Sec. 2. Reauthorization of EB–5 Regional Center Program
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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of Commerce, Justice, and State, the Judiciary, and Related Agencies Appropriations Act, 1993 ( 8 U.S.C. 1153 note) is repealed. Section 203(b)(5) of the Immigration and Nationality Act ( 8 U.S.C. 1153(b)(5) ) is amended by adding at the end the following: Visas under this paragraph shall be made available through September 30, 2020, to qualified immigrants (and the eligible spouse and children of such immigrants) participating in a program implementing this paragraph that involves a regional center in the United States, which has been designated by the Secretary of Homeland Security on the basis of a proposal for the promotion of economic growth, including prospective job creation and increased domestic capital investment.
In processing petitions under section 204(a)(1)(H) for classification under this paragraph, the Secretary of Homeland Security may give priority to petitions filed by aliens seeking admission under this subparagraph. Notwithstanding subsection (e), immigrant visas made available under this paragraph may be issued to such aliens in an order that takes into account any priority accorded under this clause. A regional center shall operate within a defined geographic area, which shall be described in the proposal and be consistent with the purpose of concentrating pooled investment within the defined and limited geographic area.
The proposal to establish a regional center shall demonstrate that the pooled investment will have a significant economic impact on such geographic area, and shall include— reasonable predictions, supported by economically and statistically valid forecasting tools, concerning the amount of investment that will be pooled, the kinds of commercial enterprises that will receive such investments, verifiable details of the jobs that will be created directly or indirectly as a result of such investments, and other positive economic effects such investments will have; and a description of the policies and procedures in place reasonably designed to monitor associated commercial enterprises to ensure compliance with all laws, regulations, and Executive orders of the United States.
The Secretary of Homeland Security shall permit aliens seeking admission under this paragraph to satisfy up to 90 percent of the requirements under subparagraph (A)(ii) with jobs that are estimated to be created indirectly through investment under this paragraph in accordance with this subparagraph. In determining compliance with subparagraph (A)(ii), the Secretary of Homeland Security shall— permit aliens seeking admission under this paragraph to rely on economically and statistically valid methodologies for determining the number of jobs created by the program, including, consistent with this subparagraph, jobs estimated to have been created indirectly through revenues generated from increased exports, improved regional productivity, job creation, and increased domestic capital investment resulting from the program; and verify that the jobs described in item
(aa)meet the requirements under this subparagraph by using a methodology that has been accepted by the Bureau of Economic Analysis of the Department of Commerce to be economically and statistically valid for such purposes. Alien entrepreneurs may accrue credit for job creation based on capital investment provided by non-alien entrepreneurs only for the percentage of total jobs created that is equal to the percentage of total capital investment provided by such non-alien entrepreneurs in the commercial enterprise. The percentage of jobs created for which alien entrepreneurs may accrue credit under item
(aa)based on such non-alien entrepreneur capital contribution may not exceed 30 percent of all jobs created even if such contribution exceeds 30 percent. In determining compliance with the job creation requirements under subparagraph (A)(ii), the Secretary may not include jobs estimated to be created under a tenant-occupancy methodology. The Secretary of Homeland Security shall— require approved regional centers to give advance notice to the Secretary of significant proposed changes to their organizational structure, ownership, or administration, including the sale or rental of such centers; approve or disapprove the changes referred to in subclause
(I)before any such proposed changes take effect; and approve the changes referred to in subclause
(I)only after— notice of any such proposed changes are made publicly available through a publicly accessible website of U.S. Citizenship and Immigration Services for a period of not fewer than 30 days; and the Secretary determines that the regional center would remain compliant with this subparagraph and with subparagraph (H). A commercial enterprise associated with a regional center shall file an application with, and obtain approval from, the Secretary of Homeland Security for each particular investment offering through the commercial enterprise to aliens seeking classification under this paragraph, which shall include— a comprehensive business plan for a specific capital investment project; a credible economic analysis regarding estimated job creation that is based upon economically and statistically valid methodologies; documents filed with the Securities and Exchange Commission under the Securities Act of 1933 ( 15 U.S.C. 77a et seq. ); investment and offering documents, including subscription, investment, partnership, and operating agreements, private placement memoranda, term sheets, management biographies, the description of the business plan to be provided to potential alien entrepreneurs, and any marketing materials used or prepared for use in connection with the offering by the regional center or any associated commercial enterprise, which shall contain references, as appropriate, to any— investment risks associated with the new commercial enterprise and any other business subsequently receiving investment capital from the new commercial enterprise; conflicts of interest that currently exist or may arise among the regional center, new commercial enterprise, other business subsequently receiving investment capital from the new commercial enterprise, or the principals of the aforementioned entities; the name and contact information of any person that has received or the commercial enterprise knows will receive any fees or transaction-based compensation in connection with the investment, and a description of the services performed or to be performed by such person which entitle them to the fees or transaction-based compensation; and any pending litigation or bankruptcy or adverse judgments during the most recent 10-year period affecting the regional center, new commercial enterprise, any other business subsequently receiving investment capital from the new commercial enterprise, or any other enterprise in which any principal of the aforementioned entities held majority ownership at the time; a description of the policies and procedures reasonably designed to ensure that the commercial enterprise, its agents, employees, and attorneys, and any persons in active concert or participation with the commercial enterprise, comply with the securities laws of the United States in connection with the offer, purchase, or sale of its securities; a certification that the commercial enterprise and its agents, employees, and attorneys, and any persons in active concert or participation with the commercial enterprise, are in compliance with the securities laws of the United States in connection with the offer, purchase, or sale of its securities; and for a capital investment in a targeted employment area, a credible economic analysis regarding estimated job creation that is likely to occur— if the targeted employment area is located within a combined statistical area or a metropolitan statistical area, in the combined statistical area or metropolitan statistical area; or if the targeted employment area is located outside of an area described in item (aa), in any county that is included in the targeted employment area and counties adjacent to the targeted employment area. The approval of an application under this subparagraph shall be binding for purposes of the adjudication of subsequent petitions seeking classification under this paragraph by immigrants investing in the same commercial enterprise concerning the same economic activity, and of petitions filed under section 216A, unless the Secretary of Homeland Security determines that there is evidence of fraud, misrepresentation, criminal misuse, a threat to public safety or national security, a material change that affects the approved economic model, other evidence affecting program eligibility that was not disclosed by the petitioner during the approval process, or a material mistake of law or fact in the prior adjudication. The Secretary of Homeland Security shall consider the potential for fraud, misrepresentation, criminal misuse, and threats to public safety or national security in establishing eligibility criteria under this subparagraph. The Secretary shall deny or revoke the approval of any business plan application under this subparagraph with any particular investment or business arrangement that, in the Secretary’s unreviewable discretion— presents a threat to public safety or national security; or presents a significant risk of criminal misuse, fraud, or abuse, including arrangements that involve self-dealing or any other inherent conflict of interest between potential alien entrepreneurs and the principals of a regional center or a regional center associated commercial enterprise. The Secretary shall perform at least 1 site visit to each regional center associated commercial enterprise in accordance with section 216A(c)(1)(C). The Secretary shall establish a process for premium processing of business plan applications under this subparagraph related to investment in a regional center commercial enterprise, including making available the expeditious execution of a site visit described in clause (iv), which may include an opportunity for the applicant to address and cure any deficiencies identified by the Secretary in the applicant’s business plan, investment documents, or statement regarding job creation prior to a final determination. The Secretary shall impose a fee for the use of the process described in this clause sufficient to recover the costs of its administration. For a capital investment in a designated targeted employment area, at least 50 percent of the estimated job creation intended to form the basis of the job creation requirement under subparagraph (A)(ii) shall be expected to occur within an area specified in subparagraph (F)(i)(VII). If the estimated job creation in such area is below 50 percent, the total number of jobs created by the capital investment for which alien entrepreneurs may receive credit shall be limited to the number at which 50 percent of the job creation requirement occurs within an area described in clause (i)(VII). Each regional center designated under subparagraph
(E)shall annually submit, to the Director of U.S. Citizenship and Immigration Services (referred to in this subparagraph as the Director ), in a manner prescribed by the Secretary of Homeland Security, a statement, including— a certification by the regional center that it remains in compliance with clauses
(i)and
(ii)of subparagraph (H); a certification by the regional center described in subparagraph (I)(ii)(II); a certification by the regional center that it is in compliance with subparagraph (K)(iii); a description of any pending litigation or bankruptcy proceedings, or litigation or bankruptcy proceedings resolved during the preceding fiscal year, involving the regional center or an associated commercial enterprise; an accounting of all foreign investor money invested in the regional center and its associated commercial enterprises; and for each new commercial enterprise associated with the regional center— an accounting of the aggregate capital invested in the new commercial enterprise by alien entrepreneurs under this paragraph for each capital investment project being undertaken by the new commercial enterprise; a description of how such capital is being used to execute each capital investment project in the approved business plan or plans; evidence that 100 percent of such capital has been irrevocably committed to each capital investment project; detailed evidence of the progress made toward the completion of each capital investment project; an accounting of the aggregate direct jobs created or preserved; a description of all funds, including administrative, loan monitoring, or loan management fees, in addition to investor capital collected from alien entrepreneurs by any party in relation to the investment or participation in the regional center program described in subparagraph (E), the entities that received such funds, and the purpose for which such funds were collected; any documentation referred to in subparagraph (F)(i)(IV) if there has been a material change during the preceding fiscal year; and a certification by the regional center and associated commercial enterprise that such statements are accurate. The Director— shall require the regional center to amend or supplement an annual statement required under clause
(i)if the Director determines that such statement is deficient; and may require the regional center to amend or supplement such annual statement if the Director determines that such an amendment or supplement is appropriate. If the Director determines that a regional center or other individual affiliated with a regional center, including an individual affiliated with an associated commercial enterprise, and any legal representative of such entities, has violated any certification under clause
(i)or that the regional center is conducting itself in a manner inconsistent with its designation, including any willful and material deviation by commercial enterprises associated with the regional center from any approved business plan for such commercial enterprises, the Director shall sanction the violating entity or individual under subclause (II). The Director shall establish a graduated set of sanctions based on the severity of the violations referred to in subclause (I), as determined by the Director, including— civil money penalties equal to not more than 10 percent of the total capital invested by alien entrepreneurs in the regional center’s associated commercial enterprises, the payment of which shall not in any circumstance utilize any of such alien entrepreneurs’ capital investment; temporary suspension from participation in the program described in subparagraph (E), which may be lifted by the Director if the individual or entity cures the alleged violation after being provided such an opportunity by the Director; permanent bar from program participation for 1 or more individuals associated with the regional center or an associated commercial enterprise; and termination of regional center status. No person shall be permitted by any regional center or regional center associated commercial enterprise to be directly or indirectly involved with the regional center or commercial enterprise as its principal, representative, administrator, owner, officer, board member, manager, executive, general partner, fiduciary, marketer, promoter, or other similar position of substantive authority for the operations, management or promotion of the regional center or commercial enterprise if— the person has been found liable within the previous 10 years for any criminal or civil violation of any law relating to fraud or deceit, or at any time if such violation involved a civil liability in excess of $1,000,000, a criminal conviction with a term of imprisonment of more than 1 year or a criminal or civil violation of any law or agency regulation in connection with the offer, purchase, or sale of a security; the person is subject to a final order of a State securities commission (or an agency or officer of a State who performs similar functions), a State authority 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, or the National Credit Union Administration, which is based on a violation of any law or regulation that— prohibits fraudulent, manipulative, or deceptive conduct; or bars the person from— association with an entity regulated by such commission, authority, agency, or officer; engaging in the business of securities, insurance, or banking; or engaging in savings association or credit union activities; there is reasonable cause to believe that the person is engaged in, has ever been engaged in, or seeks to engage in— any illicit trafficking in any controlled substance or in any listed chemical (as defined in section 102 of the Controlled Substances Act); any activity relating to espionage, sabotage, or theft of intellectual property; any activity related to money laundering (as described in section 1956 or 1957 of title 18, United States Code); any terrorist activity (as defined in clauses
(iii)and
(iv)of section 212(a)(3)(B)); any activity related to human trafficking or a human rights offense; any activity described in section 212(a)(3)(E); or the violation of any statute, regulation, or Executive order regarding foreign financial transactions or foreign asset control; or the person— is, or during the preceding 10 years has been, included on the Department of Justice’s List of Currently Disciplined Practitioners; or during the preceding 10 years, has received a reprimand or otherwise been publicly disciplined by a bar association of which the person is or was a member. No person may be directly or indirectly involved with a regional center as its principal, administrator, owner, officer, board member, manager, executive, general partner, fiduciary, or other similar position of significant authority for the operations or management of the regional center unless the person is a national of the United States or an individual who has been lawfully admitted for permanent residence. No foreign government entity may be directly or indirectly involved with the ownership or administration of a regional center. 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 other background checks with respect to a regional center or regional center associated commercial enterprise, and persons involved in a regional center or regional center associated commercial enterprise as described in clauses
(i)and (ii), to determine whether such regional center or regional center associated commercial enterprise is in compliance with clauses
(i)and (ii). The Secretary may require the information and attestations described in this clause from such regional center or regional center associated commercial enterprise, and any person involved in the regional center or regional center associated commercial enterprise, at any time on or after the date of the enactment of the American Job Creation and Investment Promotion Reform Act of 2015 . The Secretary, in the Secretary’s unreviewable discretion, shall terminate from the program under this paragraph any regional center or regional center associated commercial enterprise if the Secretary determines that— the regional center or regional center associated commercial enterprise has violated clause (i); the regional center has violated clause (ii); the regional center, a regional center associated commercial enterprise, or any person involved with the regional center or regional center associated commercial enterprise fails to provide an attestation or information requested by the Secretary or provides any false attestation or information under clause (iii); or the regional center, a regional center associated commercial enterprise, or any person involved with the regional center or regional center associated commercial enterprise has engaged in fraud, misrepresentation, criminal misuse, or poses a threat to public safety or national security. In view of the objective of promoting investment in the United States, in an action filed by the Securities and Exchange Commission, the purchase or sale of securities offered or sold by any regional center or any party associated with a regional center shall be deemed to have occurred within the territory of the United States for purposes of the securities laws, and subject matter jurisdiction shall also lie within the United States. The Secretary of Homeland Security shall not approve an application for regional center designation or regional center amendment unless the regional center certifies that the regional center is in compliance with and has policies and procedures reasonably designed to ensure that all parties associated with the regional center remain in compliance with the securities laws of the United States and of any State in which the regional center operates in connection with the offer, purchase, or sale of securities or the provision of investment advice by the regional center or parties associated with the regional center. A regional center shall annually reissue a certification described in subclause
(I)in accordance with subparagraph (G). Annual certifications under this subclause shall also certify compliance with clause
(iii)by stating that the certifier is in a position to have knowledge of the offers, purchases, and sales of securities or the provision of investment advice by parties associated with the regional center and, to the best of the certifier’s knowledge, after reasonable investigation, all such offers, purchases, and sales of securities or the provision of investment advice complied with securities laws of the United States and that records, data, and information related to such offers, purchases, and sales have been maintained. If a regional center, through its due diligence, discovered during the previous fiscal year that the regional center or any party associated with the regional center was not in compliance with the securities laws of the United States, the certifier shall— describe the activities that led to noncompliance; describe the actions taken to remedy the noncompliance; and certify that the regional center and all parties associated with the regional center are currently in compliance. Each regional center shall monitor and supervise all offers, purchases, and sales of, and advice relating to, securities made by parties associated with the regional center to ensure compliance with the securities laws of the United States, and maintain records, data, and information relating to all such offers, purchases, sales, and advice during the 5-year period beginning on the date of their creation. Such records, data, and information shall be made available to the Securities and Exchange Commission and to the Secretary upon request. The Secretary, in the Secretary’s unreviewable discretion, shall suspend or terminate the designation of any regional center that does not provide the certification described in clause (ii). In addition to any other authority provided to the Secretary under this paragraph, the Secretary, in the Secretary’s unreviewable discretion, may suspend or terminate the designation of any regional center or impose other sanctions against the regional center if the regional center or any parties associated with the regional center— are permanently or temporarily enjoined by order, judgment, or decree of any court of competent jurisdiction in connection with the offer, purchase, or sale of a security or the provision of investment advice; are subject to any final order of the Securities and Exchange Commission that— bars such person from association with an entity regulated by the Securities and Exchange Commission; or constitutes a final order based on violations in connection with the offer, purchase, or sale of, or advice relating to, a security; or knowingly submitted 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. Nothing in this subparagraph may be construed to impair or limit the authority of the Securities and Exchange Commission under the Federal securities laws. In this subparagraph, the term parties associated with a regional center means— the regional center; any commercial enterprise associated with the regional center; the regional center’s and associated commercial enterprise’s owners, officers, directors, managers, partners, agents, employees, promoters and attorneys; and any person in active concert or participation with the regional center or directly or indirectly controlling, controlled by, or under common control with the regional center. There is established in the United States Treasury a special fund, which shall be known as the EB–5 Integrity Fund (referred to in this subparagraph as the Fund ). Amounts deposited into the Fund shall be available until expended to the Secretary of Homeland Security for the purposes set forth in clause (iii). The Secretary of Homeland Security shall collect an annual fee of $20,000 for the Fund from each regional center designated under subparagraph (E). The first fee under this clause shall be due not later than January 1, 2016, and subsequent fees due not later than January 1 of each year thereafter. Newly designated regional centers shall pay their initial fee for the calendar year following the calendar year during which the regional center was so designated. The Secretary may prescribe regulations, as necessary, to increase the dollar amount specified under this clause to ensure the Secretary’s continued ability to carry out the activities specified in clause (iii). The Secretary of Homeland Security shall— use not less than 1/3 of the amounts deposited into the Fund to conduct audits and site visits (announced and unannounced); use not less than 1/3 of the amounts deposited into the Fund for investigations based outside of the United States, including— monitoring and investigating program-related events and promotional activities; and ensuring an alien entrepreneur’s compliance with subparagraph (L); use amounts deposited into the Fund— to detect and investigate fraud or other crimes; and to determine whether regional centers, associated commercial enterprises, and alien entrepreneurs (and alien spouses and alien children, if any) comply with applicable immigration laws and regulations; use amounts deposited into the Fund to conduct interviews of the owners, officers, directors, managers, partners, agents, employees, promoters, and attorneys of a regional center and regional center associated commercial enterprise; and otherwise use amounts deposited into the Fund as the Secretary determines to be necessary, including monitoring compliance with the requirements under section 7 of the American Job Creation and Investment Promotion Reform Act of 2015 . The Secretary of Homeland Security shall— impose a reasonable penalty if a regional center does not pay the fee required under clause
(ii)within 30 days of the date on which such fee is due under clause (ii); and terminate the designation of any regional center that does not pay the fee required under clause
(ii)before 90 days after the date on which such fee is due under clause (ii). The Secretary shall submit an annual report to the Committee 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 during the previous fiscal year. Direct and third-party promoters of a regional center, parties associated with a regional center, or of the investment opportunities of a regional center, shall comply with the rules and standards prescribed by the Secretary of Homeland Security to oversee regional center promotion, including— registration with U.S. Citizenship and Immigration Services, which the Secretary shall make publicly available; minimum qualifications; guidelines for offering investment opportunities and representing the visa process to foreign entrepreneurs; and permissible fee arrangements. If the Secretary determines, in the Secretary’s unreviewable discretion, that a direct or third-party promoter has violated clause (i), the Secretary shall suspend or permanently bar such individual from participation in the program described in subparagraph (E). Each regional center shall maintain a written agreement between the regional center or regional center associated commercial enterprise and each direct or third-party promoter operating on behalf of such regional center or commercial enterprise that outlines the rules and standards prescribed under clause (i). An alien entrepreneur 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. The Secretary of Homeland Security shall require, as applicable, that an alien entrepreneur petition under this paragraph contain— business and tax records, including— foreign business registration records; corporate or partnership tax returns (or any other entity in any form that has filed in any country or subdivision thereof any return described in this subpart), and personal tax returns including income, franchise, property (whether real, personal, or intangible), or any other tax returns of any kind filed within 7 years, with any taxing jurisdiction in or outside the United States by or on behalf of the alien entrepreneur; and evidence identifying any other source of capital or administrative fees; evidence related to monetary judgments against the alien entrepreneur, including certified copies of any judgments or evidence of all pending governmental civil or criminal actions, governmental administrative proceedings, and any private civil actions (pending or otherwise) involving monetary judgments against the alien entrepreneur from any court in or outside the United States; and the identity of all persons who transfer into the United States, on behalf of the entrepreneur— any funds that are used to meet the capital requirement under subparagraph (A); and any funds that are used to pay administrative costs and fees associated with the alien’s investment. Gifted funds may be counted toward the minimum capital investment requirement under subparagraph
(C)only if such funds were gifted to the alien entrepreneur by the alien entrepreneur’s spouse, parent, child, sibling, or grandparent and such funds were gifted in good faith and not to circumvent any limitations imposed on permissible sources of capital under this subparagraph. If a significant portion of the capital invested under subparagraph
(A)was gifted to the alien entrepreneur, the Secretary shall require the alien entrepreneur’s petition under this paragraph to include records described in subclauses
(I)and
(II)of clause
(ii)from the donor. Capital derived from indebtedness may be counted toward the minimum capital investment requirement under subparagraph
(C)only if such capital is— secured by assets owned by the alien entrepreneur; and issued by a reputable banking or lending institution that is properly chartered or licensed under the laws of any State, territory, country, or applicable jurisdiction, which the Secretary shall determine after consulting with relevant commercial or government databases, such as those of the Department of the Treasury’s Office of Foreign Assets Control, Office of Terrorist Financing and Financial Crimes, and Financial Crimes Enforcement Network. Upon the termination of a regional center or regional center associated commercial enterprise under this paragraph— the conditional 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 commercial enterprise associated with the terminated regional center or regional center associated commercial enterprise shall continue to be authorized; and the alien shall not accrue any period of unlawful presence under section 212(a)(9) during the 180-day period following such termination unless the Secretary has reason to believe the alien was a knowing participant in the conduct that led to the termination of such regional center or regional center associated commercial enterprise. The conditional permanent resident status of an alien described in clause (i)(I) shall be terminated at the end of the 180-day period described in clause (i)(II) unless— in the case of the termination of a regional center— the associated commercial enterprise affiliates with an approved regional center designated to operate within the same geographic area as the commercial enterprise; or such alien invests in another commercial enterprise associated with an approved regional center; or in the case of the termination of a regional center associated commercial enterprise, such alien invests in another commercial enterprise associated with an approved regional center. Aliens described in subclauses (I)(bb) and
(II)of clause
(ii)shall be eligible to have their conditions removed pursuant to section 216A beginning on the date that is 2 years after the date of the subsequent investment. If the Secretary of Homeland Security determines, in the Secretary’s unreviewable discretion, that the approval of a petition, application, or benefit described in this paragraph is contrary to the national interest of the United States for reasons relating to fraud, misrepresentation, criminal misuse, or threats to public safety or national security, the Secretary shall deny or revoke the approval of— a petition seeking classification of an alien as an alien entrepreneur under this paragraph; a petition to remove conditions under section 216A before granting lawful permanent resident status or any other petition, application, or benefit based upon the previous or concurrent filing or approval of a petition for classification of an alien under this paragraph; an application for approval of a business plan in a regional center associate commercial enterprise; or an application for designation as a regional center. If a regional center or regional center associated commercial enterprise has its designation or participation in the program under this paragraph terminated for reasons relating to fraud, intentional material misrepresentation, criminal misuse, or threats to public safety or national security, any person associated with such regional center or regional center associated commercial enterprise, including an alien investor, shall be permanently barred from future participation in the program if the Secretary of Homeland Security, in the Secretary’s unreviewable discretion, determines that such person was a knowing participant in the conduct that led to the termination. . The amendments made by this section— shall take effect on the date of the enactment of this Act; and shall apply to— any application to designate a regional center, and any person involved with the regional center, that is pending or approved on or after the date of the enactment of this Act; and any regional center approved before the date of the enactment of this Act, on or after a delayed effective date that is 1 year after such date of enactment with respect to any person involved in the regional center on or after such delayed effective date, unless otherwise provided in this section. Not later than December 31, 2018, 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— 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 U.S. Citizenship and Immigration Services to verify job creation; the extent to which U.S. Citizenship and Immigration Services ensures compliance by regional center participants; the extent to which U.S. Citizenship and Immigration Services has maintained records by regional centers and associated commercial enterprises, including annual statements and certifications; the steps taken by U.S. Citizenship and Immigration Services to verify the source of funds, as required under section 203(b)(5)(L) of the Immigration and Nationality Act, as added by subsection (b); the extent to which U.S. Citizenship and Immigration Services collaborates with other Federal and law enforcement agencies, particularly to detect illegal activity and threats to national security; the extent to which U.S. Citizenship and Immigration Services has prevented fraud and abuse in regional center activities, including the designation of a regional center investment in a targeted employment area; the extent to which U.S. Citizenship and Immigration Services has used its authority to sanction, suspend, bar, or terminate a regional center or individuals affiliated with a regional center; the steps that have been taken to oversee direct and third-party promoters under section 203(b)(5)(H) of the Immigration and Nationality Act, as added by subsection (b); the extent to which employees of the Department of Homeland Security have complied with the ethical standards and transparency requirements under section 7; and an accounting of the expenditure of amounts from the EB–5 Integrity Fund established under section 203(b)(5)(J) of the Immigration and Nationality Act, as added by subsection (b). Not later than December 31, 2018, the Inspector General of the Intelligence Community, in coordination with the Inspector General of the Department of Homeland Security and after consultation with relevant Federal agencies, including U.S. Immigration and Customs Enforcement, 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— vulnerabilities within the EB–5 Immigrant Investor Program that may undermine the national security of the United States; actual or potential use of the EB–5 Immigrant Investor Program to facilitate export of sensitive technology; actual or potential use of the EB–5 Immigrant Investor Program to facilitate economic espionage; actual or potential use of the EB–5 Immigrant Investor Program by foreign government agents; and actual or potential use of the EB–5 Immigrant Investor Program to facilitate terrorist activity, including funding terrorist activity or laundering terrorist funds.
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