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I was honored to speak at the EB5 Investors Magazine 2026 Global Immigration Expo in Newport Beach on January 22, 2026.
In a fireside chat, I shared my views on the EB-5 program and policy dynamics, based on a nearly 30-year Washington, DC-based career that includes having served as the Chief Counsel for the Democrats for the House immigration subcommittee (under the Judiciary Committee) and a stint at the White House, National Security Council.
First and foremost, I noted that the EB-5 Reform and Integrity Act of 2022 (RIA) worked.
The EB-5 program is on more solid footing with reduced risk and faster access to benefits for immigrant investors, while reserved visas and priority processing have driven investment into rural areas.
Notwithstanding the success of the RIA, expiration of the grandfathering provision and program reauthorization are looming challenges. The Department of Homeland Security appropriations process remains fluid as of this writing, but an effort by key EB-5 organizations and trade associations to have extensions included in the FY 2026 funding legislation appears to have failed.
Expiration of the Grandfathering Provision
Under the RIA grandfathering provision, USCIS is required to continue processing petitions filed before September 30, 2026 and may not deny any petition based on expiration of the EB-5 program.
Notwithstanding the advocacy efforts to try to extend the grandfathering date, it is unlikely that Congress will do so before it lapses. Individuals must file before September 30, 2026 to take advantage of this key investor protection.
Note that petitions may still be filed after September 30, 2026, but the protections granted through the grandfathering provision will not apply.
EB-5 Program Reauthorization
The EB-5 regional center program will expire on September 30, 2027, absent congressional action.
There is solid bipartisan support for reauthorization, but there have been mixed messages from the Administration about the program.
There is a possibility that the House of Representatives could pass an immigration enforcement bill, and the Senate would then take up the draft legislation and include legal immigration provisions, such as reform of the H-2 program for temporary agricultural and non-agricultural workers, along with EB-5 amendments.
The competing versions would have to be reconciled through a formal legislative conference or through informal negotiations. But the chances of this happening are remote.
The other path to reauthorization is an extension through the appropriations process; in fact, the EB-5 program has been reauthorized multiple times this way. Under this scenario, Congress would pass a continuing resolution on or around September 30, 2027 to keep the government open, and EB-5 would be included in this short-term extension before a longer-term or permanent reauthorization is enacted when Congress reaches a deal on appropriations for FY 2027.
The benefits of the EB-5 program are inarguable — billions of dollars in foreign direct investment that has created thousands of jobs.
But like all immigration matters before Congress, there is a gulf between the practical, advantageous outcome and the complicated, often ugly politics of immigration.
Gary N. Merson – Executive Vice President
Gary N. Merson is the Executive Vice President of ALC, bringing more than 25 years of experience in U.S. immigration law, policy, and compliance. He most recently served as Chief of Staff at the Office of the Citizenship and Immigration Services Ombudsman within the U.S. Department of Homeland Security and previously contributed to bipartisan EB-5 reform efforts as Chief Counsel for the House Judiciary Committee’s immigration subcommittee. His leadership reflects deep expertise in EB-5 policy and stakeholder engagement.
About American Lending Center:
American Lending Center (ALC) is a private, non-bank lender committed to advancing US economic growth and job creation. Headquartered in Irvine, California, ALC operates 14 USCIS-designated regional centers spanning the continental United States and Hawaii. Since 2009, ALC has deployed more than $2.3 billion in financing, supporting thousands of businesses nationwide and contributing to the creation and retention of over 140,000 jobs. ALC is committed to Immigrant First Investing.
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