The More American Jobs Alliance calls out large developer groups
MAJA, the More American Jobs Alliance, is taking a stand against special interest groups which seek to undermine the benefit of the Immigrant Investor Program (known as ‘EB-5’) to the United States economy and American workers. The Regional Center (‘RC’) program, a sub-category of EB-5 that requires the immigrant investor to create 10 “indirect jobs,” effectively 5 or fewer real jobs, as opposed to 10 real or direct jobs under the original EB-5 program, is due to expire on September 30 this year. Large developer groups, which have utilized the RC program as a cheap source of capital, are putting pressure on Congress to renew the RC program and include a grandfather clause that will allow their projects to devour the EB-5 quota for years to come, rendering new legislation futile.
“The intent of the EB-5 program is to create real or direct jobs and spur economic growth in underserved areas and communities that have a high rate of unemployment”