Invest In the USA (IIUSA) submitted more than 150 pages of formal comments to the Department of Homeland Security (DHS) regarding the EB-5 Immigrant Investor Program. The response addresses the Notice of Proposed Rulemaking (NPRM) published on July 2, 2026.

Regulatory Response

The submission represents a coordinated industry effort involving nearly two months of analysis and member engagement. IIUSA organized its response through 11 working groups under its Public Policy Committee. These groups included more than 45 board members, legal experts, regional center operators, and economists.

The comments cover the full scope of the proposed rule, which spans 358 pages. Key areas addressed include:

• Definitions of "Person Involved" and "Affiliated Job-Creating Entity"
• Bona fides, biometrics, and attestation requirements
• Sanctions, enforcement, and proportionality
• Promoter regulation and securities law compliance
• Fraud, misrepresentation, deceit, and criminal misuse
• Targeted employment areas, job creation, and economic methodology
• National interest determinations and pre-RIA obligations
• Capital, investment, and infrastructure
• Removal of conditions and I-829 process

Industry Context

Aaron Grau, Executive Director of IIUSA, stated that the rulemaking will shape program operations for years to come. He acknowledged Chairman Chuck Grassley for his role in creating the program and passing the EB-5 Reform and Integrity Act.

IIUSA’s economic impact data indicates that between 2016 and 2019, the program attracted $75 billion in private investment. During this period, it created 1.7 million jobs, paid $122 billion in wages, contributed $184 billion to US GDP, and generated $14.5 billion in tax revenue.