H. R. 2471—1038 
‘‘(bb) is not the subject of rescission or 
removal proceedings. 
‘‘(II) FOREIGN GOVERNMENTS.—No agency, offi-
cial, or other similar entity or representative of 
a foreign government entity may provide capital 
to, or be directly or indirectly involved with the 
ownership or administration of, a regional center, 
a new commercial enterprise, or a job-creating 
entity, except that a foreign or domestic invest-
ment fund or other investment vehicle that is 
wholly or partially owned, directly or indirectly, 
by a bona fide foreign sovereign wealth fund or 
a foreign state-owned enterprise otherwise per-
mitted to do business in the United States may 
be involved with the ownership, but not the 
administration, of a job-creating entity that is not 
an affiliated job-creating entity. 
‘‘(III) RULEMAKING.—Not later than 270 days 
after the date of the enactment of the EB–5 Reform 
and Integrity Act of 2022, the Secretary shall issue 
regulations implementing subparagraphs (I) and 
(II). 
‘‘(iii) INFORMATION
REQUIRED.—The Secretary of 
Homeland Security— 
‘‘(I) shall require such attestations and 
information, including the submission of finger-
prints or other biometrics to the Federal Bureau 
of Investigation with respect to a regional center, 
a new commercial enterprise, and any affiliated 
job creating entity, and persons involved with such 
entities (as described in clause (v)), as may be 
necessary to determine whether such entities are 
in compliance with clauses (i) and (ii); 
‘‘(II) shall perform such criminal record checks 
and other background and database checks with 
respect to a regional center, a new commercial 
enterprise, and any affiliated job-creating entity, 
and persons involved with such entities (as 
described in clause (v)), as may be necessary to 
determine whether such entities are in compliance 
with clauses (i) and (ii); and 
‘‘(III) may, at the Secretary’s discretion, 
require the information described to in subclause 
(I) and may perform the checks described in sub-
clause (II) with respect to any job creating entity 
and persons involved with such entity if there 
is a reasonable basis to believe such entity or 
person is not in compliance with clauses (i) and 
(ii). 
‘‘(iv) TERMINATION.— 
‘‘(I) IN GENERAL.—The Secretary of Homeland 
Security may 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 paragraph if the 
Secretary determines that such entity—
H. R. 2471—1049 
of law raised upon a petition for review filed with 
an appropriate court of appeals in accordance with 
section 242. 
‘‘(O) 
FRAUD, 
MISREPRESENTATION, 
AND
CRIMINAL 
MISUSE.— 
‘‘(i) DENIAL OR REVOCATION.—Subject to subpara-
graph (M), the Secretary of Homeland Security shall 
deny or revoke the approval of a petition, application, 
or benefit described in this paragraph, including the 
documents described in subparagraph (N)(ii), if the 
Secretary determines, in the Secretary’s discretion, 
that such petition, application, or benefit was predi-
cated on or involved fraud, deceit, intentional material 
misrepresentation, or criminal misuse. 
‘‘(ii) DEBARMENT.—If a regional center, new 
commercial enterprise, or job-creating entity has its 
designation or participation in the program under this 
paragraph terminated for reasons relating to fraud, 
intentional material misrepresentation, or criminal 
misuse, any person associated with such regional 
center, new commercial enterprise, or job-creating 
entity, including an alien investor, shall be perma-
nently barred from future participation in the program 
if the Secretary determines, in the Secretary’s discre-
tion, by a preponderance of the evidence, that such 
person was a knowing participant in the conduct that 
led to the termination. 
‘‘(iii) NOTICE.—If the Secretary determines that 
the approval of a petition, application, or benefit 
described in this paragraph should be denied or 
revoked pursuant to clause (i), the Secretary shall— 
‘‘(I) notify the relevant individual, regional 
center, or commercial entity of such determination; 
and 
‘‘(II) deny or revoke such petition, application, 
or benefit or terminate the permanent resident 
status of the alien (and the alien spouse and alien 
children of such immigrant), in accordance with 
clause (i), as of the date of such determination. 
‘‘(P) ADMINISTRATIVE APPELLATE REVIEW.— 
‘‘(i) IN GENERAL.—The Director of U.S. Citizenship 
and Immigration Services shall provide an opportunity 
for an administrative appellate review by the Adminis-
trative Appeals Office of U.S. Citizenship and Immigra-
tion Services of any determination made under this 
paragraph, including— 
‘‘(I) an application for regional center designa-
tion or regional center amendment; 
‘‘(II) an application for approval of a business 
plan filed under subparagraph (F); 
‘‘(III) a petition by an alien investor for status 
as an immigrant under this paragraph; 
‘‘(IV) the termination or suspension of any ben-
efit accorded under this paragraph; and 
‘‘(V) any sanction imposed by the Secretary 
under this paragraph.
H. R. 2471—1050 
‘‘(ii) JUDICIAL REVIEW.—Subject to subparagraph 
(N)(v) and section 242(a)(2), and notwithstanding any 
other provision of law (statutory or nonstatutory), 
including section 2241 of title 28, United States Code, 
or any other habeas corpus provision, and sections 
1361 and 1651 of such title, no court shall have juris-
diction to review a determination under this paragraph 
until the regional center, its associated entities, or 
the alien investor has exhausted all administrative 
appeals. 
‘‘(Q) FUND ADMINISTRATION.— 
‘‘(i) IN GENERAL.—Each new commercial enterprise 
shall deposit and maintain the capital investment of 
each alien investor in a separate account, including 
amounts held in escrow. 
‘‘(ii) USE
OF
FUNDS.—Amounts in a separate 
account may only— 
‘‘(I) be transferred to another separate account 
or a job creating entity; 
‘‘(II) otherwise be deployed into the capital 
investment project for which the funds were 
intended; or 
‘‘(III) be transferred to the alien investor who 
contributed the funds as a refund of that investor’s 
capital investment, if otherwise permitted under 
this paragraph. 
‘‘(iii) DEPLOYMENT OF FUNDS INTO AN AFFILIATED 
JOB-CREATING ENTITY.—If amounts are transferred to 
an affiliated job-creating entity pursuant to clause 
(ii)(I)— 
‘‘(I) the affiliated job-creating entity shall 
maintain such amounts in a separate account until 
they are deployed into the capital investment 
project for which they were intended; and 
‘‘(II) not later than 30 days after such amounts 
are deployed pursuant to subclause (I), the affili-
ated job-creating entity shall provide written notice 
to the fund administrator retained pursuant to 
clause (iv) that a construction consultant or other 
individual authorized by the Secretary has verified 
that such amounts have been deployed into the 
project. 
‘‘(iv) FUND
ADMINISTRATOR.—Except as provided 
in clause (v), the new commercial enterprise shall 
retain a fund administrator to fulfill the requirements 
under this subparagraph. The fund administrator— 
‘‘(I) shall be independent of, and not directly 
related to, the new commercial enterprise, the 
regional center associated with the new commer-
cial enterprise, the job creating entity, or any of 
the principals or managers of such entities; 
‘‘(II) shall be licensed, active, and in good 
standing as— 
‘‘(aa) a certified public accountant; 
‘‘(bb) an attorney;
H. R. 2471—1051 
‘‘(cc) a broker-dealer or investment adviser 
registered with the Securities and Exchange 
Commission; or 
‘‘(dd) an individual or company that other-
wise meets such requirements as may be 
established by the Secretary; 
‘‘(III) shall monitor and track any transfer of 
amounts from the separate account; 
‘‘(IV) shall serve as a cosignatory on all sepa-
rate accounts; 
‘‘(V) before any transfer of amounts from a 
separate account, shall— 
‘‘(aa) verify that the transfer complies with 
all governing documents, including organiza-
tional, operational, and investment documents; 
and 
‘‘(bb) approve such transfer with a written 
or electronic signature; 
‘‘(VI) shall periodically provide each alien 
investor with information about the activity of the 
account in which the investor’s capital investment 
is held, including— 
‘‘(aa) the name and location of the bank 
or financial institution at which the account 
is maintained; 
‘‘(bb) the history of the account; and 
‘‘(cc) any additional information required 
by the Secretary; and 
‘‘(VII) shall make and preserve, during the 
5-year period beginning on the last day of the 
Federal fiscal year in which any transactions 
occurred, books, ledgers, records, and other docu-
mentation necessary to comply with this clause, 
which shall be provided to the Secretary upon 
request. 
‘‘(v) WAIVER.— 
‘‘(I) WAIVER
PERMITTED.—The Secretary of 
Homeland Security, after consultation with the 
Securities and Exchange Commission, may waive 
the requirements under clause (iv) for any new 
commercial enterprise or affiliated job-creating 
entity that is controlled by or under common con-
trol of an investment adviser or broker-dealer that 
is registered with the Securities and Exchange 
Commission if the Secretary, in the Secretary’s 
discretion, determines that the Securities and 
Exchange Commission provides comparable protec-
tions and transparency for alien investors as the 
protections and transparency provided under 
clause (iv). 
‘‘(II) WAIVER
REQUIRED.—The Secretary of 
Homeland Security shall waive the requirements 
under clause (iv) for any new commercial enter-
prise that commissions an annual independent 
financial audit of such new commercial enterprise 
or job creating entity conducted in accordance with 
Generally Accepted Auditing Standards, which