IN GENERAL.—Section 216A of the Immigration and Nation-
ality Act (8 U.S.C. 1186b) is amended— 
(1) by striking ‘‘Attorney General’’ each place such term 
appears (except in subsection (d)(2)(C)) and inserting ‘‘Secretary 
of Homeland Security’’; 
(2) by striking ‘‘entrepreneur’’ each place such term appears 
and inserting ‘‘investor’’; 
(3) in subsection (a), by amending paragraph (1) to read 
as follows: 
‘‘(1) CONDITIONAL BASIS FOR STATUS.—An alien investor, 
alien spouse, and alien child shall be considered, at the time 
of obtaining status as an alien lawfully admitted for permanent 
residence, to have obtained such status on a conditional basis 
subject to the provisions of this section.’’; 
(4) in subsection (b)— 
(A) 
in 
the 
subsection 
heading, 
by 
striking 
‘‘ENTREPRENEURSHIP’’ and inserting ‘‘INVESTMENT’’; and 
(B) by amending paragraph (1)(B) to read as follows: 
‘‘(B) the alien did not invest the requisite capital; or’’; 
(5) in subsection (c)— 
(A) in the subsection heading, by striking ‘‘OF TIMELY 
PETITION AND INTERVIEW’’; 
(B) in paragraph (1)—
H. R. 2471—1053 
(i) in the matter preceding subparagraph (A), by 
striking ‘‘In order’’ and inserting ‘‘Except as provided 
in paragraph (3)(D), in order’’; 
(ii) in subparagraph (A)— 
(I) by striking ‘‘must’’ and inserting ‘‘shall’’; 
and 
(II) by striking ‘‘, and’’ and inserting a semi-
colon; 
(iii) in subparagraph (B)— 
(I) by striking ‘‘must’’ and inserting ‘‘shall’’; 
(II) 
by 
striking 
‘‘Service’’ 
and 
inserting 
‘‘Department of Homeland Security’’; and 
(III) by striking the period at the end and 
inserting ‘‘; and’’; and 
(iv) by adding at the end the following: 
‘‘(C) the Secretary shall have performed a site visit 
to the relevant corporate office or business location 
described in section 203(b)(5)(F)(iv).’’; and 
(C) in paragraph (3)— 
(i) in subparagraph (A), in the undesignated 
matter following clause (ii), by striking ‘‘the’’ before 
‘‘such filing’’; and 
(ii) by amending subparagraph (B) to read as fol-
lows: 
‘‘(B) REMOVAL OR EXTENSION OF CONDITIONAL BASIS.— 
‘‘(i) IN
GENERAL.—Except as provided in clause 
(ii), if the Secretary determines that the facts and 
information contained in a petition submitted under 
paragraph (1)(A) are true, including demonstrating 
that the alien complied with subsection (d)(1)(B)(i), 
the Secretary shall— 
‘‘(I) notify the alien involved of such deter-
mination; and 
‘‘(II) remove the conditional basis of the alien’s 
status effective as of the second anniversary of 
the alien’s lawful admission for permanent resi-
dence. 
‘‘(ii) EXCEPTION.—If the petition demonstrates that 
the facts and information are true and that the alien 
is in compliance with subsection (d)(1)(B)(ii)— 
‘‘(I) the Secretary, in the Secretary’s discretion, 
may provide a 1-year extension of the alien’s condi-
tional status; and 
‘‘(II)(aa) if the alien files a petition not later 
than 30 days after the third anniversary of the 
alien’s lawful admission for permanent residence 
demonstrating that the alien complied with sub-
section (d)(1)(B)(i), the Secretary shall remove the 
conditional basis of the alien’s status effective as 
of such third anniversary; or 
‘‘(bb) if the alien does not file the petition 
described in item (aa), the conditional status shall 
terminate at the end of such additional year.’’; 
(6) in subsection (d)— 
(A) in paragraph (1)— 
(i) by amending subparagraph (A) to read as fol-
lows:
H. R. 2471—1054 
‘‘(A) invested the requisite capital;’’; 
(ii) by redesignating subparagraph (B) as subpara-
graph (C); and 
(iii) by inserting after subparagraph (A) the fol-
lowing: 
‘‘(B)(i) created the employment required under section 
203(b)(5)(A)(ii); or 
‘‘(ii) is actively in the process of creating the employ-
ment required under section 203(b)(5)(A)(ii) and will create 
such employment before the third anniversary of the alien’s 
lawful admission for permanent residence, provided that 
such alien’s capital will remain invested during such time; 
and’’; 
(B) in paragraph (2), by amending subparagraph (A) 
to read as follows: 
‘‘(A) NINETY-DAY
PERIOD
BEFORE
SECOND
ANNIVER-
SARY.— 
‘‘(i) IN
GENERAL.—Except as provided in clause 
(ii) and subparagraph (B), a petition under subsection 
(c)(1)(A) shall be filed during the 90-day period imme-
diately preceding the second anniversary of the alien 
investor’s lawful admission for permanent residence. 
‘‘(ii) EXCEPTION.—Aliens described in subclauses 
(I)(bb) and (II) of section 203(b)(5)(M)(ii) shall file a 
petition under subsection (c)(1)(A) during the 90-day 
period before the second anniversary of the subsequent 
investment.’’; and 
(C) in paragraph (3)— 
(i) by striking ‘‘The interview’’ and inserting the 
following: 
‘‘(A) IN GENERAL.—The interview’’; 
(ii) by striking ‘‘Service’’ and inserting ‘‘Depart-
ment of Homeland Security’’; and 
(iii) by striking the last sentence and inserting 
the following: 
‘‘(B) WAIVER.—The Secretary of Homeland Security, 
in the Secretary’s discretion, may waive the deadline for 
an interview under subsection (c)(1)(B) or the requirement 
for such an interview according to criteria developed by 
U.S. Citizenship and Immigration Services, in consultation 
with its Fraud Detection and National Security Directorate 
and U.S. Immigration and Customs Enforcement, provided 
that such criteria do not include a reduction of case proc-
essing times or the allocation of adjudicatory resources. 
A waiver may not be granted under this subparagraph 
if the alien to be interviewed— 
‘‘(i) invested in a regional center, new commercial 
enterprise, or job-creating entity that was sanctioned 
under section 203(b)(5); or 
‘‘(ii) is in a class of aliens determined by the Sec-
retary to be threats to public safety or national secu-
rity.’’; and 
(7) in subsection (f)(3), by striking ‘‘a limited partnership’’ 
and inserting ‘‘any entity formed for the purpose of doing for- 
profit business’’. 
(b) EFFECTIVE DATES.—
H. R. 2471—1055 
(1) IN GENERAL.—Except as provided in paragraph (2), the 
amendments made by subsection (a) shall take effect on the 
date of the enactment of this Act. 
(2) EXCEPTIONS.— 
(A) SITE VISITS.—The amendment made by subsection 
(a)(5)(B)(iv) shall take effect on the date that is 2 years 
after the date of the enactment of this Act. 
(B) PETITION BENEFICIARIES.—The amendments made 
by subsection (a) shall not apply to the beneficiary of a 
petition that is filed under section 216A of the Immigration 
and Nationality Act (8 U.S.C. 1186b) if the underlying 
petition was filed under section 203(b)(5) of such Act (8 
U.S.C. 1153(b)(5)) before the date of the enactment of this 
Act. 
SEC. 105. PROCEDURE FOR GRANTING IMMIGRANT STATUS. 
(a) FILING ORDER AND ELIGIBILITY.—Section 204(a)(1)(H) of the 
Immigration and Nationality Act (8 U.S.C. 1154(a)(1)(H)) is 
amended to read as follows: 
‘‘(H)(i) Any alien seeking classification under section 203(b)(5) 
may file a petition for such classification with the Secretary of 
Homeland Security. An alien seeking to pool his or her investment 
with 1 or more additional aliens seeking classification under section 
203(b)(5) shall file for such classification in accordance with section 
203(b)(5)(E), or before the date of the enactment of the EB–5 Reform 
and Integrity Act of 2022, in accordance with section 203(b)(5). 
An alien petitioning for classification under section 203(b)(5)(E) 
may file a petition with the Secretary after a regional center has 
filed an application for approval of an investment under section 
203(b)(5)(F). 
‘‘(ii) A petitioner described in clause (i) shall establish eligibility 
at the time he or she files a petition for classification under section 
203(b)(5). A petitioner who was eligible for such classification at 
the time of such filing shall be deemed eligible for such classification 
at the time such petition is adjudicated, subject to the approval 
of the petitioner’s associated application under section 203(b)(5)(F), 
if applicable.’’. 
(b) EFFECTIVE DATES.— 
(1) IN GENERAL.—The amendment made by subsection (a) 
shall take effect on the date of the enactment of this Act. 
(2) APPLICABILITY TO PETITIONS.—Section 204(a)(1)(H)(i) of 
the Immigration and Nationality Act, as added by subsection 
(a), shall apply to any petition for classification pursuant to 
section 203(b)(5)(E) of such Act (8 U.S.C. 1153(b)(5)(E)) that 
is filed with the Secretary of Homeland Security on or after 
the date of the enactment of this Act. 
(c) ADJUDICATION OF PETITIONS.—The Secretary of Homeland 
Security shall continue to adjudicate petitions and benefits under 
sections 203(b)(5) and 216A of the Immigration and Nationality 
Act (8 U.S.C. 1153(b)(5) and 1186b) during the implementation 
of this Act and the amendments made by this Act. 
SEC. 106. TIMELY PROCESSING. 
(a) FEE STUDY.—Not later than 1 year after the date of the 
enactment of this Act, the Director of U.S. Citizenship and Immigra-
tion Services shall complete a study of fees charged in the adminis-
tration of the program described in sections 203(b)(5) and 216A
H. R. 2471—1056 
of the Immigration and Nationality Act (8 U.S.C. 1153(b)(5) and 
1186b). 
(b) ADJUSTMENT OF FEES TO ACHIEVE EFFICIENT PROCESSING.— 
Notwithstanding section 286(m) of the Immigration and Nationality 
Act (8 U.S.C. 1356(m)), and except as provided under subsection 
(c), the Director, not later than 60 days after the completion of 
the study under subsection (a), shall set fees for services provided 
under sections 203(b)(5) and 216A of such Act (8 U.S.C. 1153(b)(5) 
and 1186b) at a level sufficient to ensure the full recovery only 
of the costs of providing such services, including the cost of attaining 
the goal of completing adjudications, on average, not later than— 
(1) 180 days after receiving a proposal for the establishment 
of a regional center described in section 203(b)(5)(E) of such 
Act; 
(2) 180 days after receiving an application for approval 
of an investment in a new commercial enterprise described 
in section 203(b)(5)(F) of such Act; 
(3) 90 days after receiving an application for approval 
of an investment in a new commercial enterprise described 
in section 203(b)(5)(F) of such Act that is located in a targeted 
employment area (as defined in section 203(b)(5)(D) of such 
Act); 
(4) 240 days after receiving a petition from an alien desiring 
to be classified under section 203(b)(5)(E) of such Act; 
(5) 120 days after receiving a petition from an alien desiring 
to be classified under section 203(b)(5)(E) of such Act with 
respect to an investment in a targeted employment area (as 
defined in section 203(b)(5)(D) of such Act); and 
(6) 240 days after receiving a petition from an alien for 
removal of conditions described in section 216A(c) of such Act. 
(c) ADDITIONAL FEES.—Fees in excess of the fee levels described 
in subsection (b) may be charged only— 
(1) in an amount that is equal to the amount paid by 
all other classes of fee-paying applicants for immigration- 
related benefits, to contribute to the coverage or reduction 
of the costs of processing or adjudicating classes of immigration 
benefit applications that Congress, or the Secretary of Home-
land Security in the case of asylum applications, has authorized 
to be processed or adjudicated at no cost or at a reduced 
cost to the applicant; and 
(2) in an amount that is not greater than 1 percent of 
the fee for filing a petition under section 203(b)(5) of the 
Immigration and Nationality Act (8 U.S.C. 1153(b)(5)), to make 
improvements to the information technology systems used by 
the Secretary of Homeland Security to process, adjudicate, and 
archive applications and petitions under such section, including 
the conversion to electronic format of documents filed by peti-
tioners and applicants for benefits under such section. 
(d) EXEMPTION FROM PAPERWORK REDUCTION ACT.—During the 
1-year period beginning on the date of the enactment of this Act, 
the requirements under chapter 35 of title 44, United States Code, 
shall not apply to any collection of information required under 
this division, any amendment made by this division, or any rule 
promulgated by the Secretary of Homeland Security to implement 
this division or the amendments made by this division, to the 
extent that the Secretary determines that compliance with such
H. R. 2471—1057 
requirements would impede the expeditious implementation of this 
division or the amendments made by this division. 
(e) 
RULE
OF
CONSTRUCTION
REGARDING
ADJUDICATION 
DELAYS.—Nothing in this division may be construed to limit the 
authority of the Secretary of Homeland Security to suspend the 
adjudication of any application or petition under section 203(b)(5) 
or 216A of the Immigration and Nationality Act (8 U.S.C. 1153(b)(5) 
and 1186b) pending the completion of a national security or law 
enforcement investigation relating to such application or petition. 
(f) RULE
OF
CONSTRUCTION
REGARDING
MODIFICATION
OF 
FEES.—Nothing in this section may be construed to require any 
modification of fees before the completion of— 
(1) the fee study described in subsection (a); or 
(2) regulations promulgated by the Secretary of Homeland 
Security, in accordance with subchapter II of chapter 5 and 
chapter 7 of title 5, United States Code (commonly known 
as the ‘‘Administrative Procedure Act’’), to carry out subsections 
(b) and (c). 
SEC. 107. TRANSPARENCY. 
(a) IN GENERAL.—Employees of the Department of Homeland 
Security, including the Secretary of Homeland Security, the Sec-
retary’s counselors, the Assistant Secretary for the Private Sector, 
the Director of U.S. Citizenship and Immigration Services, coun-
selors to such Director, and the Chief of the Immigrant Investor 
Programs Office (or any successor to such Office) at U.S. Citizenship 
and Immigration Services, shall act impartially and may not give 
preferential treatment to any entity, organization, or individual 
in connection with any aspect of the immigrant visa program 
described in section 203(b)(5) of the Immigration and Nationality 
Act (8 U.S.C. 1153(b)(5)). 
(b) IMPROPER
ACTIVITIES.—Activities that constitute pref-
erential treatment under subsection (a) shall include— 
(1) working on, or in any way attempting to influence, 
in a manner not available to or accorded to all other petitioners, 
applicants, and seekers of benefits under the immigrant visa 
program referred to in subsection (a), the standard processing 
of an application, petition, or benefit for— 
(A) a regional center; 
(B) a new commercial enterprise; 
(C) a job-creating entity; or 
(D) any person or entity associated with such regional 
center, new commercial enterprise, or job-creating entity; 
and 
(2) meeting or communicating with persons associated with 
the entities listed in paragraph (1), at the request of such 
persons, in a manner not available to or accorded to all other 
petitioners, applicants, and seekers of benefits under such 
immigrant visa program. 
(c) REPORTING OF COMMUNICATIONS.— 
(1) WRITTEN COMMUNICATION.—Employees of the Depart-
ment of Homeland Security, including the officials listed in 
subsection (a), shall include, in the record of proceeding for 
a case under section 203(b)(5) of the Immigration and Nation-
ality Act (8 U.S.C. 1153(b)(5)), actual or electronic copies of 
all case-specific written communication, including emails from
H. R. 2471—1058 
government and private accounts, with non-Department per-
sons or entities advocating for regional center applications or 
individual petitions under such section that are pending on 
or after the date of the enactment of this Act (other than 
routine communications with other agencies of the Federal 
Government regarding the case, including communications 
involving background checks and litigation defense). 
(2) ORAL COMMUNICATION.—If substantive oral communica-
tion, including telephonic communication, virtual communica-
tion, or in-person meetings, takes place between officials of 
the Department of Homeland Security and non-Department 
persons or entities advocating for regional center applications 
or individual petitions under section 203(b)(5) of such Act that 
are pending on or after the date of the enactment of this 
Act (except communications exempted under paragraph (1))— 
(A) the conversation shall be recorded; or 
(B) detailed minutes of the session shall be taken and 
included in the record of proceeding. 
(3) NOTIFICATION.— 
(A) IN GENERAL.—If the Secretary, in the course of 
written or oral communication described in this subsection, 
receives evidence about a specific case from anyone other 
than an affected party or his or her representative 
(excluding 
Federal 
Government 
or 
law 
enforcement 
sources), such information may not be made part of the 
record of proceeding and may not be considered in adjudica-
tive proceedings unless— 
(i) the affected party has been given notice of such 
evidence; and 
(ii) if such evidence is derogatory, the affected 
party has been given an opportunity to respond to 
the evidence. 
(B) INFORMATION
FROM
LAW
ENFORCEMENT, INTEL-
LIGENCE AGENCIES, OR CONFIDENTIAL SOURCES.— 
(i) LAW
ENFORCEMENT
OR
INTELLIGENCE
AGEN-
CIES.—Evidence received from law enforcement or 
intelligence agencies may not be made part of the 
record of proceeding without the consent of the relevant 
agency or law enforcement entity. 
(ii) WHISTLEBLOWERS, CONFIDENTIAL SOURCES, OR 
INTELLIGENCE
AGENCIES.—Evidence 
received 
from 
whistleblowers, other confidential sources, or the intel-
ligence community that is included in the record of 
proceeding and considered in adjudicative proceedings 
shall be handled in a manner that does not reveal 
the identity of the whistleblower or confidential source, 
or reveal classified information. 
(d) CONSIDERATION OF EVIDENCE.— 
(1) IN GENERAL.—No case-specific communication with per-
sons or entities that are not part of the Department of Home-
land Security may be considered in the adjudication of an 
application or petition under section 203(b)(5) of the Immigra-
tion and Nationality Act (8 U.S.C. 1153(b)(5)) unless the 
communication is included in the record of proceeding of the 
case. 
(2) WAIVER.—The Secretary of Homeland Security may 
waive the requirement under paragraph (1) only in the interests
H. R. 2471—1059 
of national security or for investigative or law enforcement 
purposes. 
(e) CHANNELS OF COMMUNICATION.— 
(1) EMAIL ADDRESS OR EQUIVALENT.—The Director of U.S. 
Citizenship and Immigration Services shall maintain an email 
account (or equivalent means of communication) for persons 
or entities— 
(A) with inquiries regarding specific petitions or 
applications under the immigrant visa program described 
in section 203(b)(5) of the Immigration and Nationality 
Act (8 U.S.C. 1153(b)(5)); or 
(B) seeking information that is not case-specific about 
the immigrant visa program described in such section 
203(b)(5). 
(2) COMMUNICATION ONLY THROUGH APPROPRIATE CHANNELS 
OR OFFICES.— 
(A) ANNOUNCEMENT
OF
APPROPRIATE
CHANNELS
OF 
COMMUNICATION.—Not later than 40 days after the date 
of the enactment of this Act, the Director of U.S. Citizen-
ship and Immigration Services shall announce that the 
only channels or offices by which industry stakeholders, 
petitioners, applicants, and seekers of benefits under the 
immigrant visa program described in section 203(b)(5) of 
the Immigration and Nationality Act (8 U.S.C. 1153(b)(5)) 
may communicate with the Department of Homeland Secu-
rity regarding specific cases under such section (except 
for communication made by applicants and petitioners 
pursuant to regular adjudicatory procedures), or informa-
tion that is not case-specific about the visa program 
applicable to certain cases under such section, are 
through— 
(i) the email address or equivalent channel 
described in paragraph (1); 
(ii) the National Customer Service Center, or any 
successor to such Center; or 
(iii) the Office of Public Engagement, Immigrant 
Investor Program Office, including the Stakeholder 
Engagement Branch, or any successors to those Offices 
or that Branch. 
(B) DIRECTION OF INCOMING COMMUNICATIONS.— 
(i) IN GENERAL.—Employees of the Department of 
Homeland 
Security 
shall 
direct 
communications 
described in subparagraph (A) to the channels of 
communication or offices listed in clauses (i) through 
(iii) of subparagraph (A). 
(ii) RULE
OF
CONSTRUCTION.—Nothing in this 
subparagraph may be construed to prevent— 
(I) any person from communicating with the 
Ombudsman of U.S. Citizenship and Immigration 
Services regarding the immigrant investor pro-
gram under section 203(b)(5) of the Immigration 
and Nationality Act (8 U.S.C. 1153(b)(5)); or 
(II) the Ombudsman from resolving problems 
regarding such immigrant investor program pursu-
ant to the authority granted under section 452 
of the Homeland Security Act of 2002 (6 U.S.C. 
272).
H. R. 2471—1060 
(C) LOG.— 
(i) IN GENERAL.—The Director of U.S. Citizenship 
and Immigration Services shall maintain a written 
or electronic log of— 
(I) all communications described in subpara-
graph (A) and communications from Members of 
Congress, which shall reference the date, time, 
and subject of the communication, and the identity 
of the Department official, if any, to whom the 
inquiry was forwarded; 
(II) with respect to written communications 
described in subsection (c)(1), the date on which 
the communication was received, the identities of 
the sender and addressee, and the subject of the 
communication; and 
(III) with respect to oral communications 
described in subsection (c)(2), the date on which 
the communication occurred, the participants in 
the conversation or meeting, and the subject of 
the communication. 
(ii) TRANSPARENCY.—The log of communications 
described in clause (i) shall be made publicly available 
in accordance with section 552 of title 5, United States 
Code (commonly known as the ‘‘Freedom of Information 
Act’’). 
(3) PUBLICATION OF INFORMATION.—Not later than 30 days 
after a person or entity inquiring about a specific case or 
generally about the immigrant visa program described in sec-
tion 203(b)(5) of the Immigration and Nationality Act (8 U.S.C. 
1153(b)(5)) receives, as a result of a communication with an 
official of the Department of Homeland Security, generally 
applicable information that is not case-specific about program 
requirements or administration that has not been made publicly 
available by the Department, the Director of U.S. Citizenship 
and Immigration Services shall publish such information on 
the U.S. Citizenship and Immigration Services website as an 
update to the relevant Frequently Asked Questions page or 
by some other comparable mechanism. 
(f) PENALTY.— 
(1) IN GENERAL.—Any person who intentionally violates 
the prohibition on preferential treatment under this section 
or intentionally violates the reporting requirements under sub-
section (c) shall be disciplined in accordance with paragraph 
(2). 
(2) SANCTIONS.—Not later than 90 days after the date 
of the enactment of this Act, the Secretary of Homeland Secu-
rity shall establish a graduated set of sanctions based on the 
severity of the violation referred to in paragraph (1), which 
may include, in addition to any criminal or civil penalties 
that may be imposed, written reprimand, suspension, demotion, 
or removal. 
(g) RULE OF CONSTRUCTION REGARDING CLASSIFIED INFORMA-
TION.—Nothing in this section may be construed to modify any 
law, regulation, or policy regarding the handling or disclosure of 
classified information. 
(h) RULE
OF CONSTRUCTION REGARDING PRIVATE RIGHT
OF 
ACTION.—Nothing in this section may be construed to create or
H. R. 2471—1061 
authorize a private right of action to challenge a decision of an 
employee of the Department of Homeland Security. 
(i) EFFECTIVE DATE.—This section, and the amendments made 
by this section, shall take effect on the date of the enactment 
of this Act. 
SEC. 108. PROTECTION FROM EXPIRED LEGISLATION. 
Section 203(b)(5) of the Immigration and Nationality Act (8 
U.S.C. 1153(b)(5)), as amended by sections 102 and 103 of this 
division, is further amended by adding at the end the following: 
‘‘(S) PROTECTION
FROM
EXPIRED
LEGISLATION.—Not-
withstanding the expiration of legislation authorizing the 
regional center program under subparagraph (E), the Sec-
retary of Homeland Security— 
‘‘(i) shall continue processing petitions under sec-
tions 204(a)(1)(H) and 216A based on an investment 
in a new commercial enterprise associated with a 
regional center that were filed on or before September 
30, 2026; 
‘‘(ii) may not deny a petition described in clause 
(i) based on the expiration of such legislation; and 
‘‘(iii) may not suspend or terminate the allocation 
of visas to the beneficiaries of approved petitions 
described in clause (i).’’. 
DIVISION CC—BURIAL EQUITY FOR 
GUARDS AND RESERVES ACT 
SEC. 101. SHORT TITLE. 
This division may be cited as the ‘‘Burial Equity for Guards 
and Reserves Act’’. 
SEC. 102. PROHIBITIONS ON RESTRICTING INTERMENT OF CERTAIN 
INDIVIDUALS IN CERTAIN STATE VETERANS’ CEMETERIES. 
(a) GRANTS.—Section 2408 of title 38, United States Code, 
is amended— 
(1) in subsection (d)(2), by striking ‘‘The Secretary may’’ 
and inserting ‘‘Except as provided in subsection (i), the Sec-
retary may’’; 
(2) by redesignating subsection (i) as subsection (k); and 
(3) by inserting after subsection (h) the following new sub-
sections: 
‘‘(i)(1) The Secretary may not establish a condition for a grant 
under this section that restricts the ability of a State receiving 
such a grant to inter in a veterans’ cemetery owned by that State 
any individual described in paragraph (2) solely by reason of the 
ineligibility of such individual for burial in an open national ceme-
tery under the control of the National Cemetery Administration 
under section 2402(a) of this title. 
‘‘(2) An individual described in this paragraph is the following: 
‘‘(A) Any member of a reserve component of the Armed 
Forces who was discharged or released from service under 
conditions other than dishonorable or whose death occurs under 
conditions other than dishonorable while a member of such 
a reserve component.
H. R. 2471—1062 
‘‘(B) Any member of the Army National Guard or the Air 
National Guard who was discharged or released from service 
under conditions other than dishonorable or whose death occurs 
under conditions other than dishonorable while a member of 
the Army National Guard or the Air National Guard. 
‘‘(C) Any member of the Reserve Officers’ Training Corps 
of the Army, Navy, or Air Force whose death occurs under 
conditions other than dishonorable while a member of the 
Reserve Officers’ Training Corps of the Army, Navy, or Air 
Force. 
‘‘(D) Any spouse of any member described in subparagraphs 
(A) through (C). 
‘‘(E) Any minor child or unmarried adult child (as such 
terms are defined in section 2402(a) of this title) of any member 
described in subparagraphs (A) through (C). 
‘‘(j) The Secretary may not deny an application for a grant 
under this section solely on the basis that the State receiving 
such grant may use funds from such grant to expand, improve, 
operate, or maintain a veterans’ cemetery in which interment of 
individuals described in subsection (i)(2) is allowed.’’. 
(b) PROHIBITION
ON
ENFORCING
CERTAIN
CONDITIONS
ON 
GRANTS FOR STATE VETERANS’ CEMETERIES.—The Secretary of Vet-
erans Affairs may not enforce a condition on a grant described 
in subsection (i)(1) of section 2408 of title 38, United States Code, 
as added by subsection (a), that was established before the date 
of the enactment of this Act. 
(c) PLOT ALLOWANCES.—Section 2303 of title 38, United States 
Code, is amended— 
(1) in subsection (b)— 
(A) by amending paragraph (1) to read as follows: 
‘‘(1) the Secretary shall pay to the relevant State, agency, 
political subdivision, or tribal organization, as the case may 
be, the sum of $700 (as increased from time to time under 
subsection (c)) as a plot or interment allowance for such veteran 
if the veteran is buried (without charge for the cost of a plot 
or interment) in a cemetery, or a section of a cemetery, that— 
‘‘(A) is used solely for the interment of persons who 
are— 
‘‘(i) eligible for burial in a national cemetery; 
‘‘(ii) members of a reserve component of the Armed 
Forces not otherwise eligible for such burial or former 
members of such a reserve component not otherwise 
eligible for such burial who are discharged or released 
from service under conditions other than dishonorable; 
or 
‘‘(iii) described in section 2408(i)(2) of this title; 
and 
‘‘(B) is— 
‘‘(i) owned by a State or by an agency or political 
subdivision of a State; or 
‘‘(ii) on trust land owned by, or held in trust for, 
a tribal organization.’’; and 
(B) in paragraph (2), by inserting ‘‘tribal organization,’’ 
after ‘‘of a State,’’; and 
(2) by adding at the end the following new subsection:
H. R. 2471—1063 
‘‘(e) In this section, the terms ‘tribal organization’ and ‘trust 
land’ have the meanings given those terms in section 3765 of 
this title.’’. 
DIVISION DD—AUTHORIZATION OF AP-
PROPRIATIONS 
FOR 
HIGH 
TECH-
NOLOGY PILOT PROGRAM 
SEC. 101. AUTHORIZATION OF APPROPRIATIONS FOR HIGH TECH-
NOLOGY PILOT PROGRAM. 
Subsection (g) of section 116 of the Harry W. Colmery Veterans 
Educational Assistance Act of 2017 (Public Law 115–48; 38 U.S.C. 
3001 note), as amended by section 4302 of the Johnny Isakson 
and David P. Roe, M.D. Veterans Health Care and Benefits 
Improvement Act of 2020 (Public Law 116–315), is amended to 
read as follows: 
‘‘(g) AUTHORIZATION OF APPROPRIATIONS.—Funds shall be made 
available to carry out the pilot program under this section from 
funds appropriated to, or otherwise made available to, the Depart-
ment for the payment of readjustment benefits, in the following 
amounts for a fiscal year in which the Secretary carries out the 
pilot program: 
‘‘(1) For fiscal year 2019, $15,000,000. 
‘‘(2) For fiscal year 2020, $15,000,000. 
‘‘(3) For fiscal year 2021, $45,000,000. 
‘‘(4) For fiscal year 2022, $125,000,000. 
‘‘(5) For fiscal year 2023, $45,000,000. 
‘‘(6) For fiscal year 2024, $45,000,000.’’. 
DIVISION EE—EXTENSION OF VISA 
WAIVER PROGRAM FEES 
SEC. 101. EXTENSION OF VISA WAIVER PROGRAM FEES. 
Section 217(h)(3)(B)(iii) of the Immigration and Nationality Act 
(8 U.S.C. 1187(h)(3)(B)(iii)) is amended by striking ‘‘September 30, 
2027’’ and inserting ‘‘October 31, 2028’’. 
DIVISION FF—AVAILABILITY OF TRAV-
EL PROMOTION FUND FOR BRAND 
USA 
SEC. 101. AVAILABILITY OF TRAVEL PROMOTION FUND FOR BRAND 
USA. 
(a) SHORT TITLE.—This section may be cited as the ‘‘Restoring 
Brand USA Act’’. 
(b) IN GENERAL.—Not later than 30 days after the date of 
the enactment of this Act, the Secretary of the Treasury, subject 
to subsections (c) and (d), and notwithstanding any other provision 
of law, shall make available, from unobligated balances remaining 
available from fees collected before October 1, 2020, and credited 
to Travel Promotion Fund established under subsection (d) of the
H. R. 2471—1064 
Travel Promotion Act of 2009 (22 U.S.C. 2131(d)), $250,000,000 
for the Corporation for Travel Promotion (commonly known as 
‘‘Brand USA’’). 
(c) INAPPLICABILITY OF CERTAIN REQUIREMENTS AND LIMITA-
TIONS.—The limitations in subsection (d)(2)(B) of the Travel Pro-
motion Act of 2009 shall not apply to amounts made available 
under subsection (b), and the requirements in subsection (d)(3) 
of such Act shall not apply to more than $50,000,000 of the amounts 
so available. 
(d) USE OF FUNDS.—Brand USA may only use funds provided 
under subsection (b) to promote travel from countries whose citizens 
and nationals are permitted to enter the United States. 
(e) REPORT REQUIRED.—Not later than 60 days after the date 
of the enactment of this Act, Brand USA shall submit to Congress 
a plan for obligating and expending the amounts described in sub-
section (b). 
DIVISION GG—COOPERATIVE PROJECT 
AGREEMENT 
SEC. 101. AUTHORITY TO ENTER INTO COOPERATIVE PROJECT AGREE-
MENT. 
Notwithstanding section 27(f) of the Arms Export Control Act 
(22 U.S.C. 2767(f)), the President may sign the cooperative project 
agreement notified to the Committee on Foreign Relations of the 
Senate and the Committee on Foreign Affairs of the House of 
Representatives in congressional notification 04-22 received on 
March 5, 2022. Notwithstanding section 27(g) of such Act (22 U.S.C. 
2767(g)), any defense articles that result from a cooperative project 
agreement shall be subject to the requirements of section 36 of 
such Act (22 U.S.C. 2776). 
DIVISION HH—OTHER MATTERS 
TITLE I—CONTINUING EDUCATION AT 
AFFECTED FOREIGN INSTITUTIONS 
SEC. 101. COVERED PERIODS FOR AFFECTED FOREIGN INSTITUTIONS. 
Section 3510(e) of the Coronavirus Aid, Relief, and Economic 
Security Act (20 U.S.C. 1001 note) is amended— 
(1) in paragraph (1)(B)(ii), by striking ‘‘2022’’ and inserting 
‘‘2023’’; and 
(2) in paragraph (2), by striking ‘‘subparagraph (B)(i)’’ and 
inserting ‘‘paragraph (1)(B)(i)’’. 
TITLE II—NASA ENHANCED-USE 
LEASING EXTENSION ACT OF 2022 
SEC. 201. SHORT TITLE. 
This title may be cited as the ‘‘NASA Enhanced-Use Leasing 
Extension Act of 2022’’.
H. R. 2471—1065 
SEC. 202. FINDINGS. 
Congress finds the following: 
(1) NASA uses enhanced-use leasing to enter into agree-
ments with private sector entities, State and local governments, 
academic institutions, and other Federal agencies for lease 
of non-excess, underutilized NASA properties and facilities. 
(2) NASA uses enhanced-use leasing authority to support 
responsible management of its real property, including to 
improve the use of underutilized property for activities that 
are compatible with NASA’s mission and to reduce facility 
operating and maintenance costs. 
(3) In fiscal year 2019, under its enhanced-use lease 
authority, NASA leased 65 real properties. 
(4) In fiscal year 2019, NASA’s use of enhanced-use leasing 
resulted in the collection of $10,843,025.77 in net revenue. 
(5) In fiscal year 2019, NASA used a portion of its 
enhanced-use leasing revenues for repairs of facility control 
systems such as lighting and heating, ventilation, and air condi-
tioning. 
(6) NASA’s use of enhanced-use leasing authority can con-
tribute to reducing the rate of increase of the Agency’s overall 
deferred maintenance cost. 
SEC. 203. EXTENSION OF AUTHORITY TO ENTER INTO LEASES OF NON- 
EXCESS PROPERTY OF THE NATIONAL AERONAUTICS AND 
SPACE ADMINISTRATION. 
Section 20145(g) of title 51, United States Code, is amended 
by striking ‘‘December 31, 2021’’ and inserting ‘‘December 31, 2022’’. 
TITLE III—CARES ACT SEMIANNUAL 
TESTIMONY 
SEC. 301. CONGRESSIONAL TESTIMONY. 
Section 4026(c) of division A of the CARES Act (15 U.S.C. 
9060(c)) is amended— 
(1) by striking ‘‘quarterly’’ and inserting ‘‘semiannual’’; and 
(2) by adding at the end the following: ‘‘This subsection 
shall have no force or effect after December 31, 2027.’’. 
TITLE IV—HIDDEN FIGURES 
CONGRESSIONAL GOLD MEDAL 
SEC. 401. HIDDEN FIGURES CONGRESSIONAL GOLD MEDAL. 
Section 3(c) of Hidden Figures Congressional Gold Medal Act 
(Public Law 116–68; 133 Stat. 1129) is amended by adding at 
the end the following: 
‘‘(3) TRANSFER
TO
KATHERINE
GOBLE
MOORE.—The gold 
medal awarded in honor of Katherine Johnson under subsection 
(a)(1) shall be given to her daughter, Katherine Goble Moore.’’.
H. R. 2471—1066 
TITLE V—CONGRESSIONAL OVERSIGHT 
OF SENSITIVE PROGRAMS NOT COV-
ERED BY OTHER PROVISIONS OF LAW 
SEC. 501. CONGRESSIONAL OVERSIGHT OF SENSITIVE PROGRAMS NOT 
COVERED BY OTHER PROVISIONS OF LAW. 
(a) REPORTS REQUIRED.— 
(1) IN GENERAL.—Not later than February 1 of each year, 
the head of each covered element shall submit to congressional 
leadership a report on each covered program carried out by 
that covered element. 
(2) CONTENTS.—Each such report shall set forth— 
(A) the total amount requested by the covered element 
for covered programs within the budget submitted under 
section 1105 of title 31 for the fiscal year following the 
fiscal year in which the report is submitted; and 
(B) for each program in such budget that is a covered 
program— 
(i) a brief description of the program; 
(ii) in the case of a procurement program, a brief 
discussion of the major milestones established for the 
program; 
(iii) the actual cost of the program for each fiscal 
year during which the program has been conducted 
before the fiscal year during which that budget is 
submitted; and 
(iv) the estimated total cost of the program and 
the estimated cost of the program for— 
(I) the current fiscal year; 
(II) the fiscal year for which the budget is 
submitted; and 
(III) each of the four succeeding fiscal years 
during which the program is expected to be con-
ducted. 
(b) NEWLY DESIGNATED PROGRAMS.— 
(1) IN GENERAL.—Not later than February 1 of each year, 
the head of each covered element shall submit to congressional 
leadership a report that, with respect to each new covered 
program of that covered element, provides— 
(A) notice of the designation of the program as a special 
access program; and 
(B) justification for such designation. 
(2) CONTENTS.—A report under paragraph (1) with respect 
to a program shall include— 
(A) the current estimate of the total program cost 
for the program; and 
(B) an identification, as applicable, of existing pro-
grams or technologies that are similar to the technology, 
or that have a mission similar to the technology, or that 
have a mission similar to the mission, of the program 
that is the subject of the notice. 
(3) NEW COVERED PROGRAM DEFINED.—In this subsection, 
the term ‘‘new covered program’’ means a covered program 
that has not previously been covered in a notice and justification 
under this subsection.
H. R. 2471—1067 
(c) REVISION IN CLASSIFICATION OF PROGRAMS.— 
(1) IN GENERAL.—Whenever a change in the classification 
of a covered program of a covered element is planned to be 
made or whenever classified information concerning a covered 
program of a covered element is to be declassified and made 
public, the head of the covered element shall submit to congres-
sional leadership a report containing a description of the pro-
posed change or the information to be declassified, the reasons 
for the proposed change or declassification, and notice of any 
public announcement planned to be made with respect to the 
proposed change or declassification. 
(2) PERIOD FOR SUBMITTAL.—Except as provided in para-
graph (3), a report referred to in paragraph (1) shall be sub-
mitted not less than 14 days before the date on which the 
proposed change, declassification, or public announcement is 
to occur. 
(3) EXCEPTION.—If the head of the covered element deter-
mines that because of exceptional circumstances the require-
ment of paragraph (2) cannot be met with respect to a proposed 
change, declassification, or public announcement concerning 
a covered program of the covered element, the head of the 
department or agency may submit the report required by para-
graph (1) regarding the proposed change, declassification, or 
public announcement at any time before the proposed change, 
declassification, or public announcement is made and shall 
include in the report an explanation of the exceptional cir-
cumstances. 
(d) REVISION OF CRITERIA FOR DESIGNATING PROGRAMS.—When-
ever there is a modification or termination of the policy and criteria 
used for designating a program of a covered element as a covered 
program, the head of the covered element shall promptly notify 
congressional leadership of such modification or termination. Any 
such notification shall contain the reasons for the modification 
or termination and, in the case of a modification, the provisions 
of the policy as modified. 
(e) INITIATION OF PROGRAMS.—A covered program may not be 
initiated by a covered element until— 
(1) congressional leadership is notified of the program; 
and 
(2) a period of 30 days elapses after such notification is 
received. 
(f) LIMITATION ON USE OF FUNDS.—No funds may be obligated 
or expended by any covered element to carry out a covered program 
until the head of the covered element has briefed congressional 
leadership on the covered program. 
(g) DEFINITIONS.—In this section: 
(1) COVERED ELEMENT.—The term ‘‘covered element’’ means 
any element or portion of the Federal Government that is 
not— 
(A) a covered department or agency as defined in sec-
tion 1152(g) of the National Defense Authorization Act 
for Fiscal Year 1994 (50 U.S.C. 3348(g)); 
(B) the Department of Defense (which is required to 
submit reports on special access programs under section 
119 of title 10, United States Code);
H. R. 2471—1068 
(C) the National Nuclear Security Administration 
(which is required to submit reports on special access pro-
grams under section 3236 of the National Nuclear Security 
Administration Act (50 U.S.C. 2426); or 
(D) an element of the intelligence community (as 
defined in section 3 of the National Security Act of 1947 
(50 U.S.C. 3003)). 
(2) CONGRESSIONAL LEADERSHIP.—The term ‘‘congressional 
leadership’’ means— 
(A) the majority leader of the Senate; 
(B) the minority leader of the Senate; 
(C) the Speaker of the House of Representatives; and 
(D) the minority leader of the House of Representa-
tives. 
(3) COVERED
PROGRAM.—The term ‘‘covered program’’ 
means any special access program or similarly protected pro-
gram established under the authority of Executive Order 12356 
(50 U.S.C. 3161 note; relating to prescribing a uniform system 
for classifying, declassifying, and safeguarding national security 
information), or any successor Executive order, or any similar 
sensitive program established anywhere in the Federal Govern-
ment, including one established at the direction of the Presi-
dent. 
TITLE VI—FIREFIGHTER PAY 
SEC. 601. FIREFIGHTER PAY. 
Section 1701 of division B of the Extending Government 
Funding and Delivering Emergency Assistance Act (5 U.S.C. 5547 
note) is amended— 
(1) by inserting ‘‘or 2022’’ after ‘‘during 2021’’ each place 
it appears; 
(2) in subsection (a)(1), by inserting ‘‘and any services 
during 2022 that generate payments payable in 2023’’ after 
‘‘payable in 2022’’; and 
(3) in subsection (b), by inserting ‘‘or 2022’’ after ‘‘in 2021’’. 
Speaker of the House of Representatives. 
Vice President of the United States and
President of the Senate.