USA Senator Petitions Under the Congressional Review Act Against the New EB-5 Regulations

With the new regulations coming into effect on 21 November 2019, the Senator Rand Paul is looking to make use of the Congressional Review Act to petition against the new rules. This Act will give the senator a 60-day period to obtain support from 30 other senators to prevent this new change to the programme. However, he will also need support from the majority of congress along with the signature of the President.

Senator Rand Paul stated that the increase in the EB-5 minimum investment would undermine the whole purpose of the program in the first place. This EB-5 program was introduced to create jobs and grow the economy. However, with the sudden changes and the increased costs, many investors may not be eligible for the program, which is going to have a direct effect on the US economy.

With the 60-day window the Senator has limited time to get a majority. It is advised that potential investors should avoid the higher cost by applying to the EB-5 program before the changes come into effect on 21 November 2019.

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