A Voice Crying in the South Dakota Wilderness for EB-5 By Gregory Finkelson
A Voice Crying in the South Dakota Wilderness for EB-5
The four candidates vying for the U.S. Senate seat in South Dakota vacated by retiring Senator Tim Johnson have made the EB-5 Investment Visa Program a campaign issue. Former Governor Mike Rounds is an advocate of the program. The other three are against it. One candidate has promised, if elected, to support legislation to eliminate the program altogether.
Rounds is apparently the only one of the candidates who understands how the program works as he became well-versed in EB-5 through several projects funded and developed during his administration, including several dairies, The Dakota Provisions turkey processing plant and the Deadwood Mountain Grand Hotel, Casino and Event Center. The other three are focused on a single failed investment – one that, for one reason or another – did not have adequate operating capital.
The three candidates focusing on the failure are ignorantly and erroneously blaming the EB-5 program itself. One of the candidates displayed his ignorance by claiming that the program “interferes with the free-market system.” Another says that he doesn’t think that people with money to invest should be given priority immigration status. These men clearly do not understand how the free market (a misappropriate use of the term) or the free enterprise system works. Nor do they understand the economic benefits of the infusion of capital to fund approved projects or the fact that EB-5 is designed to put Americans to work by creating or sustaining jobs.
It is more and more important that our senators and congressmen understand the intent, purpose and potential impact of the EB-5 program.
To learn more about the EB-5 investment visa program, contact Dr. Gregory Finkelson at American Corporate Services or call 415-682-2550.