I 
114TH CONGRESS 
2D SESSION 
H. R. 5992 
To amend section 203(b)(5) of the Immigration and Nationality Act to 
implement new reforms, and to reauthorize the EB–5 Regional Center 
Program, in order to promote and reform foreign capital investment 
and job creation in communities in the United States, and for other 
purposes. 
IN THE HOUSE OF REPRESENTATIVES 
SEPTEMBER 12, 2016 
Mr. GOODLATTE (for himself and Mr. CONYERS) introduced the following bill; 
which was referred to the Committee on the Judiciary 
A BILL 
To amend section 203(b)(5) of the Immigration and Nation-
ality Act to implement new reforms, and to reauthorize 
the EB–5 Regional Center Program, in order to promote 
and reform foreign capital investment and job creation 
in communities in the United States, and for other pur-
poses. 
Be it enacted by the Senate and House of Representa-
tives of the United States of America in Congress assembled, 
SECTION 1. SHORT TITLE; TABLE OF CONTENTS. 
(a) SHORT TITLE.—This Act may be cited as the 
‘‘American Job Creation and Investment Promotion Re-
form Act of 2016’’. 
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(b) TABLE OF CONTENTS.—The table of contents for 
this Act is as follows: 
Sec. 1. Short title; table of contents. 
Sec. 2. New EB–5 general provisions. 
Sec. 3. Reauthorization and reform of the Regional Center Program. 
Sec. 4. Other EB–5 visa reforms. 
Sec. 5. Conditional permanent resident status for alien investors, spouses, and 
children. 
Sec. 6. Procedure for granting immigrant status. 
Sec. 7. Timely processing. 
Sec. 8. Transparency. 
Sec. 9. Reports. 
SEC. 2. NEW EB–5 GENERAL PROVISIONS. 
(a) IN GENERAL.—Section 203(b)(5) of the Immi-
gration and Nationality Act (8 U.S.C. 1153(b)(5)) is 
amended by inserting after subparagraph (C) the fol-
lowing: 
‘‘(D) SOURCE OF FUNDS.— 
‘‘(i) IN GENERAL.—An alien investor 
shall demonstrate that the capital required 
under subparagraph (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 re-
quire, as applicable, that an alien inves-
tor’s petition under this paragraph con-
tain— 
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‘‘(I) business and tax records, or 
similar records, including, but not lim-
ited to— 
‘‘(aa) foreign business reg-
istration records; 
‘‘(bb) to the extent such tax 
returns have been prepared, cor-
porate or partnership tax returns 
(or tax returns of any other enti-
ty in any form filed in any coun-
try or subdivision of such coun-
try), and personal tax returns in-
cluding income, franchise, prop-
erty (whether real, personal, or 
intangible), or any other tax re-
turns of any kind, filed within 7 
years, with any taxing jurisdic-
tion in or outside the United 
States by or on behalf of the 
alien investor; and 
‘‘(cc) 
evidence 
identifying 
any other source of capital or ad-
ministrative fees; 
‘‘(II) evidence related to mone-
tary judgments against the alien in-
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vestor, including certified copies of 
any judgments, and evidence of all 
pending governmental civil or criminal 
actions, governmental administrative 
proceedings, and any private civil ac-
tions (pending or otherwise) involving 
possible monetary judgments against 
the alien investor from any court in or 
outside the United States; and 
‘‘(III) the identity of all persons 
who transfer into the United States, 
on behalf of the alien investor— 
‘‘(aa) any funds that are 
used to meet the capital require-
ment under subparagraph (A); 
and 
‘‘(bb) any funds that are 
used to pay administrative costs 
and fees associated with the 
alien’s investment. 
‘‘(iii) 
GIFT
RESTRICTIONS.—Gifted 
funds may be counted toward the min-
imum 
capital 
investment 
requirement 
under subparagraph (B) only if such funds 
were gifted to the alien investor by the 
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alien investor’s spouse, parent, son, or 
daughter (but not children (as defined in 
section 101(b)(1))), sibling, or grandparent 
and such funds were gifted in good faith 
and not to circumvent any limitations im-
posed on permissible sources of capital 
under this subparagraph. If a significant 
portion of the capital invested under sub-
paragraph (A) was gifted to the alien in-
vestor, the Secretary shall require the alien 
investor’s petition under this paragraph to 
include records described in subclauses (I) 
and (II) of clause (ii) from the donor. 
‘‘(iv) LOAN
RESTRICTIONS.—Capital 
derived from indebtedness may be counted 
toward the minimum capital investment re-
quirement under subparagraph (B) only if 
such capital is— 
‘‘(I) secured by assets owned by 
the alien investor; and 
‘‘(II) issued by a banking or 
lending institution that is properly 
chartered or licensed under the laws 
of any State, territory, country, or ap-
plicable jurisdiction, and that is not 
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sanctioned or restricted, which the 
Secretary shall determine after con-
sulting with relevant commercial or 
government databases, such as those 
of the Department of the Treasury’s 
Office of Foreign Assets Control, Of-
fice of Terrorist Financing and Fi-
nancial Crimes, and Financial Crimes 
Enforcement Network. 
‘‘(E) THREATS TO THE NATIONAL INTER-
EST.— 
‘‘(i) DENIAL
OR
REVOCATION.—The 
Secretary of Homeland Security shall deny 
or revoke the approval of a petition, appli-
cation, or benefit described in this para-
graph, including the documents described 
in clause (ii), if the Secretary determines 
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 na-
tional security. 
‘‘(ii) DOCUMENTS.—The documents 
described in this clause are— 
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‘‘(I) a certification, designation, 
or amendment to the designation, of a 
regional center; 
‘‘(II) a petition seeking classifica-
tion of an alien as an alien investor 
under this paragraph; 
‘‘(III) a petition to remove condi-
tions under section 216A; or 
‘‘(IV) an application for approval 
of a business plan in a new commer-
cial enterprise under subparagraph 
(I). 
‘‘(iii) DEBARMENT.—If a regional 
center, new commercial enterprise, or job- 
creating entity has its designation or par-
ticipation in the program under this para-
graph terminated for reasons relating to 
public safety or national security, any per-
son associated with such regional center, 
new commercial enterprise, or job-creating 
entity, including an alien investor, shall be 
permanently barred from future participa-
tion in the program under this paragraph 
if the Secretary of Homeland Security, in 
the Secretary’s discretion, determines, by a 
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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 Security determines that the ap-
proval of a petition, application, or benefit 
described in this paragraph should be de-
nied or revoked pursuant to clause (i), the 
Secretary shall— 
‘‘(I) notify the relevant indi-
vidual, regional center, or commercial 
entity of such determination; and 
‘‘(II) deny or revoke such peti-
tion, application, or benefit or termi-
nate the permanent resident status of 
the alien (and the alien spouse and 
alien children of such immigrant), as 
provided in clause (i) as of the date of 
such determination. 
‘‘(v) 
JUDICIAL
REVIEW.—Notwith-
standing any other provision of law (statu-
tory 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 
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court shall have jurisdiction to review a de-
nial or revocation under this subparagraph. 
Nothing in this clause may be construed as 
precluding review of constitutional claims 
or questions of law raised upon a petition 
for review filed with an appropriate court 
of appeals in accordance with section 242. 
‘‘(F) FRAUD, MISREPRESENTATION, AND 
CRIMINAL MISUSE.— 
‘‘(i) DENIAL
OR
REVOCATION.—The 
Secretary of Homeland Security shall deny 
or revoke the approval of a petition, appli-
cation, or benefit described in this para-
graph, including the documents described 
in subparagraph (E)(ii), if the Secretary 
determines that such petition, application, 
or benefit was predicated on or involved 
fraud, deceit, intentional material mis-
representation, or criminal misuse. 
‘‘(ii) DEBARMENT.—If a regional cen-
ter, new commercial enterprise, or job-cre-
ating entity has its designation or partici-
pation in the program under subparagraph 
(H) terminated for reasons relating to 
fraud, intentional material misrepresenta-
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tion, or criminal misuse, any person associ-
ated with such regional center, new com-
mercial enterprise, or job-creating entity, 
including an alien investor, shall be perma-
nently barred from future participation in 
the program under subparagraph (H) if 
the Secretary of Homeland Security deter-
mines, by a preponderance of the evidence, 
that such person was a knowing partici-
pant in the conduct that led to the termi-
nation. 
‘‘(iii) NOTICE.—If the Secretary of 
Homeland Security determines that the ap-
proval of a petition, application, or benefit 
described in this paragraph should be de-
nied or revoked pursuant to clause (i), the 
Secretary shall— 
‘‘(I) notify the relevant indi-
vidual, regional center, or commercial 
entity of such determination; and 
‘‘(II) deny or revoke such peti-
tion, application, or benefit or termi-
nate the permanent resident status of 
the alien (and the alien spouse and 
alien children of such immigrant) as 
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provided in clause (i) as of the date of 
such determination. 
‘‘(G) ADMINISTRATIVE
APPELLATE
RE-
VIEW.— 
‘‘(i) IN
GENERAL.—The Director of 
U.S. Citizenship and Immigration Services 
shall provide an opportunity for an admin-
istrative appellate review by the Adminis-
trative Appeals Office of U.S. Citizenship 
and Immigration Services of any deter-
mination made under this paragraph, in-
cluding— 
‘‘(I) an application for regional 
center designation or regional center 
amendment; 
‘‘(II) an application for approval 
of a business plan under subpara-
graph (I); 
‘‘(III) a petition by an alien in-
vestor for status as an immigrant 
under this paragraph; 
‘‘(IV) the termination or suspen-
sion of any benefit accorded under 
this paragraph; and 
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‘‘(V) any sanction imposed by the 
Secretary of Homeland Security pur-
suant to this paragraph. 
‘‘(ii) JUDICIAL
REVIEW.—Subject to 
section 242(a)(2), and notwithstanding any 
other provision of law (statutory or non-
statutory), including section 2241 of title 
28, United States Code, or any other ha-
beas corpus provision, and sections 1361 
and 1651 of such title, no court shall have 
jurisdiction to review a determination 
under this paragraph until the regional 
center, its associated entities, or the alien 
investor has exhausted all administrative 
appeals.’’. 
(b) EFFECTIVE DATES.— 
(1) IN GENERAL.—Except as provided in para-
graph (2), the amendment made by subsection (a) 
shall be effective at any time after the date of the 
enactment of this Act, as determined by the Sec-
retary, and shall be effective not later than 90 days 
after such date of enactment. 
(2) EXCEPTIONS.—Subparagraph (D) of sec-
tion 203(b)(5) of the Immigration and Nationality 
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Act (8 U.S.C. 1153(b)(5)), as inserted by subsection 
(a), shall not apply to a petition that— 
(A) was filed by an alien investor under 
such section 203(b)(5) prior to June 1, 2015; 
(B) was filed by an alien investor under 
such section 203(b)(5) during the period begin-
ning on June 1, 2015, and ending on the date 
of the enactment of this Act if such beneficiary 
is investing in the same commercial enterprise 
concerning the same economic activity as con-
tained in an exemplar filed prior to June 1, 
2015, or approved by the Secretary of Home-
land Security at any time prior to the date of 
enactment of this Act, unless the Secretary de-
termines that such approval or filing was based 
on fraud, misrepresentation in the record of 
proceeding, or is legally deficient; or 
(C) is filed under section 216A of such Act 
(8 U.S.C. 1186b) if the underlying petition filed 
under section 203(b)(5) of such Act was filed 
prior to June 1, 2015, or approved before the 
date of the enactment of this Act. 
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SEC. 3. REAUTHORIZATION AND REFORM OF THE RE-
GIONAL CENTER PROGRAM. 
(a) REPEAL.—Section 610 of the Departments of 
Commerce, Justice, and State, the Judiciary, and Related 
Agencies Appropriations Act, 1993 (8 U.S.C. 1153 note) 
is repealed. 
(b) AUTHORIZATION.—Section 203(b)(5) of the Im-
migration and Nationality Act (8 U.S.C. 1153(b)(5)), as 
amended by section 2, is further amended by inserting 
after subparagraph (G) the following: 
‘‘(H) REGIONAL CENTER PROGRAM.— 
‘‘(i) IN GENERAL.—Visas under this 
paragraph shall be made available through 
September 30, 2021, to qualified immi-
grants (and the eligible spouses and chil-
dren of such immigrants) pooling their in-
vestments with one or more additional 
qualified immigrants participating in a 
program implementing this paragraph that 
promotes economic growth, including pro-
spective job creation and increased domes-
tic capital investment, through regional 
centers operating within defined geo-
graphic areas and designated by the Sec-
retary of Homeland Security based upon 
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proposals for concentrating pooled invest-
ment within such areas. 
‘‘(ii) PROCESSING.—In processing pe-
titions under section 204(a)(1)(H) for clas-
sification pursuant to this subparagraph, 
the Secretary of Homeland Security— 
‘‘(I) may process petitions in a 
manner and order established by the 
Secretary; and 
‘‘(II) shall deem such petitions to 
include records previously filed with 
the Secretary pursuant to subpara-
graph (I) if the alien petitioner cer-
tifies that such records are incor-
porated by reference into the alien’s 
petition. 
‘‘(iii) ESTABLISHMENT
OF
A
RE-
GIONAL CENTER.—The manager of a pro-
spective regional center shall file a pro-
posal, as provided in clause (i), with the 
Secretary of Homeland Security requesting 
that the Secretary designate the regional 
center for purposes of this subparagraph. 
A regional center shall operate within a de-
fined and limited geographic area, which 
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shall be described in the proposal and shall 
be consistent with the purpose of concen-
trating pooled investment within such area. 
The proposal shall demonstrate that the 
pooled investment will have a significant 
economic impact on such area, and shall 
include— 
‘‘(I) reasonable predictions, sup-
ported by economically and statis-
tically valid forecasting tools, con-
cerning— 
‘‘(aa) the amount of invest-
ment that will be pooled; 
‘‘(bb) the kinds of new com-
mercial enterprises that will re-
ceive such investments; 
‘‘(cc) details of the jobs that 
will be created directly or indi-
rectly as a result of such invest-
ments; and 
‘‘(dd) other positive eco-
nomic effects such investments 
will have; and 
‘‘(II) a description of the policies 
and procedures in place reasonably 
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designed to monitor new commercial 
enterprises and any affiliated job-cre-
ating entity to ensure compliance 
with— 
‘‘(aa) all applicable laws, 
regulations, and Executive orders 
of the United States, including 
immigration laws and securities 
laws; and 
‘‘(bb) all securities laws of 
each State in which securities of-
ferings will be conducted, invest-
ment advice will be rendered, or 
the offerors or offerees reside. 
‘‘(iv) INDIRECT JOB CREATION.—The 
Secretary of Homeland Security shall per-
mit aliens seeking admission under this 
subparagraph to satisfy only up to 90 per-
cent of the requirement under subpara-
graph (A)(ii) with jobs that are estimated 
to be created indirectly through investment 
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. 
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‘‘(v) COMPLIANCE.— 
‘‘(I) IN
GENERAL.—In deter-
mining compliance with subparagraph 
(A)(ii), the Secretary of Homeland Se-
curity shall permit aliens seeking ad-
mission under this subparagraph to 
rely on economically and statistically 
valid methodologies for determining 
the number of jobs created by the pro-
gram, including— 
‘‘(aa) jobs estimated to have 
been created directly, which may 
be verified using such methodolo-
gies, except that the Secretary 
may request additional evidence 
to verify that the directly created 
jobs satisfy the requirements 
under subparagraph (A)(ii); and 
‘‘(bb) consistent with this 
subparagraph, jobs estimated to 
have 
been 
created 
indirectly 
through revenues generated from 
increased exports, improved re-
gional productivity, job creation, 
and increased domestic capital 
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investment resulting from the 
program. 
‘‘(II) JOB AND INVESTMENT RE-
QUIREMENTS.— 
‘‘(aa) RELOCATED
JOBS.— 
In determining compliance with 
the 
job 
creation 
requirement 
under subparagraph (A)(ii), the 
Secretary may include jobs esti-
mated to be created under a 
methodology whereby jobs are at-
tributable to prospective tenants 
occupying commercial real estate 
created or improved by capital in-
vestments, but only if the num-
ber of such jobs estimated to be 
created has been determined by 
an economically and statistically 
valid methodology and such jobs 
are not existing jobs that have 
been relocated. 
‘‘(bb) PUBLICLY AVAILABLE 
BONDS.—Alien investor capital 
may not be utilized, by a new 
commercial enterprise or other-
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wise, 
to 
purchase 
municipal 
bonds or any other bonds, if such 
bonds are available to the general 
public, either as part of a pri-
mary offering or from a sec-
ondary market. 
‘‘(cc) CONSTRUCTION ACTIV-
ITY
JOBS.—The length of full- 
time construction activity jobs 
that last shorter than 24 months 
may be aggregated to satisfy the 
employment creation requirement 
under subparagraph (A)(ii) for 
alien investors participating in 
the program described in this 
subparagraph. A construction ac-
tivity job may be considered a job 
that is created directly. 
‘‘(vi) AMENDMENTS.—The Secretary 
of Homeland Security shall— 
‘‘(I) require a regional center to 
give advance notice to, and obtain ap-
proval from, the Secretary of signifi-
cant proposed changes to its organiza-
tional structure, ownership, or admin-
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istration, including the sale of such 
center or other arrangements in which 
individuals not previously subject to 
the requirements under subparagraph 
(K) become involved with the regional 
center, before any such proposed 
changes may take effect unless exi-
gent circumstances are present in 
which case the regional center shall 
provide notice to the Secretary within 
5 business days of such change; 
‘‘(II) approve the changes re-
ferred to in subclause (I) only after— 
‘‘(aa) notice of any such 
proposed changes are made pub-
licly available through a publicly 
accessible Web site of U.S. Citi-
zenship and Immigration Services 
for a period of not fewer than 30 
days; and 
‘‘(bb) the Secretary deter-
mines that the regional center 
would remain compliant with this 
subparagraph and with subpara-
graph (K); and 
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‘‘(III) notwithstanding the pend-
ency of a request for approval of any 
amendment that has been filed pursu-
ant to subclause (I), adjudicate busi-
ness plans under subparagraph (I) 
and 
petitions 
under 
section 
204(a)(1)(H). 
‘‘(I) BUSINESS PLANS FOR REGIONAL CEN-
TER INVESTMENTS.— 
‘‘(i) APPLICATION FOR APPROVAL OF 
AN INVESTMENT IN A NEW COMMERCIAL 
ENTERPRISE.—A regional center shall file 
an application with the Secretary of Home-
land Security for each particular invest-
ment offering in or through an associated 
new commercial enterprise before any alien 
files a petition for classification under this 
paragraph by reason of investment in that 
offering, which shall include— 
‘‘(I) a comprehensive business 
plan for a specific capital investment 
project; 
‘‘(II) a credible economic analysis 
regarding estimated job creation that 
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is based upon economically and statis-
tically valid methodologies; 
‘‘(III) any documents filed with 
the Securities and Exchange Commis-
sion under the Securities Act of 1933 
(15 U.S.C. 77a et seq.) or with the 
securities regulator of any State, as 
required by law; 
‘‘(IV) any investment and offer-
ing documents, including subscription, 
investment, partnership, and oper-
ating agreements, private placement 
memoranda, term sheets, biographies 
for management, officers, directors, 
and any individual with similar re-
sponsibilities, the description of the 
business plan to be provided to poten-
tial alien investors, and marketing 
materials used or drafts prepared for 
use in connection with the offering, 
which shall contain references, as ap-
propriate, to any— 
‘‘(aa) investment risks asso-
ciated with the new commercial 
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enterprise and the job-creating 
entity; 
‘‘(bb) conflicts of interest 
that currently exist or may arise 
among the regional center, new 
commercial enterprise, job-cre-
ating entity, or the principals or 
attorneys of the aforementioned 
entities; 
‘‘(cc) pending material liti-
gation or bankruptcy, or adverse 
judgments or bankruptcy orders 
issued during the most recent 10- 
year period, in the United States 
or abroad, affecting the regional 
center, the new commercial enter-
prise, any affiliated job-creating 
entity, or any other enterprise in 
which any principal of the afore-
mentioned entities held majority 
ownership at the time; and 
‘‘(dd)(AA) fees, ongoing in-
terest, or other compensation 
that has been paid, or will be 
paid, to any person in connection 
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with the investment, including 
agents, finders, or broker dealers 
involved in the offering, and of 
which the regional center or new 
commercial enterprise has knowl-
edge; 
‘‘(BB) a description of the 
services performed, or which will 
be performed, by such person to 
entitle the person to such fees, 
interest, or compensation; and 
‘‘(CC) the name and contact 
information of any such person; 
‘‘(V) a description of the policies 
and procedures, such as those related 
to internal and external due diligence, 
reasonably designed to cause the re-
gional center, new commercial enter-
prise, and any affiliated job-creating 
entity, their agents, employees, advi-
sors, and attorneys, and any persons 
in active concert or participation with 
the regional center, new commercial 
enterprise, or any affiliated job-cre-
ating entity to comply, as applicable, 
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with the securities laws of the United 
States and the laws of the applicable 
States in connection with the offer, 
purchase, or sale of their securities; 
‘‘(VI) a certification from the re-
gional center and any issuer of securi-
ties that is affiliated with the regional 
center that their respective agents, 
employees, advisors, and attorneys, 
and any parties associated with the 
regional center or the issuer of securi-
ties that is affiliated with the regional 
center, are in compliance with the se-
curities 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 dili-
gence investigation; and 
‘‘(VII) 
documentation 
demon-
strating that the regional center con-
sulted with a local economic develop-
ment agency or municipality regard-
ing the capital investment project, 
which shall address— 
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‘‘(aa) the number and type 
of jobs anticipated to be created; 
and 
‘‘(bb) whether the project is 
consistent with the agency or 
municipality’s plan for economic 
development in the region. 
‘‘(ii) EFFECT
OF
APPROVAL
OF
A 
BUSINESS PLAN FOR AN INVESTMENT IN A 
REGIONAL
CENTER’S
NEW
COMMERCIAL 
ENTERPRISE.—The approval of an applica-
tion under this subparagraph shall be 
binding for purposes of the adjudication of 
subsequent petitions seeking classification 
under this paragraph by immigrants in-
vesting in the same capital investment 
project through a new commercial enter-
prise, and of petitions by the same immi-
grants filed under section 216A, except in 
the case of fraud, misrepresentation, crimi-
nal misuse, a threat to public safety or na-
tional security, a material change that af-
fects the program eligibility of the ap-
proved economic model, other evidence af-
fecting program eligibility that was not dis-
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closed by the applicant during the adju-
dication process, or a material mistake of 
law or fact in the prior adjudication. 
‘‘(iii) SITE
VISITS.—The Secretary 
shall— 
‘‘(I) perform site visits to re-
gional centers; and 
‘‘(II) perform at least 1 site visit 
to each new commercial enterprise 
and job-creating entity, which— 
‘‘(aa) shall include a review 
for evidence of direct job creation 
in accordance with subparagraph 
(H)(v)(I); and 
‘‘(bb) may occur at any time 
during the period between the fil-
ing of an application for approval 
of an investment in a new com-
mercial enterprise under this sub-
paragraph and the adjudication 
of the first petition for removal 
of conditions on lawful perma-
nent resident status under sec-
tion 216A(c) filed by an alien in-
vesting in such investment. 
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‘‘(J) REGIONAL CENTER ANNUAL STATE-
MENTS.— 
‘‘(i) IN GENERAL.—Each regional cen-
ter designated under subparagraph (H) 
shall annually submit a statement to the 
Director of United States Citizenship and 
Immigration Services (referred to in this 
subparagraph as the ‘Director’), in a man-
ner prescribed by the Secretary of Home-
land Security, which shall include— 
‘‘(I) a certification stating that, 
to the best of the certifier’s knowl-
edge, after a due diligence investiga-
tion, the regional center, the new com-
mercial enterprise, and any affiliated 
job-creating entity, are in compliance 
with clauses (i) and (ii) of subpara-
graph (K); 
‘‘(II) a certification described in 
subparagraph (L)(ii)(II); 
‘‘(III) a certification stating that, 
to the best of the certifier’s knowl-
edge, after a due diligence investiga-
tion, the regional center is in compli-
ance with subparagraph (N)(iii); 
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‘‘(IV) a description of any pend-
ing material litigation or bankruptcy 
proceedings, or litigation or bank-
ruptcy proceedings resolved during the 
preceding fiscal year, involving the re-
gional center, new commercial enter-
prise, or any affiliated job-creating en-
tity; 
‘‘(V) an accounting of all alien 
investor capital invested pursuant to 
subparagraph (H) in the regional cen-
ter, new commercial enterprise, or 
job-creating entity; 
‘‘(VI) for each new commercial 
enterprise associated with the regional 
center— 
‘‘(aa) an accounting of the 
aggregate capital invested in the 
new commercial enterprise and 
job-creating entity by alien inves-
tors under this paragraph for 
each capital investment project 
being undertaken by the new 
commercial enterprise; 
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‘‘(bb) a description of how 
such capital is being used to exe-
cute 
each 
capital 
investment 
project in the filed business plan 
or plans; 
‘‘(cc) evidence that 100 per-
cent of such capital has actually 
been committed to each capital 
investment project; 
‘‘(dd) detailed evidence of 
the progress made toward the 
completion of each capital invest-
ment project; 
‘‘(ee) an accounting of the 
aggregate direct jobs created or 
preserved; 
‘‘(ff) to the best of the re-
gional center’s knowledge, for all 
fees, 
including 
administrative 
fees, loan monitoring fees, loan 
management fees, commissions 
and 
similar 
transaction-based 
compensation, 
collected 
from 
alien investors by the regional 
center, new commercial enter-
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prise, any affiliated job-creating 
entity, or issuer of securities as-
sociated with the regional center, 
or any promoter, finder, broker- 
dealer, or other entity engaged by 
any of the foregoing to locate 
alien investors investing pursuant 
to subparagraph (H)— 
‘‘(AA) a description of 
all fees collected; 
‘‘(BB) an accounting of 
the entities that received 
such fees; and 
‘‘(CC) the purpose for 
which such fees were col-
lected; 
‘‘(gg) any documentation re-
ferred 
to 
in 
subparagraph 
(I)(i)(IV), if there has been a 
material change during the pre-
ceding fiscal year; and 
‘‘(hh) a certification by the 
regional center that such state-
ments are accurate, to the best of 
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the certifier’s knowledge, after a 
due diligence investigation; and 
‘‘(VII) a description of the re-
gional center’s policies and procedures 
that are designed to enable the re-
gional center to comply with applica-
ble Federal labor laws. 
‘‘(ii) AMENDMENT OF ANNUAL STATE-
MENTS.—The Director— 
‘‘(I) shall require the regional 
center to amend or supplement an an-
nual statement required under clause 
(i) if the Director determines that 
such statement is deficient; and 
‘‘(II) may require the regional 
center to amend or supplement such 
annual statement if the Director de-
termines that such an amendment or 
supplement is appropriate. 
‘‘(iii) SANCTIONS.— 
‘‘(I) EFFECT
OF
VIOLATION.— 
The Director shall sanction any re-
gional center entity in accordance 
with subclause (II) if the regional cen-
ter fails to submit an annual state-
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ment 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 con-
tained an untrue statement of 
material fact; or 
‘‘(bb) is conducting itself in 
a manner inconsistent with its 
designation, including any willful, 
undisclosed, and material devi-
ation by new commercial enter-
prises from any filed business 
plan for such commercial enter-
prises. 
‘‘(II) AUTHORIZED SANCTIONS.— 
The Director shall establish a grad-
uated set of sanctions based on the 
severity of the violations referred to in 
subclause (I), including— 
‘‘(aa) fines equal to not 
more than 10 percent of the total 
capital invested by alien investors 
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in the regional center’s new com-
mercial enterprises or job-cre-
ating entities, the payment of 
which shall not in any cir-
cumstance utilize any of such 
alien investors’ capital invest-
ments, and which shall be depos-
ited into the EB–5 Integrity 
Fund established under subpara-
graph (M); 
‘‘(bb) temporary suspension 
from participation in the pro-
gram described in subparagraph 
(H), which may be lifted by the 
Director if the individual or enti-
ty cures the alleged violation 
after being provided such an op-
portunity by the Director; 
‘‘(cc) permanent bar from 
program participation for one or 
more individuals associated with 
the regional center or new com-
mercial enterprise or job-creating 
entity; and 
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‘‘(dd) termination of re-
gional center designation. 
‘‘(K) BONA FIDES OF PERSONS INVOLVED 
WITH REGIONAL CENTER PROGRAM.— 
‘‘(i) IN GENERAL.—No person shall be 
permitted to be involved with any regional 
center, new commercial enterprise, or job- 
creating entity if— 
‘‘(I) the person has been found to 
have committed— 
‘‘(aa) a criminal or civil vio-
lation involving fraud or deceit 
within the previous 10 years; 
‘‘(bb) a civil violation result-
ing in a liability in excess of 
$1,000,000 involving fraud or de-
ceit; or 
‘‘(cc) a crime resulting in a 
conviction with a term of impris-
onment of more than 1 year; 
‘‘(II) the person is subject to a 
final order, for the duration of any 
penalty imposed by such order, of a 
State securities commission (or an 
agency or officer of a State who per-
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forms similar functions), a State au-
thority that supervises or examines 
banks, savings associations, or credit 
unions, a State insurance commission 
(or an agency of or officer of a State 
who performs similar functions), an 
appropriate Federal banking agency, 
the 
Commodity 
Futures 
Trading 
Commission, the Securities and Ex-
change Commission, a financial self- 
regulatory organization recognized by 
the Securities and Exchange Commis-
sion, or the National Credit Union 
Administration, which is based on a 
violation of any law or regulation 
that— 
‘‘(aa) prohibits fraudulent, 
manipulative, or deceptive con-
duct; or 
‘‘(bb) 
bars 
the 
person 
from— 
‘‘(AA) association with 
an entity regulated by such 
commission, authority, agen-
cy, or officer; 
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‘‘(BB) appearing before 
such commission, authority, 
agency, or officer; 
‘‘(CC) engaging in the 
business of securities, insur-
ance, or banking; or 
‘‘(DD) engaging in sav-
ings association or credit 
union activities; 
‘‘(III) the person is engaged in, 
has ever been engaged in, or seeks to 
engage in— 
‘‘(aa) any illicit trafficking 
in any controlled substance or in 
any listed chemical (as defined in 
section 102 of the Controlled 
Substances Act); 
‘‘(bb) any activity relating to 
espionage, sabotage, or theft of 
intellectual property; 
‘‘(cc) any activity related to 
money laundering (as described 
in section 1956 or 1957 of title 
18, United States Code); 
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‘‘(dd) any terrorist activity 
(as 
defined 
in 
section 
212(a)(3)(B)); 
‘‘(ee) any activity consti-
tuting or facilitating human traf-
ficking or a human rights of-
fense; 
‘‘(ff) any activity described 
in section 212(a)(3)(E); or 
‘‘(gg) the violation of any 
statute, regulation, or Executive 
order regarding foreign financial 
transactions or foreign asset con-
trol; or 
‘‘(IV) the person— 
‘‘(aa) is, or during the pre-
ceding 10 years has been, in-
cluded on the Department of 
Justice’s List of Currently Dis-
ciplined Practitioners; or 
‘‘(bb) during the preceding 
10 years has received a rep-
rimand or otherwise been publicly 
disciplined for conduct related to 
fraud or deceit by a State bar as-
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sociation of which the person is 
or was a member. 
‘‘(ii) FOREIGN INVOLVEMENT IN RE-
GIONAL CENTER PROGRAM.— 
‘‘(I) 
LAWFUL
STATUS
RE-
QUIRED.—No person may be involved 
with a regional center unless the per-
son is a national of the United States 
or an individual who has been lawfully 
admitted for permanent residence (as 
defined in paragraphs (20) and (22) 
of section 101(a)). 
‘‘(II) FOREIGN GOVERNMENTS.— 
No foreign government entity may 
provide capital to, or be directly or in-
directly involved with the ownership or 
administration of, a regional center, a 
new commercial enterprise, or a job- 
creating entity. 
‘‘(iii) INFORMATION REQUIRED.—The 
Secretary shall require such attestations 
and information, including the submission 
of fingerprints or other biometrics to the 
Federal Bureau of Investigation, and shall 
perform such criminal record checks and 
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other background and database checks 
with respect to a regional center, new com-
mercial enterprise, and any affiliated job- 
creating entity, and persons involved with 
such entities (as described in clause (v)), 
in order to determine whether such entities 
are in compliance with clauses (i) and (ii). 
The Secretary may require the information 
and attestations described in this clause 
from such entities, and any person involved 
with such entities, at any time on or after 
the date of the enactment of the American 
Job Creation and Investment Promotion 
Reform Act of 2016 and may perform such 
checks with respect to any job creating en-
tity, and persons involved with such entity. 
‘‘(iv) TERMINATION.— 
‘‘(I) IN
GENERAL.—The Sec-
retary shall suspend or terminate the 
designation of any regional center, or 
the participation under the program 
of any new commercial enterprise or 
job-creating entity under this para-
graph if the Secretary determines that 
such entity— 
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‘‘(aa) knowingly involved a 
person with such entity in viola-
tion of clause (i) or (ii); 
‘‘(bb) failed to provide an 
attestation or information re-
quested by the Secretary; or 
‘‘(cc) 
knowingly 
provided 
any false attestation or informa-
tion under clause (iii). 
‘‘(II) INFORMATION.—The Sec-
retary, after the performance of the 
criminal record and other background 
checks described in clause (iii), shall 
notify a regional center, new commer-
cial enterprise, or job-creating entity 
whether any person involved with such 
entities is not in compliance with 
clause (i) or (ii). If, 30 days after re-
ceiving such notification, the regional 
center, new commercial enterprise, or 
job-creating entity, as the case may 
be, fails to discontinue the prohibited 
person’s involvement with the regional 
center, new commercial enterprise, or 
job-creating entity, as applicable, the 
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regional center, new commercial enter-
prise, or job-creating entity shall be 
deemed to have knowledge under sub-
clause (I)(aa) that such person is in 
violation of clause (i) or (ii). 
‘‘(v) PERSONS INVOLVED WITH A RE-
GIONAL
CENTER, NEW
COMMERCIAL
EN-
TERPRISE, OR
JOB-CREATING
ENTITY.— 
For the purposes of this subparagraph, a 
person is considered to be ‘involved’ with a 
regional center, a new commercial enter-
prise, any affiliated job-creating entity, or 
other job-creating entity, as applicable, if 
he or she is, directly or indirectly, an 
owner or in a position of substantive au-
thority to make operational or managerial 
decisions over pooling, securitization, in-
vestment, release, acceptance, or control of 
any funding that was procured pursuant to 
subparagraph (H). An individual may be in 
a position of substantive authority if he or 
she serves as a principal, representative, 
administrator, owner, officer, board mem-
ber, manager, executive, general partner, 
fiduciary, or in a similar position at the re-
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gional center, new commercial enterprise, 
any affiliated job-creating entity, or other 
job-creating entity, respectively. 
‘‘(L) 
COMPLIANCE
WITH
SECURITIES 
LAWS.— 
‘‘(i) JURISDICTION.— 
‘‘(I) IN
GENERAL.—The United 
States has jurisdiction over the pur-
chase or sale of any security offered 
or sold by any regional center or any 
party associated with a regional cen-
ter for purposes of the securities laws. 
Subject matter jurisdiction shall also 
lie within the United States. 
‘‘(II) COMPLIANCE WITH REGU-
LATIONS.—Solely for purposes of sec-
tion 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 Reg-
ulation S under the Securities Act of 
1933 (15 U.S.C. 77a et seq.) to the 
extent that such offering or selling 
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otherwise complies with that regula-
tion. 
‘‘(ii) REGIONAL
CENTER
CERTIFI-
CATIONS REQUIRED.— 
‘‘(I) INITIAL
CERTIFICATION.— 
The Secretary of Homeland Security 
may not approve an application for re-
gional center designation or regional 
center amendment unless the regional 
center certifies that, to the best of the 
certifier’s knowledge, after a due dili-
gence investigation, the regional cen-
ter is in compliance with and has poli-
cies and procedures, such as those re-
lated to internal and external due dili-
gence, reasonably designed to confirm, 
as applicable, that all parties associ-
ated with the regional center are and 
will remain in compliance with the se-
curities laws of the United States and 
of any State in which the offer, pur-
chase, or sale of securities was con-
ducted, or the issuer of securities was 
located, or the investment advice was 
provided by the regional center or 
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parties associated with the regional 
center. 
‘‘(II) REISSUE.—A regional cen-
ter shall annually reissue a certifi-
cation described in subclause (I) in 
accordance with subparagraph (J). 
Annual certifications under this sub-
clause shall also certify compliance 
with clause (iii) by stating that— 
‘‘(aa) the certifier is in a po-
sition to have knowledge of the 
offers, purchases, and sales of se-
curities or the provision of invest-
ment advice by parties associated 
with the regional center; 
‘‘(bb) to the best of the cer-
tifier’s knowledge, after a due 
diligence investigation, all such 
offers, purchases, and sales of se-
curities or the provision of invest-
ment advice complied with the se-
curities laws of the United States 
and the securities laws of any 
State in which the offer, pur-
chase, or sale of securities was 
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conducted, or the issuer of secu-
rities was located, or the invest-
ment advice was provided; and 
‘‘(cc) records, data, and in-
formation related to such offers, 
purchases, and sales have been 
maintained. 
‘‘(III) EFFECT
OF
NONCOMPLI-
ANCE.—If a regional center, through 
its due diligence, discovered during a 
previous fiscal year that the regional 
center or any party associated with 
the regional center was not in compli-
ance with the securities laws of the 
United States or the securities laws of 
any State in which the securities ac-
tivities 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 noncompli-
ance; and 
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‘‘(cc) certify that the re-
gional center and all parties asso-
ciated with the regional center 
are currently in compliance, to 
the best of the certifier’s knowl-
edge, after a due diligence inves-
tigation. 
‘‘(iii) OVERSIGHT
REQUIRED.—Each 
regional center shall monitor and supervise 
all offers, purchases, and sales of, and in-
vestment advice relating to securities made 
by parties associated with the regional cen-
ter to confirm compliance with the securi-
ties laws of the United States, and main-
tain records, data, and information relat-
ing to all such offers, purchases, sales, and 
investment advice during the 5-year period 
beginning on the date of their creation. 
Such records, data, and information shall 
be made available to the Secretary upon 
request. 
‘‘(iv) 
SUSPENSION
OR
TERMI-
NATION.—In addition to any other author-
ity provided to the Secretary under this 
paragraph, the Secretary, in the Sec-
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retary’s discretion, may suspend or termi-
nate the designation of any regional center, 
or impose other sanctions against the re-
gional center, if— 
‘‘(I) the regional center is perma-
nently or temporarily enjoined by 
order, judgment, or decree of any 
court of competent jurisdiction in con-
nection with the offer, purchase, or 
sale of a security or the provision of 
investment advice, or any party asso-
ciated with the regional center is so 
enjoined and the regional center knew, 
or reasonably should have known, that 
this is the case; 
‘‘(II) the regional center is sub-
ject to any final order of the Securi-
ties and Exchange Commission or a 
State securities regulator, or any 
party associated with the regional cen-
ter is subject to such an order and the 
regional center knew, or reasonably 
should have known, that this is the 
case, if the order— 
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‘‘(aa) bars such person from 
association with an entity regu-
lated by the Securities and Ex-
change Commission or a State 
securities regulator; or 
‘‘(bb) constitutes a final 
order based on a finding of an in-
tentional violation or a violation 
related to fraud or deceit in con-
nection with the offer, purchase, 
or sale of, or investment advice 
relating to, a security; or 
‘‘(III) the regional center sub-
mitted or caused to be submitted a 
certification described in clause (ii) 
that contained 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 circumstances under which they 
were made, not misleading, or any 
party associated with the regional cen-
ter undertook such an action and the 
regional center knew, or reasonably 
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should have known, that this is the 
case. 
‘‘(v) SAVINGS PROVISION.—Nothing in 
this subparagraph may be construed to im-
pair or limit the authority of the Securities 
and Exchange Commission under the Fed-
eral securities laws or any State securities 
regulator under State securities laws. 
‘‘(vi) DEFINED TERM.—In this sub-
paragraph, the term ‘party associated with 
a regional center’ means— 
‘‘(I) the regional center; 
‘‘(II) any new commercial enter-
prise or affiliated job-creating entity 
or issuer of securities associated with 
the regional center; 
‘‘(III) the regional center’s and 
new commercial enterprise’s owners, 
officers, directors, managers, partners, 
agents, employees, promoters and at-
torneys; or 
‘‘(IV) any person in active con-
cert or participation with the regional 
center or directly or indirectly control-
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ling, controlled by, or under common 
control with the regional center. 
‘‘(M) EB–5 INTEGRITY FUND.— 
‘‘(i) ESTABLISHMENT.—There is es-
tablished 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 de-
posited 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.—Beginning 
on January 1, 2017, and each year 
thereafter, the Secretary of Homeland 
Security shall collect a fee of $25,000 
for the Fund from each regional cen-
ter designated under subparagraph 
(H). The fee shall be $10,000 if a re-
gional center has 20 or fewer alien in-
vestors investing pursuant to subpara-
graph (H) in the immediately pre-
ceding fiscal year in its new commer-
cial enterprises. 
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‘‘(II) PETITION FEE.—Beginning 
on October 1, 2016, the Secretary 
shall collect a fee of $2,000 for the 
Fund with each petition filed pursu-
ant to section 204(a)(1)(H) for classi-
fication under this paragraph pursu-
ant to subparagraph (H). 
‘‘(III) 
INCREASES.—The 
Sec-
retary may prescribe regulations, as 
necessary, to increase the dollar 
amounts under this clause to ensure 
the Secretary’s continued ability to 
carry out the activities specified in 
clause (iii). 
‘‘(iii) PERMISSIBLE USES OF FUND.— 
The Secretary shall— 
‘‘(I) use not less than 1⁄3 of the 
amounts deposited into the Fund to 
conduct audits and site visits (with or 
without notice); 
‘‘(II) use not less than 1⁄3 of the 
amounts deposited into the Fund for 
investigations based outside of the 
United States, including— 
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‘‘(aa) monitoring and inves-
tigating program-related events 
and promotional activities; and 
‘‘(bb) ensuring an alien in-
vestor’s compliance with subpara-
graph (D); 
‘‘(III) use amounts deposited into 
the Fund— 
‘‘(aa) to detect and inves-
tigate fraud or other crimes; and 
‘‘(bb) to determine whether 
regional centers, new commercial 
enterprises, any affiliated job-cre-
ating entities, and alien investors 
(and their alien spouses and alien 
children, if any) comply with ap-
plicable immigration laws; 
‘‘(IV) use amounts deposited into 
the Fund to conduct interviews of the 
owners, officers, directors, managers, 
partners, 
agents, 
employees, 
pro-
moters, and attorneys of regional cen-
ters, new commercial enterprises, and 
job-creating entities; and 
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‘‘(V) otherwise use amounts de-
posited into the Fund as the Sec-
retary determines to be necessary, in-
cluding monitoring compliance with 
the requirements under section 8 of 
the American Job Creation and In-
vestment Promotion Reform Act of 
2016. 
‘‘(iv) FAILURE
TO
PAY
FEE.—The 
Secretary of Homeland Security shall— 
‘‘(I) impose a reasonable penalty, 
which shall be deposited into the 
Fund, if a regional center does not 
pay the fee required under clause 
(ii)(I) within 30 days of the date on 
which such clause requires the Sec-
retary to collect the fee; and 
‘‘(II) terminate the designation 
of any regional center that does not 
pay the fee required under clause 
(ii)(I) within 90 days of the date on 
which such clause requires the Sec-
retary to collect the fee. 
‘‘(v) REPORT.—The Secretary shall 
submit an annual report to the Committee 
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on the Judiciary of the Senate and the 
Committee on the Judiciary of the House 
of Representatives that describes how 
amounts in the Fund were expended dur-
ing the immediately preceding fiscal year. 
‘‘(N) DIRECT
AND
THIRD-PARTY
PRO-
MOTERS.— 
‘‘(i) RULES AND STANDARDS.—Direct 
and third party promoters of a regional 
center, any new commercial enterprise, an 
affiliated job-creating entity, or issuer of 
securities affiliated with the regional center 
shall comply with the rules and standards 
prescribed by the Secretary of Homeland 
Security and any applicable Federal or 
State securities laws, to oversee regional 
center promotion, including— 
‘‘(I) registration with U.S. Citi-
zenship and Immigration Services, 
which— 
‘‘(aa) may be limited to 
identifying and contact informa-
tion of such promoter and con-
firmation of the existence of the 
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written agreement required by 
clause (iii); and 
‘‘(bb) shall not include any 
requirement that U.S. Citizen-
ship and Immigration Services 
approve the registration of such 
promoter; 
‘‘(II) minimum qualifications; 
‘‘(III) guidelines for offering in-
vestment 
opportunities 
and 
rep-
resenting the visa process to prospec-
tive investors under the program es-
tablished under subparagraph (H); 
and 
‘‘(IV) permissible fee arrange-
ments. 
‘‘(ii) EFFECT OF VIOLATION.—If the 
Secretary determines that a direct or 
third-party promoter has violated clause 
(i), the Secretary shall suspend or perma-
nently bar such individual from participa-
tion in the program described in this para-
graph. 
‘‘(iii) COMPLIANCE.—Each regional 
center shall maintain a written agreement 
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between the regional center, the new com-
mercial enterprise, any affiliated job-cre-
ating entity, or any issuer of securities af-
filiated with the regional center, and each 
direct or third-party promoter operating on 
behalf of such entities or issuer that out-
lines the rules and standards prescribed 
under clause (i). 
‘‘(iv) 
DISCLOSURE.—Each 
petition 
filed pursuant to section 204(a)(1)(H) for 
classification under this paragraph pursu-
ant to subparagraph (H) shall include a 
disclosure, signed by the alien 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 re-
ceive, in connection with the investment, 
including compensation to agents, finders, 
or broker dealers involved in the offering, 
to the extent not already specifically identi-
fied in the business plan filed under sub-
paragraph (I). 
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‘‘(v) PUBLICATION.—The list of such 
registered promoters may be made publicly 
available by the Secretary. 
‘‘(O) TREATMENT OF GOOD FAITH INVES-
TORS
FOLLOWING
PROGRAM
NONCOMPLI-
ANCE.— 
‘‘(i) TERMINATION
OR
DEBARMENT 
OF EB–5 ENTITY.—Except as provided in 
clause (v), upon the termination or debar-
ment, as applicable, from the program 
under this paragraph of a regional center, 
new commercial enterprise, or job-creating 
entity, an otherwise qualified petition 
under section 204(a)(1)(H) or the condi-
tional permanent residence 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 con-
tinue to be authorized, as applicable, con-
sistent with this subparagraph. 
‘‘(ii) NEW REGIONAL CENTER OR IN-
VESTMENT.—The petition under section 
204(a)(1)(H) of an alien described in 
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clause (i) and the conditional permanent 
resident status of an alien described in 
clause (i) shall be terminated 180 days 
after the termination from the program 
under this paragraph of a regional center, 
a new commercial enterprise, or a job cre-
ating entity unless— 
‘‘(I) in the case of the termi-
nation of a regional center— 
‘‘(aa) the new commercial 
enterprise associates with an ap-
proved regional center; 
‘‘(bb) such alien makes a 
qualifying investment in another 
new commercial enterprise associ-
ated with an approved regional 
center; or 
‘‘(cc) such alien makes a 
qualifying investment in another 
new commercial enterprise under 
this paragraph not associated 
with a regional center; or 
‘‘(II) in the case of the debar-
ment of a new commercial enterprise 
or job-creating entity, such alien in-
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vests in another new commercial en-
terprise associated with an approved 
regional center. 
‘‘(iii) REMOVAL
OF
CONDITIONS.— 
Aliens described in subclause (I)(bb), 
(I)(cc), or (II) of clause (ii) shall be eligi-
ble to have their conditions removed pursu-
ant to section 216A beginning on the date 
that is 2 years after the date of the subse-
quent investment. 
‘‘(iv) IN CASE OF ENFORCEMENT AC-
TION.—Except as provided in clause (v), if 
the Secretary, the Attorney General, or the 
Securities and Exchange Commission files 
a criminal or civil enforcement action in 
any United States District Court con-
taining allegations that a regional center, 
new commercial enterprise, job-creating en-
tity, or any person involved with the fore-
going entities, committed fraud which af-
fected an alien’s investment capital under 
subparagraph (A), or if a State authority 
or agency files such an action in a State 
court— 
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‘‘(I) for all related petitions for 
classification under this paragraph 
and petitions for removal of conditions 
described in section 216A— 
‘‘(aa) the Secretary may 
hold such petitions in abeyance 
unless ordered to take action by 
the United States District Court 
overseeing such action, if applica-
ble; and 
‘‘(bb) the United States Dis-
trict Court overseeing such ac-
tion, if applicable, may enter an 
order extending any deadlines ap-
plicable under this paragraph 
and to prevent age-out of deriva-
tive beneficiaries; 
‘‘(II) the alien investor may— 
‘‘(aa) petition to amend the 
alien’s underlying petition for 
classification under this para-
graph or the petition for removal 
of conditions described in section 
216A(c) without such facts un-
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derlying the amendment being 
deemed a material change; and 
‘‘(bb) retain the immigrant 
visa priority date related to the 
original petition; and 
‘‘(III) any funds obtained or re-
covered by an alien investor, directly 
or indirectly, from claims against 
third parties, including insurance pro-
ceeds, or any additional investment 
capital provided by the alien after the 
enforcement action described in this 
clause is filed, may be deemed to be 
such alien’s investment capital for the 
purposes of subparagraph (A) if such 
investment otherwise complies with 
the requirements of this paragraph 
and section 216A. 
‘‘(v) EXCEPTION.—If the Secretary 
has reason to believe an alien was a know-
ing participant in the conduct that led to 
the termination of a regional center, new 
commercial enterprise, or job-creating enti-
ty, as described in clause (i), or was a 
knowing participant in the alleged wrong-
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doing that led to an enforcement action de-
scribed in clause (iv)— 
‘‘(I) the alien shall not be ac-
corded any benefit under this sub-
paragraph; and 
‘‘(II) the Secretary shall notify 
the alien of such belief and, subject to 
section 216A(b)(2), shall deny or ini-
tiate proceedings to revoke the ap-
proval of such alien’s petition, applica-
tion, or benefit (and that of any 
spouse or child, if applicable) de-
scribed in this paragraph. 
‘‘(P) ACCOUNT TRANSPARENCY REQUIRE-
MENT.— 
‘‘(i) IN
GENERAL.—Except as pro-
vided in clause (iii), a new commercial en-
terprise shall deposit and maintain the 
capital investment of each alien investor in 
a separate account as described in this 
subparagraph, including funds held in es-
crow. 
‘‘(ii) REQUIREMENTS FOR SEPARATE 
ACCOUNTS.— 
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‘‘(I) REQUIRED INFORMATION.— 
Prior to, or within one business day 
of, the deposit of an alien investor’s 
capital investment in a separate ac-
count, the new commercial enterprise 
shall provide the following information 
to the alien investor whose capital in-
vestment will be or has been deposited 
into the separate account, the regional 
center associated with the new com-
mercial enterprise, and the Director of 
U.S. Citizenship and Immigration 
Services: 
‘‘(aa) The name, address, 
and other contact information of 
the bank or other financial insti-
tution where the separate ac-
count is or will be maintained 
and the name of the authorized 
signatory required under sub-
clause (II). 
‘‘(bb) Sufficient information 
to enable the alien investor whose 
capital investment will be or has 
been deposited into the separate 
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account, the regional center asso-
ciated with the new commercial 
enterprise, and the Director to 
view online the balance in the 
separate account on an ongoing 
basis. 
‘‘(II) 
AUTHORIZED
SIGNATO-
RIES.—At least one of the authorized 
signatories to the separate account 
shall be an individual who is— 
‘‘(aa) independent of, and 
not directly or indirectly related 
to, the new commercial enter-
prise, the regional center associ-
ated with the new commercial en-
terprise, the job creating entity, 
or any of the principals or man-
agers of such entities; and 
‘‘(bb) an officer at the bank 
or 
other 
financial 
institution 
where the separate account is 
maintained; licensed, active, and 
in good standing as an attorney, 
certified public accountant, or 
broker-dealer; or otherwise au-
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thorized by the Director to serve 
as a signatory. 
‘‘(iii) TRANSFERS FROM A SEPARATE 
ACCOUNT.— 
‘‘(I) IN GENERAL.—The funds in 
a separate account may be transferred 
only— 
‘‘(aa) to the alien investor 
who contributed the funds held in 
the separate account as a refund 
of that investor’s capital invest-
ment 
if 
otherwise 
permitted 
under this paragraph, to another 
separate account, or to a job cre-
ating entity or otherwise deployed 
into 
the 
capital 
investment 
project for which the funds were 
intended; and 
‘‘(bb) after at least one of 
the authorized signatories de-
scribed in clause (ii)(II) has pro-
vided written consent for the pro-
posed transfer. 
‘‘(II) NOTICE.—Prior to, or with-
in one business day of, funds being 
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creating entity shall maintain the 
funds in a separate account that 
meets the requirements of this section 
until the funds are deployed into the 
capital investment project for which 
they were intended. Within 30 days of 
the deployment of the funds into the 
capital investment project for which 
they were intended, an individual who 
is licensed, active, and in good stand-
ing as an attorney, certified public ac-
countant, or broker-dealer, or an indi-
vidual otherwise authorized by the Di-
rector to serve as a signatory, shall 
verify that the funds were deployed 
into the capital investment project for 
which they were intended and shall so 
notify the alien investor whose capital 
investment was invested, the regional 
center associated with the capital in-
vestment project, and the Director. 
‘‘(iv) ELECTRONIC
MAIL
AUTHOR-
IZED.—Any notice or information to be 
provided under this section may be given 
via electronic mail. 
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‘‘(v) DEFINITIONS.—In this subpara-
graph: 
‘‘(I) The term ‘financial institu-
tion’ has the meaning given such term 
by section 20 of title 18, United 
States Code. 
‘‘(II) The term ‘separate account’ 
means an account— 
‘‘(aa) maintained in the 
United States by a new commer-
cial enterprise at a federally reg-
ulated bank or at another finan-
cial institution in the United 
States that is insured; and 
‘‘(bb) that contains only the 
pooled investment funds of alien 
investors in a new commercial 
enterprise with respect to a sin-
gle capital investment project.’’. 
(c) EFFECTIVE DATES.— 
(1) IN GENERAL.—Except as provided in para-
graph (2), the amendments made by this section 
shall be effective at any time after the date of the 
enactment of this Act, as determined by the Sec-
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retary, and shall be effective not later than 90 days 
after such date of enactment. 
(2) EXCEPTIONS.— 
(A) Clauses (iv) and (v) of subparagraph 
(H) of section 203(b)(5) of the Immigration 
and Nationality Act (8 U.S.C. 1153(b)(5)), as 
inserted by subsection (b), shall not apply to a 
petition that— 
(i) was filed by an alien investor 
under such section 203(b)(5) prior to June 
1, 2015; 
(ii) was filed by an alien investor 
under such section 203(b)(5) during the 
period beginning on June 1, 2015, and 
ending on the date of the enactment of this 
Act if such beneficiary is investing in the 
same commercial enterprise concerning the 
same economic activity as contained in an 
exemplar filed prior to June 1, 2015, or 
approved by the Secretary of Homeland 
Security at any time prior to the date of 
enactment of this Act, unless the Secretary 
determines that such approval or filing was 
based on fraud, misrepresentation in the 
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record of proceeding, or is legally deficient; 
or 
(iii) is filed under section 216A of 
such Act (8 U.S.C. 1186b) if the under-
lying petition filed under section 203(b)(5) 
of such Act was filed prior to June 1, 
2015, or approved before the date of the 
enactment of this Act. 
(B) Subparagraph (P) of section 203(b)(5) 
of the Immigration and Nationality Act (8 
U.S.C. 1153(b)(5)), as inserted by subsection 
(b), shall take effect 1 year after the date of the 
enactment of this Act and shall apply to any 
application filed by a regional center for ap-
proval of an investment under subparagraph (I) 
of such section 203(b)(5), as so inserted, filed 
on or after such date. 
SEC. 4. OTHER EB–5 VISA REFORMS. 
(a) TYPE OF INVESTMENT.—Section 203(b)(5)(A) of 
the 
Immigration 
and 
Nationality 
Act 
(8 
U.S.C. 
1153(b)(5)(A)), is amended— 
(1) in the matter preceding clause (i), by strik-
ing ‘‘(including a limited partnership)’’; 
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(2) in clause (i), by striking ‘‘(C),’’ and insert-
ing ‘‘(B), and which is expected to remain invested 
for not less than 2 years;’’; and 
(3) in clause (ii)— 
(A) by striking ‘‘and create’’ and inserting 
‘‘by creating’’; and 
(B) by inserting ‘‘, United States nation-
als,’’ after ‘‘citizens’’. 
(b) 
TARGETED
EMPLOYMENT
AREAS.—Section 
203(b)(5)(B) of the Immigration and Nationality Act (8 
U.S.C. 1153(b)(5)(B)) is amended to read as follows: 
‘‘(B) VISA
SET-ASIDES
AND
AREA
DES-
IGNATIONS.— 
‘‘(i) RESERVED VISAS.— 
‘‘(I) IN GENERAL.—Of the visas 
made available under this paragraph 
in each fiscal year— 
‘‘(aa) 2,000 shall be re-
served for immigrants who invest 
in rural areas; and 
‘‘(bb) 2,000 shall be re-
served for immigrants who invest 
in 
priority 
urban 
investment 
areas. 
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‘‘(II) UNUSED
VISAS.—At the 
end of each fiscal year, any unused 
visa within each category described in 
subclause (I) shall remain available 
within the same category for subse-
quent fiscal years. 
‘‘(ii) ELIGIBILITY.—The Secretary of 
Homeland Security shall determine eligi-
bility for designation as a targeted employ-
ment area and shall not be bound by the 
determination of any other governmental 
or nongovernmental entity. 
‘‘(iii) DESIGNATION OF INFRASTRUC-
TURE
PROJECT, 
MANUFACTURING 
PROJECT, AND
TARGETED
EMPLOYMENT 
AREA.— 
‘‘(I) INFRASTRUCTURE PROJECT 
OR
MANUFACTURING
PROJECT.—The 
designation 
of 
an 
infrastructure 
project or manufacturing project shall 
be made at the time of the invest-
ment. 
‘‘(II) TARGETED
EMPLOYMENT 
AREA.—The designation of a targeted 
employment area— 
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‘‘(aa) may be made at the 
time of the investment or at the 
time an application is filed under 
subparagraph (I); and 
‘‘(bb) shall be valid for a 2- 
year period. 
‘‘(III) DESIGNATIONS
AND
RE-
NEWALS.—The Secretary shall estab-
lish a process by which regional cen-
ters may request a designation under 
subclause (I) or (II). A designation 
under either such subclause shall be 
issued not later than 60 days after a 
request by a regional center and a 
designation under subclause (II) may 
be renewed for additional 2-year peri-
ods if the area continues to meet the 
definition of a targeted employment 
area. An alien investor who has made 
the required amount of investment in 
such an area during its period of des-
ignation shall not be required to in-
crease the amount of investment 
based upon expiration of the designa-
tion. The Secretary shall establish a 
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fee for the adjudication of a designa-
tion request at a level that is suffi-
cient to ensure the full recovery of the 
costs of providing such adjudication 
within the required timeframe. Noth-
ing in this clause shall be deemed to 
prohibit an investor from filing a peti-
tion 
before 
such 
designation 
is 
made.’’. 
(c) 
ADJUSTMENT
OF
MINIMUM
INVESTMENT 
AMOUNT.— 
(1) IN GENERAL.—Section 203(b)(5)(C) of such 
Act (8 U.S.C. 1153(b)(5)(C)) is amended— 
(A) by redesignating clause (iii) as clause 
(iv); 
(B) by striking clauses (i) and (ii) and in-
serting the following: 
‘‘(i) 
MINIMUM
INVESTMENT 
AMOUNTS.—Except as otherwise provided 
in this subparagraph, the amount of cap-
ital required under subparagraph (A) shall 
be— 
‘‘(I) $1,200,000 (except as pro-
vided in subclause (II)); or 
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‘‘(II) $800,000 in the case of an 
investment 
in 
an 
infrastructure 
project, a manufacturing project, or a 
project that is physically located in a 
targeted employment area. 
‘‘(ii) AUTHORITY
TO
INCREASE
IN-
VESTMENT AMOUNTS.—The Secretary may 
periodically prescribe regulations increas-
ing the dollar amount specified under 
clause (i) if any such increase simulta-
neously affects each category of investment 
under clause (i) by the same percentage. 
The Secretary shall publish a notice in the 
Federal Register no later than the date 
that is 60 days prior to the date upon 
which the increase will take effect. 
‘‘(iii) AUTOMATIC
ADJUSTMENT
OF 
MINIMUM INVESTMENT AMOUNTS.—Begin-
ning on January 1, 2022, and on every 
fifth subsequent January 1, after notice in 
the Federal Register is published for not 
less than 60 days, the Secretary shall ad-
just each of the minimum amounts speci-
fied in clause (i) as follows: 
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‘‘(I) NO INCREASES IN PREVIOUS 
5 FISCAL YEARS.—If the Secretary did 
not increase the minimum amount 
during the 5 prior fiscal years con-
cluding with the fiscal year ending on 
September 30 of the prior calendar 
year, the amounts specified in clause 
(i) shall automatically be adjusted by 
the amount of the cumulative percent-
age change in the Consumer Price 
Index (CPI–U) for the previous 5 fis-
cal years, rounded to the nearest mul-
tiple of $10,000. 
‘‘(II) INCREASES
BELOW
CPI–U 
DURING PREVIOUS 5 FISCAL YEARS.— 
If the Secretary increased the min-
imum amount during the previous 5 
fiscal years by an amount that is less 
than 
the 
cumulative 
percentage 
change in the CPI–U during the pre-
vious 5 fiscal years, the amounts spec-
ified in clause (i) shall automatically 
be adjusted by the amount of such cu-
mulative percentage change for such 
period minus any increase previously 
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prescribed by the Secretary by regula-
tions, rounded to the nearest multiple 
of $10,000. 
‘‘(III) INCREASES ABOVE CPI–U 
DURING PREVIOUS 5 FISCAL YEARS.— 
If the Secretary increased the min-
imum amount during the previous 5 
fiscal years by an amount that is 
greater than the cumulative percent-
age change in the CPI–U during the 
previous 5 fiscal years, the amounts 
specified in clause (i) shall not be in-
creased.’’; and 
(C) in clause (iv), as redesignated, by 
striking ‘‘Attorney General’’ and inserting 
‘‘Secretary’’. 
(2) REDESIGNATIONS.—Section 203(b)(5) of 
such Act (8 U.S.C. 1153(b)(5)) is amended— 
(A) by redesignating subparagraph (B), as 
amended by subsection (b), as subparagraph 
(C); 
(B) by redesignating the second subpara-
graph (C), as amended by paragraph (1), as 
subparagraph (B); and 
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(C) by moving subparagraph (B), as so re-
designated, so that it appears after subpara-
graph (A). 
(d) REQUIRED CHECKS.—Section 203(b)(5) of the 
Immigration and Nationality Act, as amended by sections 
2 and 3, is further amended by inserting after subpara-
graph (O) the following: 
‘‘(P) REQUIRED CHECKS.—An alien inves-
tor, alien spouse, or alien child may not be 
granted the status of an alien lawfully admitted 
for permanent residence under this paragraph 
unless the Secretary of Homeland Security has 
determined that such alien is not on the De-
partment of the Treasury’s Office of Foreign 
Assets Control Specially Designated Nationals 
List.’’. 
(e) DEFINITIONS.— 
(1) IN GENERAL.—Section 203(b)(5) of such 
Act (8 U.S.C. 1153(b)(5)), as amended by sections 
2 and 3 of this Act, is further amended by striking 
the second subparagraph (D) (relating to defini-
tions) and inserting the following: 
‘‘(Q) DEFINITIONS.—In this paragraph: 
‘‘(i) AFFILIATED JOB-CREATING ENTI-
TY.—The term ‘affiliated job-creating enti-
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ty’ means any job-creating entity that is 
directly or indirectly controlled, managed, 
or owned by any of the persons involved 
with the regional center or new commercial 
enterprise under section 203(b)(5)(K)(v). 
‘‘(ii) CAPITAL.—The term ‘capital’— 
‘‘(I) means cash and all real, per-
sonal, or mixed tangible assets owned 
and controlled by the alien investor, 
or held in trust for the benefit of the 
alien and to which the alien has unre-
stricted access; 
‘‘(II) shall be valued at fair mar-
ket value in United States dollars, in 
accordance with Generally Accepted 
Accounting Principles or other stand-
ard accounting practice adopted by 
the Securities and Exchange Commis-
sion, at the time it is invested under 
this paragraph; and 
‘‘(III) shall not include assets ac-
quired, directly or indirectly, by un-
lawful means, including any cash pro-
ceeds of indebtedness secured by such 
assets. 
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‘‘(iii) CERTIFIER.—The term ‘cer-
tifier’ means a person in a position of sub-
stantive authority for the management or 
operations of a regional center, new com-
mercial enterprise, affiliated job-creating 
entity, or issuer of securities, such as a 
principal executive officer or principal fi-
nancial officer, with knowledge of such en-
tity’s policies and procedures related to 
compliance with the requirements of this 
paragraph. 
‘‘(iv) FULL-TIME EMPLOYMENT.—The 
term ‘full-time employment’ means employ-
ment in a position that requires at least 35 
hours of service per week for at least a 24- 
month period, regardless of who fills the 
position. A position or job that is filled by 
more than 1 employee may be considered 
full-time employment for purposes of sub-
paragraph (A)(ii). 
‘‘(v) INFRASTRUCTURE
PROJECT.— 
The term ‘infrastructure project’ means a 
capital investment project in a filed or ap-
proved business plan, which is adminis-
tered by a governmental entity, such as a 
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Federal, State, or local agency or author-
ity, in which the entity contracts with a re-
gional center, new commercial enterprise, 
or job-creating entity to receive capital in-
vestment under the regional center pro-
gram described in subparagraph (H) from 
alien investors or the new commercial en-
terprise as financing for maintaining, im-
proving, or constructing a public works 
project. 
‘‘(vi) JOB-CREATING
ENTITY.—The 
term ‘job-creating entity’ means any orga-
nization formed in the United States for 
the ongoing conduct of lawful business, in-
cluding a partnership (whether limited or 
general), corporation, limited liability com-
pany, or other entity that receives, or is es-
tablished to receive, capital investment 
from alien investors or a new commercial 
enterprise under the regional center pro-
gram described in subparagraph (H) and 
which is responsible for creating jobs to 
satisfy the requirement under subpara-
graph (A)(ii). 
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‘‘(vii) MANUFACTURING
PROJECT.— 
The term ‘manufacturing project’ means a 
capital investment project in a filed or ap-
proved business plan, the purpose of which 
is to improve, construct, or operate a 
plant, factory, or mill, which primarily ex-
ists in order to produce or assemble a 
product in the United States. 
‘‘(viii) NEW
COMMERCIAL
ENTER-
PRISE.—The term ‘new commercial enter-
prise’ means any for-profit organization 
formed in the United States for the ongo-
ing conduct of lawful business, including a 
partnership (whether limited or general), 
corporation, limited liability company, or 
other entity that receives, or is established 
to receive, capital investment from alien in-
vestors under subparagraph (H). 
‘‘(ix) PRIORITY
URBAN
INVESTMENT 
AREA.—The term ‘priority urban invest-
ment area’ means an area consisting of a 
census tract or tracts, each of which is in 
a metropolitan statistical area and, using 
the most recent census data available, each 
of which has— 
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‘‘(I) an unemployment rate that 
is at least 150 percent of the national 
average unemployment rate; 
‘‘(II) a poverty rate that is at 
least 30 percent; or 
‘‘(III) a median family income 
that is not more than 60 percent of 
the greater of the statewide median 
family income or the metropolitan sta-
tistical area median family income. 
‘‘(x) RURAL AREA.—The term ‘rural 
area’ means an area that— 
‘‘(I) is outside of the outer 
boundary of any city or town having 
a population of 20,000 or more (based 
on the most recent decennial census of 
the United States); and 
‘‘(II) is— 
‘‘(aa) outside of a metropoli-
tan statistical area; 
‘‘(bb) within an outlying 
county of a metropolitan statis-
tical area; or 
‘‘(cc) 
within 
any 
census 
tract that is greater than 100 
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square miles in area and has a 
population density of fewer than 
100 people per square mile. 
‘‘(xi) 
TARGETED
EMPLOYMENT 
AREA.—The term ‘targeted employment 
area’ means— 
‘‘(I) a priority urban investment 
area; 
‘‘(II) a rural area; 
‘‘(III) any area within the geo-
graphic boundaries of any military in-
stallation that was closed, during the 
25-year period immediately preceding 
the filing of an application under sub-
paragraph (F) based upon a rec-
ommendation by the Defense Base 
Closure and Realignment Commission; 
or 
‘‘(IV) an area consisting of a 
census tract or contiguous census 
tracts, each of which, using the most 
recent census data available— 
‘‘(aa) is not located within a 
metropolitan statistical area; and 
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‘‘(bb) has a poverty rate 
that is at least 20 percent or a 
median family income that is not 
more than 80 percent of the 
statewide 
median 
family 
in-
come.’’. 
(2) RULEMAKING.—The Secretary of Homeland 
Security shall issue appropriate regulations to ac-
count for the modified definition of targeted employ-
ment area in section 203(b)(5)(Q)(xi) of the Immi-
gration and Nationality Act, as added by paragraph 
(1), within 180 days of the enactment of this Act. 
(f) AGE DETERMINATION FOR CHILDREN OF ALIEN 
INVESTORS.—Section 203(h) of such Act (8 U.S.C. 
1153(h)) is amended by adding at the end the following: 
‘‘(5) AGE DETERMINATION FOR CHILDREN OF 
ALIEN INVESTORS.—An alien who has reached 21 
years of age and has been admitted under subsection 
(d) as a lawful permanent resident on a conditional 
basis as the child of an alien lawfully admitted for 
permanent residence under subsection (b)(5), whose 
lawful permanent resident status on a conditional 
basis is terminated under section 216A or subpara-
graph (O) of subsection (b)(5), shall continue to be 
considered a child of the principal alien for the pur-
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pose of a subsequent immigrant petition by the prin-
ciple alien under subsection (b)(5) if the alien who 
was a child of the principle alien remains unmarried 
and the subsequent petition is filed by the principal 
alien not later than 1 year after the termination of 
conditional lawful permanent resident status. No 
alien shall be considered a child under this para-
graph with respect to more than 1 petition filed 
after the alien reaches 21 years of age.’’. 
(g) ENHANCED PAY SCALE FOR CERTAIN FEDERAL 
EMPLOYEES ADMINISTERING
THE EMPLOYMENT CRE-
ATION PROGRAM.—The Secretary of Homeland Security 
may establish, fix the compensation of, and appoint indi-
viduals to designated critical, technical, and professional 
positions needed to administer sections 203(b)(5) and 
216A of the Immigration and Nationality Act (8 U.S.C. 
1153(b)(5) and 1186b). 
(h) CONCURRENT FILING OF EB–5 PETITIONS AND 
APPLICATIONS FOR ADJUSTMENT OF STATUS.—Section 
245 of the Immigration and Nationality Act (8 U.S.C. 
1255) is amended— 
(1) in subsection (k), in the matter preceding 
paragraph (1), by striking ‘‘or (3)’’ and inserting 
‘‘(3), or (5)’’; and 
(2) by adding at the end the following: 
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‘‘(n) If the approval of a petition for classification 
under section 203(b)(5) would make a visa immediately 
available to the alien beneficiary, the alien beneficiary’s 
application for adjustment of status under this section 
shall be considered to be properly filed whether the appli-
cation is submitted concurrently with, or subsequent to, 
the visa petition.’’. 
(i) CONFORMING CHANGES.— 
(1) Section 201(d)(1) is amended by— 
(A) striking the period at the end of sub-
paragraph (B) and inserting ‘‘, plus’’; and 
(B) inserting the following new subpara-
graph (C) at the end— 
‘‘(C) the number of unused visas computed 
under section 203(b)(5)(C)(i)(II) (which num-
ber shall be allocated pursuant to such sec-
tion).’’. 
(2) Section 203(b)(1) of the Immigration and 
Nationality Act is amended by inserting ‘‘, subject to 
section 203(b)(5)(C)(i),’’ after ‘‘classes specified in 
paragraphs (4) and (5)’’. 
(3) Section 203(b)(5)(A) of the Immigration 
and Nationality Act is amended by striking ‘‘Visas 
shall be made available’’ and inserting ‘‘Subject to 
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section 203(b)(5)(C)(i), visas shall be made avail-
able’’. 
(j) EFFECTIVE DATES.— 
(1) IN GENERAL.—Except as provided under 
paragraph (2), the amendments made by this section 
shall be effective upon the date of the enactment of 
this Act. 
(2) EXCEPTIONS.— 
(A) IN GENERAL.—The amendments made 
by subparagraphs (A) and (B) of subsection 
(c)(1) and subsection (e)(1) shall not apply to 
a beneficiary of a petition that— 
(i) was filed by an alien investor 
under section 203(b)(5) of the Immigra-
tion and Nationality Act (8 U.S.C. 
1153(b)(5)) prior to June 1, 2015; 
(ii) was filed by an alien investor 
under such section 203(b)(5) during the 
period beginning on June 1, 2015, and 
ending on the date of the enactment of this 
Act if such beneficiary is investing in the 
same commercial enterprise concerning the 
same economic activity as contained in an 
exemplar filed prior to June 1, 2015, or 
approved by the Secretary of Homeland 
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Security at any time prior to the date of 
enactment of this Act, unless the Secretary 
determines that such approval or filing was 
based on fraud, misrepresentation in the 
record of proceeding, or is legally deficient; 
or 
(iii) is filed under section 216A of 
such Act (8 U.S.C. 1186b) if the under-
lying petition filed under section 203(b)(5) 
of such Act was filed prior to June 1, 
2015, or approved before the date of the 
enactment of this Act. 
(B) RESERVED
VISAS.—Items (aa) and 
(bb) of section 203(b)(5)(C)(i)(I) of the Immi-
gration 
and 
Nationality 
Act 
(8 
U.S.C. 
1153(b)(5)(C)(i)(I)), as added by this section, 
shall take effect beginning on October 1, 2016. 
(3) REDESIGNATION.— 
(A) PETITION
AMENDMENT.—Petitioners 
described in paragraph (2)(A) may apply to 
amend their petition to redesignate the targeted 
employment area upon which such petition was 
based to conform to the targeted employment 
area criteria described in section 203(b)(5)(Q) 
of the Immigration and Nationality Act (8 
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U.S.C. 1153(b)(5)(Q)), as amended by sub-
section (e), if such application for amendment 
is filed with the Secretary prior to October 1, 
2017. 
(B) RETENTION OF PRIORITY DATE.—If a 
petitioner applies to amend a petition in accord-
ance with subparagraph (A)— 
(i) the immigrant visa priority date 
related to the original petition shall be re-
tained; 
(ii) changes made in the amended pe-
tition to redesignate such area shall not be 
deemed a material change; and 
(iii) the minimum investment amount 
such petitioner is required to make shall 
not be affected by any such redesignation. 
SEC. 5. CONDITIONAL PERMANENT RESIDENT STATUS FOR 
ALIEN INVESTORS, SPOUSES, AND CHILDREN. 
(a) IN GENERAL.—Section 216A of the Immigration 
and Nationality 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’’; 
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(3) in subsection (a), by amending paragraph 
(1) to read as follows: 
‘‘(1) CONDITIONAL BASIS FOR STATUS.— 
‘‘(A) IN GENERAL.—Except as provided in 
subparagraph (B), an alien investor, alien 
spouse, and alien child shall be considered, at 
the time of obtaining status of an alien lawfully 
admitted for permanent residence, to have ob-
tained such status on a conditional basis sub-
ject to the provisions of this section. 
‘‘(B) EXCEPTION.—An alien investor (and 
his or her alien spouse or alien child) whose pe-
tition under subsection (f) is approved before 
the alien investor is lawfully admitted for per-
manent residence shall be granted the status of 
an alien lawfully admitted for permanent resi-
dence without conditions.’’; 
(4) in subsection (b)— 
(A) in the heading, by striking ‘‘ENTRE-
PRENEURSHIP’’ and inserting ‘‘INVESTMENT’’; 
and 
(B) by amending paragraph (1)(B) to read 
as follows: 
‘‘(B) the alien did not invest the requisite 
capital; or’’; 
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(5) in subsection (c)— 
(A) in the heading, by striking ‘‘OF TIME-
LY PETITION AND INTERVIEW’’; 
(B) in paragraph (1)— 
(i) in the matter preceding subpara-
graph (A), by striking ‘‘In order’’ and in-
serting ‘‘Except as provided in paragraph 
(3)(D), in order’’; 
(ii) in subparagraph (A)— 
(I) by striking ‘‘must’’ and in-
serting ‘‘shall’’; and 
(II) by striking ‘‘, and’’ and in-
serting a semicolon; 
(iii) in subparagraph (B)— 
(I) by striking ‘‘must’’ and in-
serting ‘‘shall’’; 
(II) by striking ‘‘Service’’ and in-
serting ‘‘Department of Homeland Se-
curity’’; and 
(III) by striking the period at the 
end and inserting ‘‘; and’’; and 
(iv) by adding at the end the fol-
lowing: 
‘‘(C) the Secretary shall have performed a 
site visit to the new commercial enterprise and 
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job-creating entity in which the alien investor 
invested capital under subparagraph (A) of sec-
tion 203(b)(5) pursuant to subparagraph (I)(iii) 
of such section.’’; and 
(C) in paragraph (3)— 
(i) in subparagraph (A), in the undes-
ignated matter following clause (ii), by 
striking ‘‘the’’ before ‘‘such filing’’; and 
(ii) by amending subparagraph (B) to 
read as follows: 
‘‘(B) REMOVAL OR EXTENSION OF CONDI-
TIONAL BASIS.— 
‘‘(i) IN
GENERAL.—Except as pro-
vided in clause (ii), if the Secretary deter-
mines that the facts and information con-
tained in a petition submitted under para-
graph (1)(A) are true, including dem-
onstrating that the alien complied with 
subsection 
(d)(1)(B)(i), 
the 
Secretary 
shall— 
‘‘(I) notify the alien involved of 
such determination; and 
‘‘(II) 
remove 
the 
conditional 
basis of the alien’s status effective as 
of the second anniversary of the 
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alien’s lawful admission for permanent 
residence. 
‘‘(ii) EXCEPTION.—If the petition 
demonstrates that the facts and informa-
tion are true and that the alien is in com-
pliance with subsection (d)(1)(B)(ii)— 
‘‘(I) the Secretary, in the Sec-
retary’s discretion, may provide one 1- 
year extension of the alien’s condi-
tional status; and 
‘‘(II)(aa) if the alien files a peti-
tion not later than 30 days after the 
third anniversary of the alien’s lawful 
admission for permanent residence 
demonstrating that the alien complied 
with subsection (d)(1)(B)(i), the Sec-
retary 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)— 
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(i) by amending subparagraph (A) to 
read as follows: 
‘‘(A) invested the requisite capital;’’; 
(ii) by redesignating subparagraph 
(B) as subparagraph (C); and 
(iii) by inserting after subparagraph 
(A) the following: 
‘‘(B)(i) created the employment required 
under section 203(b)(5)(A)(ii); or 
‘‘(ii) is actively in the process of creating 
the 
employment 
required 
under 
section 
203(b)(5)(A)(ii) and will create such employ-
ment before the third anniversary of the alien’s 
lawful admission for permanent residence; 
and’’; 
(B) in paragraph (2), by amending sub-
paragraph (A) to read as follows: 
‘‘(A) 90-DAY PERIOD BEFORE SECOND AN-
NIVERSARY.— 
‘‘(i) IN
GENERAL.—Except as pro-
vided in clause (ii) and subparagraph (B), 
a petition under subsection (c)(1)(A) shall 
be filed during the 90-day period before 
the second anniversary of the alien inves-
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tor’s lawful admission for permanent resi-
dence. 
‘‘(ii) EXCEPTION.—Aliens described in 
subclauses (I)(bb), (I)(cc), and (II) of sec-
tion 203(b)(5)(O)(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 insert-
ing ‘‘Department of Homeland Security’’; 
and 
(iii) by striking the last sentence and 
inserting the following: 
‘‘(B) WAIVER.—The Secretary of Home-
land Security, in the Secretary’s discretion, may 
waive the deadline for such an interview or the 
requirement for such an interview according to 
criteria developed by United States Citizenship 
and Immigration Services in consultation with 
its Fraud Detection and National Security Di-
rectorate, and United States Immigration and 
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Customs Enforcement, except that such criteria 
shall not include reduction of case processing 
times or the allocation of adjudicatory re-
sources. A waiver may not be granted under 
this subparagraph if the alien to be inter-
viewed— 
‘‘(i) invested in a regional center, new 
commercial enterprise, or job-creating enti-
ty that was sanctioned under section 
203(b)(5); or 
‘‘(ii) is in a class of aliens determined 
by the Secretary to be threats to public 
safety or national security.’’; 
(7) by redesignating subsection (f) as sub-
section (g); 
(8) by inserting after subsection (e) the fol-
lowing: 
‘‘(f) PETITION FROM QUALIFIED ALIEN INVES-
TOR.—An alien investor who invested the requisite capital 
and created the employment required under section 
203(b)(5)(A)(ii) at least 24 months before admission, and 
is otherwise conforming to the requirements under section 
203(b)(5), may file a petition, before admission for perma-
nent residence, to be considered, at the time of obtaining 
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100 
status of an alien lawfully admitted for permanent resi-
dence, to obtain such status without conditions.’’; and 
(9) in subsection (g)(3), as redesignated, by 
striking ‘‘a limited partnership’’ and inserting ‘‘any 
entity formed for the purpose of doing for-profit 
business’’. 
(b) EFFECTIVE DATES.— 
(1) IN GENERAL.—Except as provided under 
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 not 
later than 2 years after the date of the enact-
ment 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 un-
derlying petition filed pursuant to section 
204(a)(1)(H) 
of 
such 
Act 
(8 
U.S.C. 
1154(a)(1)(H)) was approved before the date of 
the enactment of this Act. 
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101 
SEC. 6. 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) An alien desiring to be classified 
under section 203(b)(5) may file a petition with 
the Secretary of Homeland Security, but only if 
the alien is not under 18 years of age at the 
time of filing. An alien who seeks to pool the 
alien’s investment with one or more additional 
aliens seeking classification under section 
203(b)(5) shall file for classification pursuant 
to section 203(b)(5)(H). An alien petitioning 
for 
classification 
pursuant 
to 
section 
203(b)(5)(H) may only file a petition with the 
Secretary after the regional center has filed an 
application for approval of an investment under 
section 203(b)(5)(I). 
‘‘(ii) A petitioner shall establish eligibility 
at the time the alien files for classification 
under section 203(b)(5) and, if not eligible at 
the time of filing, shall be denied such classi-
fication even if the petitioner later becomes eli-
gible under materially different facts or cir-
cumstances. Aliens asserting eligibility under a 
materially different set of facts that did not 
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102 
exist when the petition was filed shall file a new 
petition. A petitioner shall continue to be eligi-
ble for classification at the time such petition is 
adjudicated.’’. 
(b) EFFECTIVE DATES.— 
(1) IN GENERAL.—The amendments made by 
subsection (a) shall take effect on the date of the en-
actment of this Act. 
(2) APPLICABILITY TO PETITIONS.— 
(A) 
FILING.—Clause 
(i) 
of 
section 
204(a)(1)(H) of the Immigration and Nation-
ality Act (8 U.S.C. 1154(a)(1)(H)), as added 
by subsection (a), shall apply to any petition for 
classification pursuant to section 203(b)(5)(H) 
of such Act (8 U.S.C. 1153(b)(5)(H)) that is 
filed with the Secretary of Homeland Security 
on or after the date of the enactment of this 
Act. 
(B) ELIGIBILITY.—Clause (ii) of section 
204(a)(1)(H) of such Act, as added by sub-
section (a), shall apply to any petition for clas-
sification pursuant to section 203(b)(5)(H) of 
the Immigration and Nationality Act (8 U.S.C. 
1153(b)(5)(E)) filed with the Secretary of 
Homeland Security at any time. 
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103 
SEC. 7. TIMELY PROCESSING. 
(a) FEE STUDY.—Not later than 180 days after the 
date of the enactment of this Act, the Director of United 
States Citizenship and Immigration Services shall com-
plete a study of fees charged in the administration of the 
program described in sections 203(b)(5) and 216A 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 shall 
set fees for services provided pursuant to section 
203(b)(5) and 216A of such Act (8 U.S.C. 1153(b)(5) and 
1186b), as amended by this Act, and for adjudicating peti-
tions filed pursuant to section 204(a)(1)(H) of such Act 
(8 U.S.C. 1154(a)(1)(H)), as amended by this Act, 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) 120 days after receiving a proposal for the 
establishment of a regional center described in sec-
tion 203(b)(5)(H); 
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104 
(2) 120 days after receiving an application for 
approval of investment in a commercial enterprise 
described in section 203(b)(5)(I); 
(3) 150 days after receiving a petition from an 
alien desiring to be classified under section 
203(b)(5)(H); and 
(4) 180 days after receiving a petition from an 
alien for removal of conditions described in section 
216A(c). 
(c) ADDITIONAL FEES.—Additional fees in excess of 
the fee levels described in subsection (b) may be charged 
only to contribute— 
(1) in an amount that is equal to the amount 
paid by all other classes of fee-paying applicants for 
immigration-related benefits, to the coverage or re-
duction of the costs of processing or adjudicating 
classes of immigration benefit applications that Con-
gress, or the Secretary in the case of asylum applica-
tions, 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 pursuant to 
section 204(a)(1)(H) of the Immigration and Na-
tionality Act (8 U.S.C. 1154(a)(1)(H)), to make im-
provements to the information technology systems 
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105 
used by the Secretary to process, adjudicate, and ar-
chive applications and petitions under such section, 
including the conversion to electronic format of doc-
uments filed by petitioners and applicants for bene-
fits under such section. 
(d) PREMIUM PROCESSING OF EB–5 PETITIONS AND 
APPLICATIONS.— 
(1) MODIFICATION
OF
EXISTING
PREMIUM 
PROCESSING PROVISION.—Section 286(u) of the Im-
migration and Nationality Act (8 U.S.C. 1356(u)) is 
amended to read as follows: 
‘‘(u) PREMIUM FEE FOR EMPLOYMENT-BASED PETI-
TIONS AND APPLICATIONS.— 
‘‘(1) IN GENERAL.—The Secretary of Homeland 
Security is authorized to establish and collect a pre-
mium fee for employment-based petitions and appli-
cations. The fee under this paragraph shall be used 
to provide certain premium-processing services to 
business customers and to make infrastructure im-
provements in the adjudications and customer-serv-
ice processes. For approval of the benefit applied 
for, the petitioner or applicant shall meet the legal 
criteria for such benefit. Except as provided under 
paragraph (2), the fee under this paragraph shall be 
set at $1,000, shall be paid in addition to any nor-
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106 
mal petition or application fee that may be applica-
ble, and shall be deposited as offsetting collections in 
the Immigration Examinations Fee Account. The 
Secretary may adjust the fee under this paragraph 
in proportion to changes in the Consumer Price 
Index. 
‘‘(2) ALIEN INVESTOR PETITIONS AND APPLICA-
TIONS.—The Secretary shall establish and collect a 
premium fee for expeditious processing of applica-
tions for regional center designation or regional cen-
ter amendment under section 203(b)(5)(H), peti-
tions under section 203(b)(5), petitions for removal 
of conditions on lawful permanent residence under 
section 216A(c), and applications under section 
203(b)(5)(I) related to investment in a new commer-
cial enterprise (as defined in section 203(b)(5)(Q)). 
A petitioner or applicant shall be permitted an op-
portunity to provide additional evidence identified by 
the Secretary in any such petition or application 
prior to a final determination. The premium fee for 
each such application or petition shall be set at an 
amount sufficient to adjudicate such application or 
petition within 1⁄2 of the relevant period set forth in 
section 6(b) of the American Job Creation and In-
vestment Promotion Reform Act of 2016, and shall 
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107 
otherwise only be used to recover the costs of such 
processing, including the hiring of additional adju-
dicatory staff, shall be paid in addition to any nor-
mal petition or application fee that may be applica-
ble, and shall be deposited as offsetting collections in 
the Immigration Examinations Fee Account.’’. 
(2) ESTABLISHMENT OF EB–5 PREMIUM PROC-
ESSING.—Not later than 180 days after the date of 
the enactment of this Act, the Secretary of Home-
land Security shall establish the premium processing 
of immigrant investor petitions and applications, as 
described in section 286(u) of the Immigration and 
Nationality Act (8 U.S.C. 1356(u)), as amended by 
paragraph (1). 
(e) DELAY IN ADJUDICATION.—Nothing in this Act 
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) or related petition under section 
204(a)(1)(H) of such Act (8 U.S.C. 1154(a)(1)(H)) pend-
ing the completion of a national security or law enforce-
ment investigation relating to such application or petition. 
(f) EXEMPTION
FROM
PAPERWORK
REDUCTION 
ACT.—For a period of one year after the date of the enact-
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108 
ment of this Act, the requirements of chapter 35 of title 
44, United States Code, shall not apply to any collection 
of information required under this Act, under any amend-
ment made by this Act, or under any rule promulgated 
by the Secretary of Homeland Security to implement this 
Act or the amendments made by this Act, to the extent 
the Secretary determines that compliance with such re-
quirements would impede the expeditious implementation 
of this Act or the amendments made by this Act. 
(g) RULE OF CONSTRUCTION.—Nothing in this sec-
tion may be construed to require any modification of fees 
before the completion of— 
(1) the fee study described in subsection (a); 
and 
(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 ‘‘Administra-
tive Procedure Act’’), to carry out subsections (b) 
and (c). 
SEC. 8. TRANSPARENCY. 
(a) IN GENERAL.—Employees of the Department of 
Homeland Security, including the Secretary of Homeland 
Security, the Secretary’s counselors, the Assistant Sec-
retary for the Private Sector, the Director of United 
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109 
States Citizenship and Immigration Services, counselors 
to such Director, and the Chief of Immigrant Investor 
Programs at United States Citizenship and Immigration 
Services, shall act impartially and may not give pref-
erential treatment to any entity, organization, or indi-
vidual in connection with any aspect of the immigrant visa 
program described in section 203(b)(5) of the Immigra-
tion and Nationality Act (8 U.S.C. 1153(b)(5)). 
(b) IMPROPER
ACTIVITIES.—Activities that con-
stitute preferential treatment under subsection (a) shall 
include— 
(1) working on, or in any way attempting to in-
fluence, in a manner not available to or accorded to 
all other petitioners, applicants, and seekers of bene-
fits under the immigrant visa program described in 
section 203(b)(5) of the Immigration and Nation-
ality Act (8 U.S.C. 1153(b)(5)), as amended by this 
Act, the standard processing of an application, peti-
tion, or benefit for— 
(A) a regional center established under 
subparagraph (H) of such section; 
(B) a new commercial enterprise (as de-
fined in subparagraph (Q) of such section); 
(C) a job-creating entity (as so defined); or 
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110 
(D) any person or entity associated with 
such regional center, new commercial enter-
prise, or job-creating entity; and 
(2) meeting or communicating with persons as-
sociated with the entities described in paragraph (1), 
at the request of such persons, in a manner not 
available to or accorded to all other petitioners, ap-
plicants, and seekers of benefits under such immi-
grant visa program. 
(c) REPORTING OF COMMUNICATIONS.— 
(1) WRITTEN COMMUNICATION.—Employees of 
the Department 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 Nationality Act, 
actual or electronic copies of all case-specific written 
communication, including e-mails from government 
and private accounts, with non-Department persons 
or entities advocating for regional center applica-
tions 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 back-
ground checks and litigation defense). 
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111 
(2) ORAL COMMUNICATION.—If substantive oral 
communication, including telephonic communication, 
virtual communication, and 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 the 
Immigration 
and 
Nationality 
Act 
(8 
U.S.C. 
1153(b)(5)) that are pending on or after the date of 
the enactment of this Act (other than routine com-
munications with other agencies of the Federal Gov-
ernment regarding the case, including communica-
tions involving background checks and litigation de-
fense)— 
(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 de-
scribed in this subsection, receives evidence 
about a specific case from anyone other than an 
affected party or his or her representative (ex-
cluding Federal Government or law enforcement 
sources), such information may not be made 
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112 
part of the record of proceeding and may not 
be considered in adjudicative proceedings un-
less— 
(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 oppor-
tunity to respond to the evidence. 
(B) INFORMATION
FROM
LAW
ENFORCE-
MENT, 
INTELLIGENCE
AGENCIES, 
OR
CON-
FIDENTIAL SOURCES.— 
(i) LAW
ENFORCEMENT
OR
INTEL-
LIGENCE
AGENCIES.—Evidence received 
from law enforcement or intelligence agen-
cies may not be made part of the record of 
proceeding without the consent of the rel-
evant agency or law enforcement entity. 
(ii) WHISTLEBLOWERS, 
CONFIDEN-
TIAL SOURCES, OR INTELLIGENCE AGEN-
CIES.—Evidence received from whistle-
blowers, other confidential sources, or the 
intelligence 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 iden-
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113 
tity of the whistleblower or confidential 
source, or reveal classified information. 
(d) CONSIDERATION OF EVIDENCE.— 
(1) IN GENERAL.—No case-specific communica-
tion with persons or entities that are not part of the 
Department of Homeland Security may be consid-
ered in the adjudication of an application or petition 
under section 203(b)(5) of the Immigration and Na-
tionality Act (8 U.S.C. 1153(b)(5)) unless the com-
munication is included in the record of proceeding of 
the case. 
(2) WAIVER.—The Secretary of Homeland Se-
curity may waive the requirement under paragraph 
(1) only in the interests of national security or for 
investigative or law enforcement purposes. 
(e) CHANNELS OF COMMUNICATION.— 
(1) E-MAIL
ADDRESS
OR
EQUIVALENT.—The 
Director of United States Citizenship and Immigra-
tion Services shall maintain an e-mail account (or 
equivalent means of communication) for persons or 
entities— 
(A) with inquiries regarding specific peti-
tions or applications under the immigrant visa 
program described in section 203(b)(5) of the 
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114 
Immigration and Nationality Act (8 U.S.C. 
1153(b)(5)); or 
(B) seeking non-case-specific information 
about the immigrant visa program described in 
such section 203(b)(5). 
(2) COMMUNICATION ONLY THROUGH APPRO-
PRIATE 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 United States Citizen-
ship and Immigration Services shall announce 
that the only channels or offices by which in-
dustry 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 Depart-
ment of Homeland Security regarding specific 
cases under such section (except for commu-
nication made by applicants and petitioners 
pursuant to regular adjudicatory procedures), 
or non-case-specific information about the visa 
program applicable to certain cases under such 
section, are through— 
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115 
(i) the e-mail address or equivalent 
channel described in paragraph (1); 
(ii) the United States Citizenship and 
Immigration Services National Customer 
Service Center, or any successor to that 
Center; or 
(iii) the United States Citizenship and 
Immigration Services Office of Public En-
gagement, Immigrant Investor Program 
Office, Stakeholder Engagement Branch, 
or any successors to those Offices or 
Branch. 
(B) DIRECTION OF INCOMING COMMUNICA-
TIONS.— 
(i) IN GENERAL.—Employees of the 
Department of Homeland Security shall di-
rect communications described in subpara-
graph (A) to the channels of communica-
tion or offices listed in subparagraph (A). 
(ii) RULE OF CONSTRUCTION.—Noth-
ing in this subparagraph may be construed 
to prevent— 
(I) any person from commu-
nicating with the Ombudsman of 
United States Citizenship and Immi-
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116 
gration Services regarding the immi-
grant investor program under section 
203(b)(5) of the Immigration and Na-
tionality Act (8 U.S.C. 1153(b)(5)); 
or 
(II) the Ombudsman from resolv-
ing problems regarding such immi-
grant investor program pursuant to 
the authority granted under section 
452 of the Homeland Security Act of 
2002 (6 U.S.C. 272). 
(C) LOG.— 
(i) IN
GENERAL.—The Director of 
United States Citizenship and Immigration 
Services shall maintain a written or elec-
tronic log of— 
(I) all communications described 
in subparagraph (A) and communica-
tions from members of Congress, 
which shall reference the date, time, 
and subject of the communication, 
and the identity of the Department of-
ficial, if any, to whom the inquiry was 
forwarded; 
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(II) with respect to written com-
munications described in subsection 
(c)(1), the date the communication 
was received, the identities of the 
sender and addressee, and the subject 
of the communication; and 
(III) with respect to oral commu-
nications 
described 
in 
subsection 
(c)(2), the date on which the commu-
nication occurred, the participants in 
the conversation or meeting, and the 
subject of the communication. 
(ii) TRANSPARENCY.—The log of com-
munications 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 In-
formation Act’’). 
(3) PUBLICATION OF INFORMATION.—If, as a 
result of a communication with an official of the De-
partment of Homeland Security, a person or entity 
inquiring about a specific case or generally about the 
immigrant visa program described in section 
203(b)(5) of the Immigration and Nationality Act (8 
U.S.C. 1153(b)(5)) received generally applicable and 
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118 
non-case specific information about program require-
ments or administration that has not been made 
publicly available by the Department, the Director of 
United States Citizenship and Immigration Services, 
not later than 30 days after the communication of 
such information to such person or entity, shall pub-
lish such information on the United States Citizen-
ship and Immigration Services Web site as an up-
date to the relevant Frequently Asked Questions 
page or by some other comparable mechanism. 
(f) PENALTY.— 
(1) IN
GENERAL.—Any person who inten-
tionally violates the prohibition on preferential treat-
ment under this section or intentionally violates the 
reporting requirements under subsection (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 Security shall establish a graduated set 
of sanctions based on the severity of the violation re-
ferred to in paragraph (1), which may include, in 
addition to any criminal or civil penalties that may 
be imposed, written reprimand, suspension, demo-
tion, or removal. 
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119 
(g) RULE OF CONSTRUCTION.—Nothing in this sec-
tion may be construed to modify any law, regulation, or 
policy regarding the handling or disclosure of classified in-
formation. 
(h) NO CREATION OF PRIVATE RIGHT OF ACTION.— 
Nothing in this section may be construed to create or au-
thorize a private right of action to challenge a decision 
of an employee of the Department of Homeland Security. 
SEC. 9. REPORTS. 
(a) GAO REPORT.—Not later than December 31, 
2019, the Comptroller General of the United States shall 
submit a report to the Committee on the Judiciary of the 
Senate and the Committee on the Judiciary of the House 
of Representatives that describes— 
(1) the economic benefits of the regional center 
program established under section 203(b)(5) of the 
Immigration 
and 
Nationality 
Act 
(8 
U.S.C. 
1153(b)(5)), including the steps taken by United 
States Citizenship and Immigration Services to 
verify job creation; 
(2) the extent to which United States Citizen-
ship and Immigration Services ensures compliance 
by regional center participants with their obligations 
under the immigrant investor program; 
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(3) the extent to which United States Citizen-
ship and Immigration Services has maintained 
records of regional centers and associated commer-
cial enterprises, including annual statements and 
certifications; 
(4) the steps taken by United States Citizen-
ship and Immigration Services to verify the source 
of funds, as required under section 203(b)(5)(D) of 
the Immigration and Nationality Act, as added by 
section 2 of this Act; 
(5) the extent to which United States Citizen-
ship and Immigration Services collaborates with 
other Federal and law enforcement agencies, par-
ticularly to detect illegal activity and threats to na-
tional security related to the regional center pro-
gram; 
(6) the extent to which United States Citizen-
ship and Immigration Services has prevented fraud 
and abuse in regional center activities, including the 
designation of targeted employment areas in areas 
that otherwise have high employment; 
(7) the extent to which United States Citizen-
ship and Immigration Services has used its authority 
to sanction, suspend, bar, or terminate regional cen-
ters or individuals affiliated with regional centers; 
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(8) the steps that have been taken to oversee 
direct and third-party promoters under section 
203(b)(5)(N) of the Immigration and Nationality 
Act, as added by section 3 of this Act; 
(9) the extent to which employees of the De-
partment of Homeland Security have complied with 
the ethical standards and transparency requirements 
under section 8 of this Act; and 
(10) an accounting of the expenditure of 
amounts from the EB–5 Integrity Fund established 
under section 203(b)(5)(M) of the Immigration and 
Nationality Act, as added by section 3 of this Act. 
(b) INSPECTOR GENERAL REPORT.—Not later than 
December 31, 2019, the Inspector General of the Intel-
ligence Community, in coordination with the Inspector 
General of the Department of Homeland Security and 
after consultation with relevant Federal agencies, includ-
ing United States Immigration and Customs Enforce-
ment, shall submit a report to the Committee on the Judi-
ciary of the Senate and the Committee on the Judiciary 
of the House of Representatives concerning the immigrant 
visa program set forth in section 203(b)(5) of the Immi-
gration and Nationality Act (8 U.S.C. 1153(b)(5)) that 
describes— 
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122 
(1) the vulnerabilities within the program that 
may undermine the national security of the United 
States; 
(2) the actual or potential use of the program 
to facilitate export of sensitive technology; 
(3) the actual or potential use of the program 
to facilitate economic espionage; 
(4) the actual or potential use of the program 
by foreign government agents; and 
(5) the actual or potential use of the program 
to facilitate terrorist activity, including funding ter-
rorist activity or laundering terrorist funds. 
(c) REVIEW OF JOB CREATION METHODOLOGIES.— 
Not later than 1 year after the date of the enactment of 
this Act, the Secretary of Homeland Security, in consulta-
tion with the Bureau of Economic Analysis of the Depart-
ment of Commerce, or another component within the De-
partment of Commerce, as determined by the Secretary 
of Commerce, shall publish regulations to determine eco-
nomically and statistically valid general economic meth-
odologies 
that 
are 
in 
compliance 
with 
section 
203(b)(5)(A)(ii) of the Immigration and Nationality Act 
(8 U.S.C. 1153(b)(5)(A)(ii)). 
(d) REPORT.— 
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(1) IN GENERAL.—Not later than 3 years after 
the date of the enactment of this Act, the Secretary 
of Homeland Security, in coordination with the Sec-
retary of Commerce and after consultation with rel-
evant Federal agencies, shall submit a report to the 
Committee on the Judiciary of the Senate and the 
Committee on the Judiciary of the House of Rep-
resentatives that describes, with respect to the pro-
gram under section 203(b)(5) of the Immigration 
and Nationality Act (8 U.S.C. 1153(b)(5))— 
(A) the percentage of completed and pend-
ing capital investment projects and the number 
of alien investors investing pursuant to such 
program in the States, metropolitan and 
micropolitan statistical areas, and counties in 
which such projects occurred in each fiscal year, 
within the scope of business plans filed pursu-
ant to section 203(b)(5)(I) of the Immigration 
and Nationality Act (8 U.S.C. 1153(b)(5)(I)), 
as added by this Act, both approved and await-
ing approval— 
(i) in rural areas; 
(ii) in rural areas where the median 
family income is 125 percent or more than 
the national average; 
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(iii) in priority urban investment 
areas; 
(iv) for infrastructure projects; 
(v) for manufacturing projects; and 
(vi) in areas that are not described in 
any of the clauses (i) through (v); 
(B) whether other Federal financial assist-
ance and tax incentive programs, such as eco-
nomic development programs administered by 
the Department of Agriculture, the Department 
of Housing and Urban Development, or the 
Community Development Financial Institutions 
Fund, are also used or available for use by 
projects described in subparagraph (A); 
(C)(i) what data is available to assess com-
muting patterns from high unemployment cen-
sus tracts to project locations; 
(ii) whether the consideration of such com-
muting patterns may be an appropriate factor 
for targeted employment area designations; and 
(iii) whether such data can be used to as-
sess job creation in high unemployment census 
tracts; 
(D) whether market demands to approve 
projects described in subparagraph (A) exceed 
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the number of visas allowed under section 
203(b)(5) of the Immigration and Nationality 
Act (8 U.S.C. 1153(b)(5)); 
(E) whether other metrics or Federal data 
sets are available that capture underserved or 
undercapitalized communities that may provide 
an appropriate factor for targeted employment 
area designations; and 
(F) what data is available to assess the 
percentage of jobs created through the investor 
visa program that are held by persons who re-
side in census tracts that have an unemploy-
ment rate of at least 150 percent of the na-
tional average. 
(2) PUBLIC INPUT.—Not later than 60 days be-
fore the submission of the report required under 
paragraph (1), the Secretary of Homeland Security 
shall provide the public with notice and an oppor-
tunity to comment on the draft report. 
Æ 
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