[Congressional Bills 117th Congress]
[From the U.S. Government Publishing Office]
[H.R. 2901 Introduced in House (IH)]
<DOC>
117th CONGRESS
1st Session
H. R. 2901
To reauthorize the EB-5 Regional Center Program in order to prevent
fraud and to promote and reform foreign capital investment and job
creation in American communities.
_______________________________________________________________________
IN THE HOUSE OF REPRESENTATIVES
April 28, 2021
Mr. Stanton (for himself and Mr. Fitzpatrick) introduced the following
bill; which was referred to the Committee on the Judiciary
_______________________________________________________________________
A BILL
To reauthorize the EB-5 Regional Center Program in order to prevent
fraud and to promote and reform foreign capital investment and job
creation in American communities.
Be it enacted by the Senate and House of Representatives of the
United States of America in Congress assembled,
SECTION 1. SHORT TITLE.
This Act may be cited as the ``EB-5 Reform and Integrity Act of
2021''.
SEC. 2. REAUTHORIZATION AND REFORM OF THE REGIONAL CENTER PROGRAM.
(a) Repeal.--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(8 U.S.C. 1153 note) is repealed.
(b) Authorization.--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:
``(E) Regional center program.--
``(i) In general.--Visas under this
paragraph shall be made available through
September 30, 2026, to qualified immigrants
(and the eligible spouses and children of such
immigrants) pooling their investments with 1 or
more qualified 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.
``(ii) Processing.--In processing petitions
under section 204(a)(1)(H) for classification
under this paragraph, the Secretary of Homeland
Security--
``(I) may process petitions in a
manner and order established by the
Secretary; and
``(II) shall deem such petitions to
include records previously filed with
the Secretary pursuant to subparagraph
(F) if the alien petitioner certifies
that such records are incorporated by
reference into the alien's petition.
``(iii) Establishment of a regional
center.--A regional center shall operate within
a defined, contiguous, and limited geographic
area, which shall be described in the proposal
and be consistent with the purpose of
concentrating pooled investment within such
area. The proposal to establish a regional
center shall demonstrate that the pooled
investment will have a substantive economic
impact on such geographic area, and shall
include--
``(I) reasonable predictions,
supported by economically and
statistically valid and transparent
forecasting tools, concerning the
amount of investment that will be
pooled, the kinds of commercial
enterprises that will receive such
investments, 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;
``(II) a description of the
policies and procedures in place
reasonably designed to monitor new
commercial enterprises and any
associated job-creating entity to seek
to ensure compliance with--
``(aa) all applicable laws,
regulations, and executive
orders of the United States,
including immigration laws,
criminal laws, and securities
laws; and
``(bb) all securities laws
of each State in which
securities offerings will be
conducted, investment advice
will be rendered, or the
offerors or offerees reside;
``(III) attestations and
information confirming that all persons
involved with the regional center meet
the requirements under clauses (i) and
(ii) of subparagraph (H);
``(IV) a description of the
policies and procedures in place that
are reasonably designed to ensure
program compliance; and
``(V) the identities of all natural
persons involved in the regional
center, as described in subparagraph
(H)(v).
``(iv) Indirect job creation.--
``(I) In general.--The Secretary of
Homeland Security shall permit aliens
seeking admission under this
subparagraph to satisfy only up to 90
percent of the requirement under
subparagraph (A)(ii) with jobs that are
estimated to be created indirectly
through investment under this paragraph
in accordance with this subparagraph.
An employee of the new commercial
enterprise or job-creating entity may
be considered to hold a job that has
been directly created.
``(II) Construction activity
lasting less than 2 years.--If the jobs
estimated to be created are created by
construction activity lasting less than
2 years, the Secretary shall permit
aliens seeking admission under this
subparagraph to satisfy only up to 75
percent of the requirement under
subparagraph (A)(ii) with jobs that are
estimated to be created indirectly
through investment under this paragraph
in accordance with this subparagraph.
``(v) Compliance.--
``(I) In general.--In determining
compliance with subparagraph (A)(ii),
the Secretary of Homeland Security
shall permit aliens seeking admission
under this subparagraph to rely on
economically and statistically valid
methodologies for determining the
number of jobs created by the program,
including--
``(aa) jobs estimated to
have been created directly,
which may be verified using
such methodologies; and
``(bb) consistent with this
subparagraph, jobs estimated to
have been directly or
indirectly created through
capital expenditures, revenues
generated from increased
exports, improved regional
productivity, job creation, and
increased domestic capital
investment resulting from the
program.
``(II) Job and investment
requirements.--
``(aa) Relocated jobs.--In
determining compliance with the
job creation requirement under
subparagraph (A)(ii), the
Secretary of Homeland Security
may include jobs estimated to
be created under a methodology
that attributes jobs to
prospective tenants occupying
commercial real estate created
or improved by capital
investments if the number of
such jobs estimated to be
created has been determined by
an economically and
statistically valid methodology
and such jobs are not existing
jobs that have been relocated.
``(bb) Publicly available
bonds.--The Secretary of
Homeland Security shall
prescribe regulations to ensure
that alien investor capital may
not be utilized, by a new
commercial enterprise or
otherwise, to purchase
municipal bonds or any other
bonds, if such bonds are
available to the general
public, either as part of a
primary offering or from a
secondary market.
``(cc) Construction
activity jobs.--If the number
of direct jobs estimated to be
created has been determined by
an economically and
statistically valid
methodology, and such direct
jobs are created by
construction activity lasting
less than 2 years, the number
of such jobs that may be
considered direct jobs for
purposes of clause (iv) shall
be calculated by multiplying
the total number of such jobs
estimated to be created by the
fraction of the 2-year period
that the construction activity
lasts.
``(vi) Amendments.--The Secretary of
Homeland Security shall--
``(I) require a regional center--
``(aa) to notify the
Secretary, not later than 120
days before the implementation
of significant proposed changes
to its organizational
structure, ownership, or
administration, including the
sale of such center, or other
arrangements which would result
in individuals not previously
subject to the requirements
under subparagraph (H) becoming
involved with the regional
center; or
``(bb) if exigent
circumstances are present, to
provide the notice described in
item (aa) to the Secretary not
later than 5 business days
after a change described in
such item; and
``(II) adjudicate business plans
under subparagraph (F) and petitions
under section 204(a)(1)(H) during any
notice period as long as the amendment
to the business or petition does not
negatively impact program eligibility.
``(vii) Record keeping and audits.--
``(I) Record keeping.--Each
regional center 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 documentation from
the regional center, new commercial
enterprise, or job-creating entity used
to support--
``(aa) any claims,
evidence, or certifications
contained in the regional
center's annual statements
under subparagraph (G); and
``(bb) associated petitions
by aliens seeking
classification under this
section or removal of
conditions under section 216A.
``(II) Audits.--The Secretary shall
audit each regional center not less
frequently than once every 5 years.
Each such audit shall include a review
of any documentation required to be
maintained under subclause (I) for the
preceding 5 years and a review of the
flow of alien investor capital into any
capital investment project. To the
extent multiple regional centers are
located at a single site, the Secretary
may audit multiple regional centers in
a single site visit.
``(III) Termination.--The Secretary
shall terminate the designation of a
regional center that fails to consent
to an audit under subclause (II) or
deliberately attempts to impede such an
audit.
``(F) Business plans for regional center
investments.--
``(i) Application for approval of an
investment in a commercial enterprise.--A
regional center shall file an application with
the Secretary of Homeland Security for each
particular investment offering through an
associated new commercial enterprise before any
alien files a petition for classification under
this paragraph by reason of investment in that
offering. The application shall include--
``(I) a comprehensive business plan
for a specific capital investment
project;
``(II) a credible economic analysis
regarding estimated job creation that
is based upon economically and
statistically valid and transparent
methodologies;
``(III) any documents filed with
the Securities and Exchange Commission
under the Securities Act of 1933 (15
U.S.C. 77a et seq.) or with the
securities regulator of any State, as
required by law;
``(IV) any investment and offering
documents, including subscription,
investment, partnership, and operating
agreements, private placement
memoranda, term sheets, biographies of
management, officers, directors, and
any person with similar
responsibilities, the description of
the business plan to be provided to
potential alien investors, and
marketing materials used, or drafts
prepared for use, in connection with
the offering, which shall contain
references, as appropriate, to--
``(aa) all material
investment risks associated
with the new commercial
enterprise and the job-creating
entity;
``(bb) any conflicts of
interest that currently exist
or may arise among the regional
center, the new commercial
enterprise, the job-creating
entity, or the principals,
attorneys, or individuals
responsible for recruitment or
promotion of such entities;
``(cc) any pending material
litigation or bankruptcy, or
material adverse judgments or
bankruptcy orders issued during
the most recent 10-year period,
in the United States or in
another country, affecting the
regional center, the new
commercial enterprise, any
associated job-creating entity,
or any other enterprise in
which any principal of any of
the aforementioned entities
held majority ownership at the
time; and
``(dd)(AA) any fees,
ongoing interest, or other
compensation paid, or to be
paid by the regional center,
the new commercial enterprise,
or any issuer of securities
intended to be offered to alien
investors, to agents, finders,
or broker dealers involved in
the offering of securities to
alien investors in connection
with the investment;
``(BB) a description of the
services performed, or that
will be performed, by such
person to entitle the person to
such fees, interest, or
compensation; and
``(CC) the name and contact
information of any such person,
if known at the time of filing;
``(V) a description of the policies
and procedures, such as those related
to internal and external due diligence,
reasonably designed to cause the
regional center and any issuer of
securities intended to be offered to
alien investors in connection with the
relevant capital investment project, to
comply, as applicable, with the
securities laws of the United States
and the laws of the applicable States
in connection with the offer, purchase,
or sale of its securities; and
``(VI) a certification from the
regional center, and any issuer of
securities intended to be offered to
alien investors in connection with the
relevant capital investment project,
that their respective agents and
employees, and any parties associated
with the regional center and such
issuer of securities affiliated with
the regional center are in compliance
with the securities laws of the United
States and the laws of the applicable
States in connection with the offer,
purchase, or sale of its securities, to
the best of the certifier's knowledge,
after a due diligence investigation.
``(ii) Effect of approval of a business
plan for an investment in a regional center's
commercial enterprise.--The approval of an
application under this subparagraph, including
an approval before the date of the enactment of
this subparagraph, shall be binding for
purposes of the adjudication of subsequent
petitions seeking classification under this
paragraph by immigrants investing in the same
offering described in such application, and of
petitions by the same immigrants filed under
section 216A unless--
``(I) the applicant engaged in
fraud, misrepresentation, or criminal
misuse;
``(II) such approval would threaten
public safety or national security;
``(III) there has been a material
change that affects eligibility;
``(IV) the discovery of other
evidence affecting program eligibility
was not disclosed by the applicant
during the adjudication process; or
``(V) the previous adjudication
involved a material mistake of law or
fact.
``(iii) Amendments.--
``(I) Approval.--The Secretary of
Homeland Security may establish
procedures by which a regional center
may seek approval of an amendment to an
approved application under this
subparagraph that reflects changes
specified by the Secretary to any
information, documents, or other
aspects of the investment offering
described in such approved application
not later than 30 days after any such
changes.
``(II) Incorporation.--Upon the
approval of a timely filed amendment to
an approved application, any changes
reflected in such amendment may be
incorporated into and considered in
determining program eligibility through
adjudication of--
``(aa) pending petitions
from immigrants investing in
the offering described in the
approved application who are
seeking classification under
this paragraph; and
``(bb) petitions by
immigrants described in item
(aa) that are filed under
section 216A.
``(iv) Site visits.--The Secretary of
Homeland Security shall--
``(I) perform site visits to
regional centers not earlier than 24
hours after providing notice of such
site visit; and
``(II) perform at least 1 site
visit to, as applicable, each new
commercial enterprise or job-creating
entity, or the business locations where
any jobs that are claimed as being
created.
``(G) Regional center annual statements.--
``(i) In general.--Each regional center
designated under subparagraph (E) shall submit
an annual statement, in a manner prescribed by
the Secretary of Homeland Security. Each such
statement shall include--
``(I) a certification stating that,
to the best of the certifier's
knowledge, after a due diligence
investigation, the regional center is
in compliance with clauses (i) and (ii)
of subparagraph (H);
``(II) a certification described in
subparagraph (I)(ii)(II);
``(III) a certification stating
that, to the best of the certifier's
knowledge, after a due diligence
investigation, the regional center is
in compliance with subparagraph
(K)(iii);
``(IV) a description of any pending
material litigation or bankruptcy
proceedings, or material litigation or
bankruptcy proceedings resolved during
the preceding fiscal year, involving
the regional center, the new commercial
enterprise, or any affiliated job-
creating entity;
``(V) an accounting of all
individual alien investor capital
invested in the regional center, new
commercial enterprise, and job-creating
entity;
``(VI) for each new commercial
enterprise associated with the regional
center--
``(aa) an accounting of the
aggregate capital invested in
the new commercial enterprise
and any job-creating entity by
alien investors under this
paragraph for each capital
investment project being
undertaken by the new
commercial enterprise;
``(bb) a description of how
the capital described in item
(aa) is being used to execute
each capital investment project
in the filed business plan or
plans;
``(cc) evidence that 100
percent of the capital
described in item (aa) has been
committed to each capital
investment project;
``(dd) detailed evidence of
the progress made toward the
completion of each capital
investment project;
``(ee) an accounting of the
aggregate direct jobs created
or preserved;
``(ff) to the best of the
regional center's knowledge,
for all fees, including
administrative fees, loan
monitoring fees, loan
management fees, commissions
and similar transaction-based
compensation, collected from
alien investors by the regional
center, the new commercial
enterprise, any affiliated job-
creating entity, any affiliated
issuer of securities intended
to be offered to alien
investors, or any promoter,
finder, broker-dealer, or other
entity engaged by any of the
aforementioned entities to
locate individual investors--
``(AA) a
description of all fees
collected;
``(BB) an
accounting of the
entities that received
such fees; and
``(CC) the purpose
for which such fees
were collected;
``(gg) any documentation
referred to in subparagraph
(F)(i)(IV) if there has been a
material change during the
preceding fiscal year; and
``(hh) a certification by
the regional center that the
information provided under
items (aa) through (gg) is
accurate, to the best of the
certifier's knowledge, after a
due diligence investigation;
and
``(VII) a description of the
regional center's policies and
procedures that are designed to enable
the regional center to comply with
applicable Federal labor laws.
``(ii) Amendment of annual statements.--The
Secretary of Homeland Security--
``(I) shall require the regional
center to amend or supplement an annual
statement required under clause (i) if
the Secretary determines that such
statement is deficient; and
``(II) may require the regional
center to amend or supplement such
annual statement if the Director
determines that such an amendment or
supplement is appropriate.
``(iii) Sanctions.--
``(I) Effect of violation.--The
Director shall sanction any regional
center entity in accordance with
subclause (II) if the regional center
fails to submit an annual statement or
if the Director determines that the
regional center--
``(aa) knowingly submitted
or caused to be submitted a
statement, certification, or
any information submitted
pursuant to this subparagraph
that contained an untrue
statement of material fact; or
``(bb) is conducting itself
in a manner inconsistent with
its designation under
subparagraph (E), including any
willful, undisclosed, and
material deviation by new
commercial enterprises from any
filed business plan for such
new commercial enterprises.
``(II) Authorized sanctions.--The
Director shall establish a graduated
set of sanctions based on the severity
of the violations referred to in
subclause (I), including--
``(aa) fines equal to not
more than 10 percent of the
total capital invested by alien
investors in the regional
center's new commercial
enterprises or job-creating
entities directly involved in
such violations, the payment of
which shall not in any
circumstance utilize any of
such alien investors' capital
investments, and which shall be
deposited into the EB-5
Integrity Fund established
under subparagraph (J);
``(bb) 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;
``(cc) permanent bar from
participation in the program
described in subparagraph (E)
for 1 or more individuals or
business entities associated
with the regional center, new
commercial enterprise, or job-
creating entity; and
``(dd) termination of
regional center designation.
``(iv) Availability of annual statements to
investors.--Not later than 30 days after a
request from an alien investor, a regional
center shall make available to such alien
investor a copy of the filed annual statement
and any amendments filed to such statement,
which shall be redacted to exclude any
information unrelated to such alien investor or
the new commercial enterprise or job creating
entity into which the alien investor invested.
``(H) Bona fides of persons involved with regional
center program.--
``(i) In general.--The Secretary of
Homeland Security may not permit any person to
be involved with any regional center, new
commercial enterprise, or job-creating entity
if--
``(I) the person has been found to
have committed--
``(aa) a criminal or civil
offense involving fraud or
deceit within the previous 10
years;
``(bb) a civil offense
involving fraud or deceit that
resulted in a liability in
excess of $1,000,000; or
``(cc) a crime for which
the person was convicted and
sentenced to a term of
imprisonment of more than 1
year;
``(II) the person is subject to a
final order, for the duration of any
penalty imposed by such order, of a
State securities commission (or an
agency or officer of a State performing
similar functions), a State authority
that supervises or examines banks,
savings associations, or credit unions,
a State insurance commission (or an
agency or officer of a State performing
similar functions), an appropriate
Federal banking agency, the Commodity
Futures Trading Commission, the
Securities and Exchange Commission, a
financial self-regulatory organization
recognized by the Securities and
Exchange Commission, or the National
Credit Union Administration, which is
based on a violation of any law or
regulation that--
``(aa) prohibits
fraudulent, manipulative, or
deceptive conduct; or
``(bb) bars the person
from--
``(AA) association
with an entity
regulated by such
commission, authority,
agency, or officer;
``(BB) appearing
before such commission,
authority, agency, or
officer;
``(CC) engaging in
the business of
securities, insurance,
or banking; or
``(DD) engaging in
savings association or
credit union
activities;
``(III) the Secretary determines
that the person is engaged in, has ever
been engaged in, or seeks to engage
in--
``(aa) any illicit
trafficking in any controlled
substance or in any listed
chemical (as defined in section
102 of the Controlled
Substances Act);
``(bb) any activity
relating to espionage,
sabotage, or theft of
intellectual property;
``(cc) any activity related
to money laundering (as
described in section 1956 or
1957 of title 18, United States
Code);
``(dd) any terrorist
activity (as defined in section
212(a)(3)(B));
``(ee) any activity
constituting or facilitating
human trafficking or a human
rights offense;
``(ff) any activity
described in section
212(a)(3)(E); or
``(gg) the violation of any
statute, regulation, or
Executive order regarding
foreign financial transactions
or foreign asset control; or
``(IV) the person--
``(aa) is, or during the
preceding 10 years has been,
included on the Department of
Justice's List of Currently
Disciplined Practitioners; or
``(bb) during the preceding
10 years, has received a
reprimand or has otherwise been
publicly disciplined for
conduct related to fraud or
deceit by a State bar
association of which the person
is or was a member.
``(ii) Foreign involvement in regional
center program.--
``(I) Lawful status required.--A
person may not be involved with a
regional center unless the person--
``(aa) is a national of the
United States or an individual
who has been lawfully admitted
for permanent residence (as
such terms are defined in
paragraphs (20) and (22) of
section 101(a)); and
``(bb) is not the subject
of rescission or removal
proceedings.
``(II) Foreign governments.--No
agency, official, 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 investment 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
permitted 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 2021, 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 fingerprints 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
subclause (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--
``(aa) knowingly involved a
person with such entity in
violation of clause (i) or (ii)
by failing, within 14 days of
acquiring such knowledge--
``(AA) to take
commercially reasonable
efforts to discontinue
the prohibited person's
involvement; or
``(BB) to provide
notice to the
Secretary;
``(bb) failed to provide an
attestation or information
requested by the Secretary
under clause (iii)(I); or
``(cc) knowingly provided
any false attestation or
information under clause
(iii)(I).
``(II) Limitation.--The Secretary's
authorized sanctions under subclause
(I) shall be limited to entities that
have engaged in any activity described
in subclause (I).
``(III) Information.--
``(aa) Notification.--The
Secretary, after performing the
criminal record checks and
other background checks
described in clause (iii),
shall notify a regional center,
new commercial enterprise, or
job-creating entity whether any
person involved with such
entities is not in compliance
with clause (i) or (ii), unless
the information that provides
the basis for the determination
is classified or disclosure is
otherwise prohibited under law.
``(bb) Effect of failure to
respond.--If the regional
center, new commercial
enterprise, or job-creating
entity fails to discontinue the
prohibited person's involvement
with the regional center, new
commercial enterprise, or job-
creating entity, as applicable,
within 30 days after receiving
such notification, such entity
shall be deemed to have
knowledge under subclause
(I)(aa) that the involvement of
such person with the entity is
in violation of clause (i) or
(ii).
``(v) Persons involved with a regional
center, new commercial enterprise, or job-
creating entity.--For the purposes of this
paragraph, unless otherwise determined by the
Secretary of Homeland Security, a person is
involved with a regional center, a new
commercial enterprise, any affiliated job-
creating entity, as applicable, if the person
is, directly or indirectly, in a position of
substantive authority to make operational or
managerial decisions over pooling,
securitization, investment, release,
acceptance, or control or use of any funding
that was procured under the program described
in subparagraph (E). An individual may be in a
position of substantive authority if the person
serves as a principal, a representative, an
administrator, an owner, an officer, a board
member, a manager, an executive, a general
partner, a fiduciary, an agent, or in a similar
position at the regional center, new commercial
enterprise, or job-creating entity,
respectively.
``(I) Compliance with securities laws.--
``(i) Jurisdiction.--
``(I) In general.--The United
States has jurisdiction, including
subject matter jurisdiction, over the
purchase or sale of any security
offered or sold, or any investment
advice provided, by any regional center
or any party associated with a regional
center for purposes of the securities
laws.
``(II) Compliance with regulation
s.--For purposes of section 5 of the
Securities Act of 1933 (15 U.S.C. 77e),
a regional center or any party
associated with a regional center is
not precluded from offering or selling
a security pursuant to Regulation S (17
C.F.R. 230.901 et seq.) to the extent
that such offering or selling otherwise
complies with that regulation.
``(III) Savings provision.--
Subclause (I) is not intended to modify
any existing rules or regulations of
the Securities and Exchange Commission
related to the application of section
15(a) of the Securities and Exchange
Act of 1934 (15 U.S.C. 78o(a)) to
foreign brokers or dealers.
``(ii) Regional center certifications
required.--
``(I) Initial certification.--The
Secretary of Homeland Security may not
approve an application for regional
center designation or regional center
amendment unless the regional center
certifies that, to the best of the
certifier's knowledge, after a due
diligence investigation, the regional
center is in compliance with and has
policies and procedures, including
those related to internal and external
due diligence, reasonably designed to
confirm, as applicable, that all
parties associated with the regional
center are and will remain in
compliance with the securities laws of
the United States and of any State in
which--
``(aa) the offer, purchase,
or sale of securities was
conducted;
``(bb) the issuer of
securities was located; or
``(cc) the investment
advice was provided by the
regional center or parties
associated with the regional
center.
``(II) Reissue.--A regional center
shall annually reissue a certification
described in subclause (I), in
accordance with subparagraph (G), to
certify compliance with clause (iii) by
stating that--
``(aa) the certification is
made by a certifier;
``(bb) to the best of the
certifier's knowledge, after a
due diligence investigation,
all such offers, purchases, and
sales of securities or the
provision of investment advice
complied with the securities
laws of the United States and
the securities laws of any
State in which--
``(AA) the offer,
purchase, or sale of
securities was
conducted;
``(BB) the issuer
of securities was
located; or
``(CC) the
investment advice was
provided; and
``(cc) records, data, and
information related to such
offers, purchases, and sales
have been maintained.
``(III) Effect of noncompliance.--
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 or the securities laws of any
State in which the securities
activities were conducted by any party
associated with the regional center,
the certifier shall--
``(aa) describe the
activities that led to
noncompliance;
``(bb) describe the actions
taken to remedy the
noncompliance; and
``(cc) certify that the
regional center and all parties
associated with the regional
center are currently in
compliance, to the best of the
certifier's knowledge, after a
due diligence investigation.
``(iii) Oversight required.--Each regional
center shall--
``(I) use commercially reasonable
efforts to monitor and supervise
compliance with the securities laws in
relations to all offers, purchases, and
sales of, and investment advice
relating to, securities made by parties
associated with the regional center;
``(II) maintain records, data, and
information relating to all such
offers, purchases, sales, and
investment advice during the 5-year
period beginning on the date of their
creation; and
``(III) make the records, data, and
information described in subclause (II)
available to the Secretary or to the
Securities and Exchange Commission upon
request.
``(iv) Suspension or termination.--In
addition to any other authority provided to the
Secretary under this paragraph, the Secretary,
in the Secretary's 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
that the regional center knew or reasonably
should have known--
``(I) 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;
``(II) are subject to any final
order of the Securities and Exchange
Commission or a State securities
regulator that--
``(aa) bars such person
from association with an entity
regulated by the Securities and
Exchange Commission or a State
securities regulator; or
``(bb) constitutes a final
order based on a finding of an
intentional violation or a
violation related to fraud or
deceit in connection with the
offer, purchase, or sale of, or
investment advice relating to,
a security; or
``(III) 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.
``(v) Defined term.--In this subparagraph,
the term `parties associated with a regional
center' means--
``(I) the regional center;
``(II) any new commercial
enterprise or affiliated job-creating
entity or issuer of securities
associated with the regional center;
``(III) the regional center's and
new commercial enterprise's owners,
officers, directors, managers,
partners, agents, employees, promoters
and attorneys, or similar position, as
determined by the Secretary; and
``(IV) any person under the control
of the regional center, new commercial
enterprise, or issuer of securities
associated with the regional center who
is responsible for the marketing,
offering, or sale of any security
offered in connection with the capital
investment project.
``(vi) Savings provision.--Nothing in this
subparagraph may be construed to impair or
limit the authority of the Securities and
Exchange Commission under the Federal
securities laws or any State securities
regulator under State securities laws.
``(J) EB-5 integrity fund.--
``(i) Establishment.--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 to the Secretary of Homeland
Security until expended for the purposes set
forth in clause (iii).
``(ii) Fees.--
``(I) Annual fee.--On October 1,
2021, and each October 1 thereafter,
the Secretary of Homeland Security
shall collect for the Fund an annual
fee--
``(aa) except as provided
in item (bb), of $20,000 from
each regional center designated
under subparagraph (E); and
``(bb) of $10,000 from each
such regional center with 20 or
fewer total investors in the
preceding fiscal year in its
new commercial enterprises.
``(II) Petition fee.--Beginning on
October 1, 2021, the Secretary shall
collect a fee of $1,000 for the Fund
with each petition filed under section
204(a)(1)(H) for classification under
subparagraph (E). The fee under this
subclause is in addition to the fee
that the Secretary is authorized to
establish and collect for each petition
to recover the costs of adjudication
and naturalization services under
section 286(m).
``(III) Increases.--The Secretary
may increase the amounts under this
clause by prescribing such regulations
as may be necessary to ensure that
amounts in the Fund are sufficient to
carry out the purposes set forth in
clause (iii).
``(iii) Permissible uses of fund.--The
Secretary shall--
``(I) use not less than \1/3\ of
the amounts deposited into the Fund for
investigations based outside of the
United States, including--
``(aa) monitoring and
investigating program-related
events and promotional
activities; and
``(bb) ensuring an alien
investor's compliance with
subparagraph (L); and
``(II) use amounts deposited into
the Fund--
``(aa) to detect and
investigate fraud or other
crimes;
``(bb) to determine whether
regional centers, new
commercial enterprises, job-
creating entities, and alien
investors (and their alien
spouses and alien children)
comply with the immigration
laws;
``(cc) to conduct audits
and site visits; and
``(dd) as the Secretary
determines to be necessary,
including monitoring compliance
with the requirements under
section 7 of the EB-5 Reform
and Integrity Act of 2021.
``(iv) Failure to pay fee.--The Secretary
of Homeland Security shall--
``(I) impose a reasonable penalty,
which shall be deposited into the Fund,
if any regional center does not pay the
fee required under clause (ii) within
30 days after the date on which such
fee is due; and
``(II) terminate the designation of
any regional center that does not pay
the fee required under clause (ii)
within 90 days after the date on which
such fee is due.
``(v) Report.--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.
``(K) Direct and third-party promoters.--
``(i) Rules and standards.--Direct and
third party promoters (including migration
agents) of a regional center, any new
commercial enterprise, an affiliated job-
creating entity, or an issuer of securities
intended to be offered to alien investors in
connection with a particular capital investment
project shall comply with the rules and
standards prescribed by the Secretary of
Homeland Security and any applicable Federal or
State securities laws, to oversee promotion of
any offering of securities related to the EB-5
Program, including--
``(I) registration with U.S.
Citizenship and Immigration Services,
which--
``(aa) includes identifying
and contact information for
such promoter and confirmation
of the existence of the written
agreement required under clause
(iii); and
``(bb) may be made publicly
available at the discretion of
the Secretary;
``(II) certification by each
promoter that such promoter is not
ineligible under subparagraph (H)(i);
``(III) guidelines for accurately
representing the visa process to
foreign investors; and
``(IV) guidelines describing
permissible fee arrangements under
applicable securities and immigration
laws.
``(ii) Effect of violation.--If the
Secretary determines 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).
``(iii) Compliance.--Each regional center,
new commercial enterprise, and affiliated job-
creating entity shall maintain a written
agreement between or among such entities and
each direct or third-party promoter operating
on behalf of such entities that outlines the
rules and standards prescribed under clause
(i).
``(iv) Disclosure.--Each petition filed
under section 204(a)(1)(H) shall include a
disclosure, signed by the investor, that
reflects all fees, ongoing interest, and other
compensation paid to any person that the
regional center or new commercial enterprise
knows has received, or will receive, in
connection with the investment, including
compensation to agents, finders, or broker
dealers involved in the offering, to the extent
not already specifically identified in the
business plan filed under subparagraph (F).
``(L) Source of funds.--
``(i) In general.--An alien investor 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.
``(ii) Required information.--The Secretary
of Homeland Security shall require that an
alien investor's petition under this paragraph
contain, as applicable--
``(I) business and tax records, or
similar records, including--
``(aa) foreign business
registration records;
``(bb) corporate or
partnership tax returns (or tax
returns of any other entity in
any form filed in any country
or subdivision of such
country), and personal tax
returns, including income,
franchise, property (whether
real, personal, or intangible),
or any other tax returns of any
kind, filed during the past 7
years (or another period to be
determined by the Secretary to
ensure that the investment is
obtained from a lawful source
of funds) with any taxing
jurisdiction within or outside
the United States by or on
behalf of the alien investor;
and
``(cc) any other evidence
identifying any other source of
capital or administrative fees;
``(II) evidence related to monetary
judgments against the alien investor,
including certified copies of any
judgments, and evidence of all pending
governmental civil or criminal actions,
governmental administrative
proceedings, and any private civil
actions (pending or otherwise)
involving possible monetary judgments
against the alien investor from any
court within or outside the United
States; and
``(III) the identity of all persons
who transfer into the United States, on
behalf of the investor, any funds that
are used to meet the capital
requirement under subparagraph (A).
``(iii) Gift and loan restrictions.--
``(I) In general.--Gifted and
borrowed funds may not be counted
toward the minimum capital investment
requirement under subparagraph (C)
unless such funds--
``(aa) were gifted or
loaned to the alien investor in
good faith; and
``(bb) were not gifted or
loaned to circumvent any
limitations imposed on
permissible sources of capital
under this subparagraph,
including but not limited to
proceeds from illegal activity.
``(II) Records requirement.--If
funds invested under subparagraph (A)
are gifted or loaned to the alien
investor, the Secretary shall require
that the alien investor's petition
under this paragraph includes the
records described in subclauses (I) and
(II) of clause (ii) from the donor or,
if other than a bank, the lender.
``(M) Treatment of good faith investors following
program noncompliance.--
``(i) Termination or debarment of eb-5
entity.--Except as provided in clause (vi),
upon the termination or debarment, as
applicable, from the program under this
paragraph of a regional center, a new
commercial enterprise, or a job-creating
entity--
``(I) an otherwise qualified
petition under section 204(a)(1)(H) or
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
terminated regional center, new
commercial enterprise, or job-creating
entity shall remain valid or continue
to be authorized, as applicable,
consistent with this subparagraph; and
``(II) the Secretary of Homeland
Security shall notify the alien
beneficiaries of such petitions of such
termination or debarment.
``(ii) New regional center or investment.--
The petition under section 204(a)(1)(H) of an
alien described in clause (i) and the
conditional permanent resident status of an
alien described in clause (i) shall be
terminated 180 days after notification of the
termination from the program under this
paragraph of a regional center, a new
commercial enterprise, or a job creating entity
(but not sooner than 180 days after the date of
the enactment of the EB-5 Reform and Integrity
Act of 2021) unless--
``(I) in the case of the
termination of a regional center--
``(aa) the new commercial
enterprise associates with an
approved regional center,
regardless of the approved
geographical boundaries of such
regional center's designation;
or
``(bb) such alien makes a
qualifying investment in
another new commercial
enterprise; or
``(II) in the case of the debarment
of a new commercial enterprise or job-
creating entity, such alien--
``(aa) associates with a
new commercial enterprise in
good standing; and
``(bb) invests additional
investment capital solely to
the extent necessary to satisfy
remaining job creation
requirements under subparagraph
(A)(ii).
``(iii) Amendments.--
``(I) Filing requirement.--The
Secretary shall permit a petition
described in clause (i)(I) to be
amended to allow such petition to meet
the applicable eligibility requirements
under clause (ii), or to notify the
Secretary that a pending or approved
petition continues to meet the
eligibility requirements described in
clause (ii) notwithstanding termination
or debarment described in clause (i) if
such amendment is filed not later than
180 days after the Secretary provides
notification of termination or
debarment of a regional center, a new
commercial enterprise, or a job-
creating entity, as applicable.
``(II) Determination of
eligibility.--For purposes of
determining eligibility under subclause
(I)--
``(aa) the Secretary shall
permit amendments to the
business plan, without such
facts underlying the amendment
being deemed a material change;
and
``(bb) may deem any funds
obtained or recovered by an
alien investor, directly or
indirectly, from claims against
third parties, including
insurance proceeds, or any
additional investment capital
provided by the alien, to be
such alien's investment capital
for the purposes of
subparagraph (A) if such
investment otherwise complies
with the requirements under
this paragraph and section
216A.
``(iv) Removal of conditions.--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.
``(v) Remedies.--For petitions approved
under clause (ii), including following an
amendment filed under clause (iii), the
Secretary--
``(I) shall retain the immigrant
visa priority date related to the
original petition and prevent age-out
of derivative beneficiaries; and
``(II) may hold such petition in
abeyance and extend any applicable
deadlines under this paragraph.
``(vi) Exception.--If the Secretary has
reason to believe that an alien was a knowing
participant in the conduct that led to the
termination of a regional center, new
commercial enterprise, or job-creating entity
described in clause (i)--
``(I) the alien shall not be
accorded any benefit under this
subparagraph; and
``(II) the Secretary shall--
``(aa) notify the alien of
such belief; and
``(bb) subject to section
216A(b)(2), shall deny or
initiate proceedings to revoke
the approval of such alien's
petition, application, or
benefit (and that of any spouse
or child, if applicable)
described in this paragraph.
``(N) Threats to the national interest.--
``(i) Denial or revocation.--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 clause (ii), if the
Secretary determines, in the Secretary's
discretion, that the approval of such petition,
application, or benefit is contrary to the
national interest of the United States for
reasons relating to threats to public safety or
national security.
``(ii) Documents.--The documents described
in this clause are--
``(I) a certification, designation,
or amendment to the designation of a
regional center;
``(II) a petition seeking
classification of an alien as an alien
investor under this paragraph;
``(III) a petition to remove
conditions under section 216A;
``(IV) an application for approval
of a business plan in a new commercial
enterprise under subparagraph (F); or
``(V) a document evidencing
conditional permanent resident status
that was issued to an alien pursuant to
section 216A.
``(iii) 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 public safety or national
security, any person associated with such
regional center, new commercial enterprise, or
job-creating entity, including an alien
investor, shall be permanently barred from
future participation in the program under this
paragraph if the Secretary of Homeland
Security, in the Secretary's discretion,
determines, by a preponderance of the evidence,
that such person was a knowing participant in
the conduct that led to the termination.
``(iv) Notice.--If the Secretary of
Homeland Security 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;
``(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), as
of the date of such determination; and
``(III) provide any United States-
owned regional center, new commercial
enterprise, or job creating entity an
explanation for such determination
unless the relevant information is
classified or disclosure is otherwise
prohibited under law.
``(v) Judicial review.--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 jurisdiction to
review a denial or revocation under this
subparagraph. Nothing in this clause may be
construed as precluding review of
constitutional claims or questions 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
subparagraph (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 predicated 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
permanently barred from future participation in
the program if the Secretary determines, in the
Secretary's discretion, 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 Administrative Appeals
Office of U.S. Citizenship and Immigration
Services of any determination made under this
paragraph, including--
``(I) an application for regional
center designation 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 benefit accorded
under this paragraph; and
``(V) any sanction imposed by the
Secretary under this paragraph.
``(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 jurisdiction 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 affiliated 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
commercial 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;
``(cc) a broker-dealer or
investment adviser registered
with the Securities and
Exchange Commission; or
``(dd) an individual or
company that otherwise 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 separate accounts;
``(V) before any transfer of
amounts from a separate account,
shall--
``(aa) verify that the
transfer complies with all
governing documents, including
organizational, 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
documentation 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 control 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 protections 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 enterprise
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
audit shall be provided to the
Secretary and all investors in the new
commercial enterprise.
``(vi) Defined term.--In this subparagraph,
the term `separate account' means an account
that--
``(I) is maintained in the United
States by a new commercial enterprise
or job creating entity at a Federally
regulated bank or at another financial
institution (as defined in section 20
of title 18, United States Code) in the
United States;
``(II) is insured; and
``(III) contains only the pooled
investment funds of alien investors in
a new commercial enterprise with
respect to a single capital investment
project.''.
(c) Effective Date.--Unless otherwise provided in this section, the
amendments made by this section shall take effect on the date that is
90 days after the date of the enactment of this Act.
SEC. 3. CONDITIONAL PERMANENT RESIDENT STATUS FOR ALIEN INVESTORS,
SPOUSES, AND CHILDREN.
(a) In General.--Section 216A of the Immigration and Nationality
Act (8 U.S.C. 1186b) is amended--
(1) by striking ``Attorney General'' each place such term
appears (except in subsection (d)(2)(C)) and inserting
``Secretary of Homeland Security'';
(2) by striking ``entrepreneur'' each place such term
appears and inserting ``investor'';
(3) in subsection (a), by amending paragraph (1) to read as
follows:
``(1) Conditional basis for status.--An alien investor,
alien spouse, and alien child shall be considered, at the time
of obtaining status as an alien lawfully admitted for permanent
residence, to have obtained such status on a conditional basis
subject to the provisions of this section.'';
(4) in subsection (b)--
(A) in the subsection heading, by striking
``Entrepreneurship'' and inserting ``Investment''; and
(B) by amending paragraph (1)(B) to read as
follows:
``(B) the alien did not invest the requisite
capital; or'';
(5) in subsection (c)--
(A) in the subsection heading, by striking ``of
Timely Petition and Interview'';
(B) in paragraph (1)--
(i) in the matter preceding subparagraph
(A), by striking ``In order'' and inserting
``Except as provided in paragraph (3)(D), in
order'';
(ii) in subparagraph (A)--
(I) by striking ``must'' and
inserting ``shall''; and
(II) by striking ``, and'' and
inserting a semicolon;
(iii) in subparagraph (B)--
(I) by striking ``must'' and
inserting ``shall'';
(II) by striking ``Service'' and
inserting ``Department of Homeland
Security''; and
(III) by striking the period at the
end and inserting ``; and''; and
(iv) by adding at the end the following:
``(C) the Secretary shall have performed a site
visit to the relevant corporate office or business
location described in section 203(b)(5)(F)(iv).''; and
(C) in paragraph (3)--
(i) in subparagraph (A), in the
undesignated matter following clause (ii), by
striking ``the'' before ``such filing''; and
(ii) by amending subparagraph (B) to read
as follows:
``(B) Removal or extension of conditional basis.--
``(i) In general.--Except as provided in
clause (ii), if the Secretary determines that
the facts and information contained in a
petition submitted under paragraph (1)(A) are
true, including demonstrating that the alien
complied with subsection (d)(1)(B)(i), the
Secretary shall--
``(I) notify the alien involved of
such determination; and
``(II) remove the conditional basis
of the alien's status effective as of
the second anniversary of the alien's
lawful admission for permanent
residence.
``(ii) Exception.--If the petition
demonstrates that the facts and information are
true and that the alien is in compliance with
subsection (d)(1)(B)(ii)--
``(I) the Secretary, in the
Secretary's discretion, may provide a
1-year extension of the alien's
conditional status; and
``(II)(aa) if the alien files a
petition not later than 30 days after
the third anniversary of the alien's
lawful admission for permanent
residence demonstrating that the alien
complied with subsection (d)(1)(B)(i),
the Secretary shall remove the
conditional basis of the alien's status
effective as of such third anniversary;
or
``(bb) if the alien does not file
the petition described in item (aa),
the conditional status shall terminate
at the end of such additional year.'';
(6) in subsection (d)--
(A) in paragraph (1)--
(i) by amending subparagraph (A) to read as
follows:
``(A) invested the requisite capital;'';
(ii) by redesignating subparagraph (B) as
subparagraph (C); and
(iii) by inserting after subparagraph (A)
the following:
``(B)(i) created the employment required under
section 203(b)(5)(A)(ii); or
``(ii) is actively in the process of creating the
employment required under section 203(b)(5)(A)(ii) and
will create such employment before the third
anniversary of the alien's lawful admission for
permanent residence, provided that such alien's capital
will remain invested during such time; and'';
(B) in paragraph (2), by amending subparagraph (A)
to read as follows:
``(A) Ninety-day period before second
anniversary.--
``(i) In general.--Except as provided in
clause (ii) and subparagraph (B), a petition
under subsection (c)(1)(A) shall be filed
during the 90-day period immediately preceding
the second anniversary of the alien investor's
lawful admission for permanent residence.
``(ii) Exception.--Aliens described in
subclauses (I)(bb) and (II) of section
203(b)(5)(M)(ii) shall file a petition under
subsection (c)(1)(A) during the 90-day period
before the second anniversary of the subsequent
investment.''; and
(C) in paragraph (3)--
(i) by striking ``The interview'' and
inserting the following:
``(A) In general.--The interview'';
(ii) by striking ``Service'' and inserting
``Department of Homeland Security''; and
(iii) by striking the last sentence and
inserting the following:
``(B) Waiver.--The Secretary of Homeland Security,
in the Secretary's discretion, may waive the deadline
for an interview under subsection (c)(1)(B) or the
requirement for such an interview according to criteria
developed by U.S. Citizenship and Immigration Services,
in consultation with its Fraud Detection and National
Security Directorate and U.S. Immigration and Customs
Enforcement, provided that such criteria do not include
a reduction of case processing times or the allocation
of adjudicatory resources. A waiver may not be granted
under this subparagraph if the alien to be
interviewed--
``(i) invested in a regional center, new
commercial enterprise, or job-creating entity
that was sanctioned under section 203(b)(5); or
``(ii) is in a class of aliens determined
by the Secretary to be threats to public safety
or national security.''; and
(7) in subsection (f)(3), by striking ``a limited
partnership'' and inserting ``any entity formed for the purpose
of doing for-profit business''.
(b) Effective Dates.--
(1) In general.--Except as provided in paragraph (2), the
amendments made by subsection (a) shall take effect on the date
of the enactment of this Act.
(2) Exceptions.--
(A) Site visits.--The amendment made by subsection
(a)(5)(B)(iv) shall take effect on the date that is 2
years after the date of the enactment of this Act.
(B) Petition beneficiaries.--The amendments made by
subsection (a) shall not apply to the beneficiary of a
petition that is filed under section 216A of the
Immigration and Nationality Act (8 U.S.C. 1186b) if the
underlying petition was filed under section 203(b)(5)
of such Act (8 U.S.C. 1153(b)(5)) before the date of
the enactment of this Act.
SEC. 4. EB-5 VISA REFORMS.
(a) Definitions.--Section 203(b)(5)(D) of the Immigration and
Nationality Act (8 U.S.C. 1153(b)(5)(D)) is amended to read as follows:
``(D) Definitions.--In this paragraph:
``(i) Affiliated job-creating entity.--The
term `affiliated job-creating entity' means any
job-creating entity that is controlled,
managed, or owned by any of the people involved
with the regional center or new commercial
enterprise under section 203(b)(5)(H)(v).
``(ii) Capital.--The term `capital'--
``(I) means cash and all real,
personal, or mixed tangible assets
owned and controlled by the alien
investor, or held in trust for the
benefit of the alien and to which the
alien has unrestricted access;
``(II) shall be valued at fair
market value in United States dollars,
in accordance with Generally Accepted
Accounting Principles or other standard
accounting practice adopted by the
Securities and Exchange Commission, at
the time it is invested under this
paragraph;
``(III) does not include--
``(aa) assets directly or
indirectly acquired by unlawful
means, including any cash
proceeds of indebtedness
secured by such assets;
``(bb) capital invested in
exchange for a note, bond,
convertible debt, obligation,
or any other debt arrangement
between the alien investor and
the new commercial enterprise;
``(cc) capital invested
with a guaranteed rate of
return on the amount invested
by the alien investor; or
``(dd) except as provided
in subclause (IV), capital
invested that is subject to any
agreement between the alien
investor and the new commercial
enterprise that provides the
investor with a contractual
right to repayment, such as a
mandatory redemption at a
certain time or upon the
occurrence of a certain event,
or a put or sell-back option
held by the alien investor,
even if such contractual right
is contingent on the success of
the new commercial enterprise,
such as having sufficient
available cash flow; and
``(IV) includes capital invested
that--
``(aa) is subject to a buy
back option that may be
exercised solely at the
discretion of the new
commercial enterprise; and
``(bb) results in the alien
investor withdrawing his or her
petition unless the alien
investor has fulfilled his or
her sustainment period and
other requirements under this
paragraph.
``(iii) Certifier.--The term `certifier'
means a person in a position of substantive
authority for the management or operations of a
regional center, new commercial enterprise,
affiliated job-creating entity, or issuer of
securities, such as a principal executive
officer or principal financial officer, with
knowledge of such entities' policies and
procedures related to compliance with the
requirements under this paragraph.
``(iv) Job-creating entity.--The term `job-
creating entity' means any organization formed
in the United States for the ongoing conduct of
lawful business, including sole proprietorship,
partnership (whether limited or general),
corporation, limited liability company,
business trust, or other entity, which may be
publicly or privately owned, including an
entity consisting of a holding company and its
wholly-owned subsidiaries or affiliates
(provided that each subsidiary or affiliate is
engaged in an activity formed for the ongoing
conduct of a lawful business) that receives, or
is established to receive, capital investment
from alien investors or a new commercial
enterprise under the regional center program
described in subparagraph (E) and which is
responsible for creating jobs to satisfy the
requirement under subparagraph (A)(ii).
``(v) New commercial enterprise.--The term
`new commercial enterprise' means any for-
profit organization formed in the United States
for the ongoing conduct of lawful business,
including sole proprietorship, partnership
(whether limited or general), holding company
and its wholly-owned subsidiaries (provided
that each subsidiary is engaged in a for-profit
activity formed for the ongoing conduct of a
lawful business), joint venture, corporation,
business trust, limited liability company, or
other entity (which may be publicly or
privately owned) that receives, or is
established to receive, capital investment from
investors under this paragraph.''.
(b) Age Determination for Children of Alien Investors.--Section
203(h) of the Immigration and Nationality Act (8 U.S.C. 1153(h)) is
amended by adding at the end the following:
``(5) Age determination for children of alien investors.--
An alien who has reached 21 years of age and has been admitted
under subsection (d) as a lawful permanent resident on a
conditional basis as the child of an alien lawfully admitted
for permanent residence under subsection (b)(5), whose lawful
permanent resident status on a conditional basis is terminated
under section 216A or subsection (b)(5)(M), shall continue to
be considered a child of the principal alien for the purpose of
a subsequent immigrant petition by such alien under subsection
(b)(5) if the alien remains unmarried and the subsequent
petition is filed by the principal alien not later than 1 year
after the termination of conditional lawful permanent resident
status. No alien shall be considered a child under this
paragraph with respect to more than 1 petition filed after the
alien reaches 21 years of age.''.
(c) Enhanced Pay Scale for Certain Federal Employees Administering
the Employment Creation Program.--The Secretary of Homeland Security
may establish, fix the compensation of, and appoint individuals to
designated critical, technical, and professional positions needed to
administer sections 203(b)(5) and 216A of the Immigration and
Nationality Act (8 U.S.C. 1153(b)(5) and 1186b).
(d) Concurrent Filing of EB-5 Petitions and Applications for
Adjustment of Status.--Section 245 of the Immigration and Nationality
Act (8 U.S.C. 1255) is amended--
(1) in subsection (k), in the matter preceding paragraph
(1), by striking ``or (3)'' and inserting ``(3), or (5)''; and
(2) by adding at the end the following:
``(n) If the approval of a petition for classification under
section 203(b)(5) would make a visa immediately available to the alien
beneficiary, the alien beneficiary's application for adjustment of
status under this section shall be considered to be properly filed
whether the application is submitted concurrently with, or subsequent
to, the visa petition.''.
(e) Type of Investment.--Section 203(b)(5)(A) of the Immigration
and Nationality Act (8 U.S.C. 1153(b)(5)(A)), as amended by subsection
(a)(2), is further amended--
(1) in clause (i), by striking ``(C), and'' and inserting
``(C) and which is expected to remain invested for not less
than 2 years; and''; and
(2) in clause (ii)--
(A) by striking ``and create'' and inserting ``by
creating''; and
(B) by inserting ``, United States nationals,''
after ``citizens''.
(f) Required Checks.--Section 203(b)(5) of the Immigration and
Nationality Act, as amended by this section and section 2, is further
amended by adding at the end the following:
``(R) Required checks.--Any petition filed by an
alien under section 204(a)(1)(H) may not be approved
under this paragraph unless the Secretary of Homeland
Security has searched for the alien and any associated
employer of such alien on the Specially Designated
Nationals List of the Department of Treasury Office of
Foreign Assets Control.''.
(g) Effective Date.--The amendments made by this section shall take
effect on the date of the enactment of this Act.
SEC. 5. PROCEDURE FOR GRANTING IMMIGRANT STATUS.
(a) Filing Order and Eligibility.--Section 204(a)(1)(H) of the
Immigration and Nationality Act (8 U.S.C. 1154(a)(1)(H)) is amended to
read as follows:
``(H)(i) Any alien seeking classification under section 203(b)(5)
may file a petition for such classification with the Secretary of
Homeland Security. An alien seeking to pool his or her investment with
1 or more additional aliens seeking classification under section
203(b)(5) shall file for such classification in accordance with section
203(b)(5)(E), or before the date of the enactment of the EB-5 Reform
and Integrity Act of 2021, in accordance with section 203(b)(5). An
alien petitioning for classification under section 203(b)(5)(E) may
file a petition with the Secretary after a regional center has filed an
application for approval of an investment under section 203(b)(5)(F).
``(ii) A petitioner described in clause (i) shall establish
eligibility at the time he or she files a petition for classification
under section 203(b)(5). A petitioner who was eligible for such
classification at the time of such filing shall be deemed eligible for
such classification at the time such petition is adjudicated, subject
to the approval of the petitioner's associated application under
section 203(b)(5)(F).''.
(b) Effective Dates.--
(1) In general.--The amendment made by subsection (a) shall
take effect on the date of the enactment of this Act.
(2) Applicability to petitions.--Section 204(a)(1)(H)(i) of
the Immigration and Nationality Act, as added by subsection
(a), shall apply to any petition for classification pursuant to
section 203(b)(5)(E) of such Act (8 U.S.C. 1153(b)(5)(E)) that
is filed with the Secretary of Homeland Security on or after
the date of the enactment of this Act.
(c) Adjudication of Petitions.--The Secretary of Homeland Security
shall continue to adjudicate petitions and benefits under sections
203(b)(5) and 216A of the Immigration and Nationality Act (8 U.S.C.
1153(b)(5) and 1186b) during the implementation of this Act and the
amendments made by this Act.
SEC. 6. TIMELY PROCESSING.
(a) Fee Study.--Not later than 1 year after the date of the
enactment of this Act, the Director of U.S. Citizenship and Immigration
Services shall complete a study of fees charged in the administration
of the program described in sections 203(b)(5) and 216A of the
Immigration and Nationality Act (8 U.S.C. 1153(b)(5) and 1186b).
(b) Adjustment of Fees To Achieve Efficient Processing.--
Notwithstanding section 286(m) of the Immigration and Nationality Act
(8 U.S.C. 1356(m)), and except as provided under subsection (c), the
Director, not later than 60 days after the completion of the study
under subsection (a), shall set fees for services provided under
sections 203(b)(5) and 216A of such Act (8 U.S.C. 1153(b)(5) and 1186b)
at a level sufficient to ensure the full recovery only of the costs of
providing such services, including the cost of attaining the goal of
completing adjudications, on average, not later than--
(1) 180 days after receiving a proposal for the
establishment of a regional center described in section
203(b)(5)(E) of such Act;
(2) 180 days after receiving an application for approval of
an investment in a new commercial enterprise described in
section 203(b)(5)(F) of such Act;
(3) 90 days after receiving an application for approval of
an investment in a new commercial enterprise described in
section 203(b)(5)(F) of such Act that is located in a targeted
employment area (as defined in section 203(b)(5)(B) of such
Act);
(4) 240 days after receiving a petition from an alien
desiring to be classified under section 203(b)(5)(E) of such
Act;
(5) 120 days after receiving a petition from an alien
desiring to be classified under section 203(b)(5)(E) of such
Act with respect to an investment in a targeted employment area
(as defined in section 203(b)(5)(B) of such Act); and
(6) 240 days after receiving a petition from an alien for
removal of conditions described in section 216A(c) of such Act.
(c) Additional Fees.--Fees in excess of the fee levels described in
subsection (b) may be charged only--
(1) in an amount that is equal to the amount paid by all
other classes of fee-paying applicants for immigration-related
benefits, to contribute to the coverage or reduction of the
costs of processing or adjudicating classes of immigration
benefit applications that Congress, or the Secretary of
Homeland Security in the case of asylum applications, has
authorized to be processed or adjudicated at no cost or at a
reduced cost to the applicant; and
(2) in an amount that is not greater than 1 percent of the
fee for filing a petition under section 203(b)(5) of the
Immigration and Nationality Act (8 U.S.C. 1153(b)(5)), to make
improvements to the information technology systems used by the
Secretary of Homeland Security to process, adjudicate, and
archive applications and petitions under such section,
including the conversion to electronic format of documents
filed by petitioners and applicants for benefits under such
section.
(d) Exemption From Paperwork Reduction Act.--During the 1-year
period beginning on the date of the enactment of this Act, the
requirements under chapter 35 of title 44, United States Code, shall
not apply to any collection of information required under this
subtitle, any amendment made by this subtitle, or any rule promulgated
by the Secretary of Homeland Security to implement this subtitle or the
amendments made by this subtitle, to the extent that the Secretary
determines that compliance with such requirements would impede the
expeditious implementation of this subtitle or the amendments made by
this subtitle.
(e) Rule of Construction Regarding Adjudication Delays.--Nothing in
this subtitle may be construed to limit the authority of the Secretary
of Homeland Security to suspend the adjudication of any application or
petition under section 203(b)(5) or 216A of the Immigration and
Nationality Act (8 U.S.C. 1153(b)(5) and 1186b) pending the completion
of a national security or law enforcement investigation relating to
such application or petition.
(f) Rule of Construction Regarding Modification of Fees.--Nothing
in this section may be construed to require any modification of fees
before the completion of--
(1) the fee study described in subsection (a); or
(2) regulations promulgated by the Secretary of Homeland
Security, in accordance with subchapter II of chapter 5 and
chapter 7 of title 5, United States Code (commonly known as the
``Administrative Procedure Act''), to carry out subsections (b)
and (c).
SEC. 7. TRANSPARENCY.
(a) In General.--Employees of the Department of Homeland Security,
including the Secretary of Homeland Security, the Secretary's
counselors, the Assistant Secretary for the Private Sector, the
Director of U.S. Citizenship and Immigration Services, counselors to
such Director, and the Chief of the Immigrant Investor Programs Office
(or any successor to such Office) at U.S. Citizenship and Immigration
Services, shall act impartially and may not give preferential treatment
to any entity, organization, or individual in connection with any
aspect of the immigrant visa program described in section 203(b)(5) of
the Immigration and Nationality Act (8 U.S.C. 1153(b)(5)).
(b) Improper Activities.--Activities that constitute preferential
treatment under subsection (a) shall include--
(1) working on, or in any way attempting to influence, in a
manner not available to or accorded to all other petitioners,
applicants, and seekers of benefits under the immigrant visa
program referred to in subsection (a), the standard processing
of an application, petition, or benefit for--
(A) a regional center;
(B) a new commercial enterprise;
(C) a job-creating entity; or
(D) any person or entity associated with such
regional center, new commercial enterprise, or job-
creating entity; and
(2) meeting or communicating with persons associated with
the entities listed in paragraph (1), at the request of such
persons, in a manner not available to or accorded to all other
petitioners, applicants, and seekers of benefits under such
immigrant visa program.
(c) Reporting of Communications.--
(1) Written communication.--Employees of the Department of
Homeland Security, including the officials listed in subsection
(a), shall include, in the record of proceeding for a case
under section 203(b)(5) of the Immigration and Nationality Act
(8 U.S.C. 1153(b)(5)), actual or electronic copies of all case-
specific written communication, including e-mails from
government and private accounts, with non-Department persons or
entities advocating for regional center applications or
individual petitions under such section that are pending on or
after the date of the enactment of this Act (other than routine
communications with other agencies of the Federal Government
regarding the case, including communications involving
background checks and litigation defense).
(2) Oral communication.--If substantive oral communication,
including telephonic communication, virtual communication, or
in-person meetings, takes place between officials of the
Department of Homeland Security and non-Department persons or
entities advocating for regional center applications or
individual petitions under section 203(b)(5) of such Act that
are pending on or after the date of the enactment of this Act
(except communications exempted under paragraph (1))--
(A) the conversation shall be recorded; or
(B) detailed minutes of the session shall be taken
and included in the record of proceeding.
(3) Notification.--
(A) In general.--If the Secretary, in the course of
written or oral communication described in this
subsection, receives evidence about a specific case
from anyone other than an affected party or his or her
representative (excluding Federal Government or law
enforcement sources), such information may not be made
part of the record of proceeding and may not be
considered in adjudicative proceedings unless--
(i) the affected party has been given
notice of such evidence; and
(ii) if such evidence is derogatory, the
affected party has been given an opportunity to
respond to the evidence.
(B) Information from law enforcement, intelligence
agencies, or confidential sources.--
(i) Law enforcement or intelligence
agencies.--Evidence received from law
enforcement or intelligence agencies may not be
made part of the record of proceeding without
the consent of the relevant agency or law
enforcement entity.
(ii) Whistleblowers, confidential sources,
or intelligence agencies.--Evidence received
from whistleblowers, other confidential
sources, or the intelligence community that is
included in the record of proceeding and
considered in adjudicative proceedings shall be
handled in a manner that does not reveal the
identity of the whistleblower or confidential
source, or reveal classified information.
(d) Consideration of Evidence.--
(1) In general.--No case-specific communication with
persons or entities that are not part of the Department of
Homeland Security may be considered in the adjudication of an
application or petition under section 203(b)(5) of the
Immigration and Nationality Act (8 U.S.C. 1153(b)(5)) unless
the communication is included in the record of proceeding of
the case.
(2) Waiver.--The Secretary of Homeland Security may waive
the requirement under paragraph (1) only in the interests of
national security or for investigative or law enforcement
purposes.
(e) Channels of Communication.--
(1) E-mail address or equivalent.--The Director of U.S.
Citizenship and Immigration Services shall maintain an e-mail
account (or equivalent means of communication) for persons or
entities--
(A) with inquiries regarding specific petitions or
applications under the immigrant visa program described
in section 203(b)(5) of the Immigration and Nationality
Act (8 U.S.C. 1153(b)(5)); or
(B) seeking information that is not case-specific
about the immigrant visa program described in such
section 203(b)(5).
(2) Communication only through appropriate channels or
offices.--
(A) Announcement of appropriate channels of
communication.--Not later than 40 days after the date
of the enactment of this Act, the Director of U.S.
Citizenship and Immigration Services shall announce
that the only channels or offices by which industry
stakeholders, petitioners, applicants, and seekers of
benefits under the immigrant visa program described in
section 203(b)(5) of the Immigration and Nationality
Act (8 U.S.C. 1153(b)(5)) may communicate with the
Department of Homeland Security regarding specific
cases under such section (except for communication made
by applicants and petitioners pursuant to regular
adjudicatory procedures), or information that is not
case-specific about the visa program applicable to
certain cases under such section, are through--
(i) the e-mail address or equivalent
channel described in paragraph (1);
(ii) the National Customer Service Center,
or any successor to such Center; or
(iii) the Office of Public Engagement,
Immigrant Investor Program Office, including
the Stakeholder Engagement Branch, or any
successors to those Offices or that Branch.
(B) Direction of incoming communications.--
(i) In general.--Employees of the
Department of Homeland Security shall direct
communications described in subparagraph (A) to
the channels of communication or offices listed
in clauses (i) through (iii) of subparagraph
(A).
(ii) Rule of construction.--Nothing in this
subparagraph may be construed to prevent--
(I) any person from communicating
with the Ombudsman of U.S. Citizenship
and Immigration Services regarding the
immigrant investor program under
section 203(b)(5) of the Immigration
and Nationality Act (8 U.S.C.
1153(b)(5)); or
(II) the Ombudsman from resolving
problems regarding such immigrant
investor program pursuant to the
authority granted under section 452 of
the Homeland Security Act of 2002 (6
U.S.C. 272).
(C) Log.--
(i) In general.--The Director of U.S.
Citizenship and Immigration Services shall
maintain a written or electronic log of--
(I) all communications described in
subparagraph (A) and communications
from members of Congress, which shall
reference the date, time, and subject
of the communication, and the identity
of the Department official, if any, to
whom the inquiry was forwarded;
(II) with respect to written
communications described in subsection
(c)(1), the date on which the
communication was received, the
identities of the sender and addressee,
and the subject of the communication;
and
(III) with respect to oral
communications described in subsection
(c)(2), the date on which the
communication occurred, the
participants in the conversation or
meeting, and the subject of the
communication.
(ii) Transparency.--The log of
communications described in clause (i) shall be
made publicly available in accordance with
section 552 of title 5, United States Code
(commonly known as the ``Freedom of Information
Act'').
(3) Publication of information.--Not later than 30 days
after a person or entity inquiring about a specific case or
generally about the immigrant visa program described in section
203(b)(5) of the Immigration and Nationality Act (8 U.S.C.
1153(b)(5)) receives, as a result of a communication with an
official of the Department of Homeland Security, generally
applicable and information that is not case-specific about
program requirements or administration that has not been made
publicly available by the Department, the Director of U.S.
Citizenship and Immigration Services shall publish such
information on the U.S. Citizenship and Immigration Services
website as an update to the relevant Frequently Asked Questions
page or by some other comparable mechanism.
(f) Penalty.--
(1) In general.--Any person who intentionally violates the
prohibition on preferential treatment under this section or
intentionally violates the reporting requirements under
subsection (c) shall be disciplined in accordance with
paragraph (2).
(2) Sanctions.--Not later than 90 days after the date of
the enactment of this Act, the Secretary of Homeland Security
shall establish a graduated set of sanctions based on the
severity of the violation referred to in paragraph (1), which
may include, in addition to any criminal or civil penalties
that may be imposed, written reprimand, suspension, demotion,
or removal.
(g) Rule of Construction Regarding Classified Information.--Nothing
in this section may be construed to modify any law, regulation, or
policy regarding the handling or disclosure of classified information.
(h) Rule of Construction Regarding Private Right of Action.--
Nothing in this section may be construed to create or authorize a
private right of action to challenge a decision of an employee of the
Department of Homeland Security.
(i) Effective Date.--This section, and the amendments made by this
section, shall take effect on the date of the enactment of this Act.
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