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The long-awaited regulation implementing the EB-5 Reform and Integrity Act of 2002 (RIA) will be published soon.
On March 17, 2026, a proposed rule titled, the “EB-5 Reform and Integrity Act of 2022; Ensuring the Integrity of the EB-5 Program; Automatic Revocation of Petitions for Immigrant Classification” was sent to the Office of Information and Regulatory Affairs (OIRA) for review and approval (Pending EO 12866 Regulatory Review).
What happens next?
OIRA, the U.S. “Government’s central authority for the review of Executive Branch regulations”, is an office within the Office of Management and Budget (OMB) and part of the Executive Office of the President.
OIRA will coordinate an interagency review process and can approve the draft proposed rule or request that the issuing agency, in this case the Department of Homeland Security and U.S. Citizenship and Immigration Services (USCIS), make changes prior to publication. See generally, “The Office of Information and Regulatory Affairs (OIRA): Overview and Major Responsibilities” (May 27, 2025).
What will the new EB-5 regulation include?
While the details remain unknown outside of the government until publication, the proposed rule is expected to closely track the RIA and existing USCIS FAQs.
It likely will cover the range of EB-5 policy and procedural matters including:
- Investor petitions (Form I-526/526E);
- Project applications (Form I-956F);
- Petitions to remove conditions on permanent resident status (Form 1-829);
- Compliance and integrity requirements for regional centers;
- Termination and debarment of regional centers;
- Protections for good faith investors, and
- Sustainment of capital at risk and redeployment of capital.
How Can EB-5 Stakeholders Prepare?
The forthcoming regulation will be well over 100 pages with likely at least a 60-day comment period; the agency will then have to review and respond to comments submitted before issuing a final rule.
The proposed rule may not be a radical break from what the agency has already done to implement the RIA, but questions will surely remain, and further litigation on the sustainment requirement is almost sure to follow.
One thing that is certain is that regional center teams and the EB-5 legal community will soon be hard at work dissecting the new rule and understanding any impact on current strategies and operating procedures.
What does all of this mean for EB-5 investors?
EB-5 investment requires working with a team of experienced professionals, including immigration counsel, to navigate its complex, multi-step process.
The new regulation will not change this dynamic, and there will be a gap between its publication and implementation.
Investors should work closely with their counsel to understand how the new rule, once published, may impact their strategy.
Gary N. Merson – President
Gary N. Merson is the 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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