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Federal Register / Vol. 86, No. 174 / Monday, September 13, 2021 / Rules and Regulations
automatically adjusted every 3 years by the CPIU and posted on the USCIS
website at www.uscis.gov and investment and revenue amounts adjusted under 8 CFR 212.19l will apply to all applications filed on or after the beginning of the fiscal year for which the adjustment is made.7

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B. Investment and Revenue Increase for Fiscal Year 2022
The automatic adjustment required by 8 CFR 212.19l affects the amounts stated in 8 CFR 212.19a5 no less than $600,000 in aggregate investments by the qualifying investor and at least $500,000 in revenue by at least two entities, b2iiB at least $250,000
in investments or at least $100,000 in government awards or grants, and c2iiB at least $500,000 in additional investment or revenue. DHS
has calculated the new investment and revenue amounts and revised the applicable provisions in this final rule.8
According to the CPIU Calculator available from the Department of Labors website, https www.bls.gov/
data/inflation_calculator.htm, $100,000
in December 2017 had a present dollar value of $105,659 in December 2020
Fiscal Year 2021, three years later. The same calculator reflects $250,000 in December 2017 had a present dollar value of $264,147 in December 2020, that $500,000 in December 2017 had a present dollar value of $528,293 in December 2020, and that $600,000 in December 2017 had a present dollar value of $633,952 in December 2020. In light of these automatic adjustments in December 2020, beginning in Fiscal Year 2022, under 8 CFR
212.19b2iiB as updated by this final rule, an applicant may be considered for initial parole if he or she demonstrates that his or her entity has received, within 18 months immediately preceding the filing of an application for initial parole, either a qualified investment amount of at least $264,147
from one or more qualified investors or an amount of at least $105,659 through 7 The regulatory text stated that USCIS would provide notice of the automatic adjustments in the Federal Register and on its website prior to the beginning of the fiscal year in which the change would take effect. While DHS did not discuss these automatic adjustments in the preamble to the final rule, DHS explained in the proposed rule that it believed that automatically adjusting the minimum dollar amounts by the CPIU every 3 years will maintain investment and revenue requirements at an appropriate level in relation to future economic conditions. DHS also believed automatically adjusting the minimum dollar amounts would be more manageable operationally for DHS and less burdensome to applicants. See, generally, 81 FR
60129 Aug. 31, 2016.
8 DHS rounded these amounts to the nearest dollar.

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one or more qualified government awards or grants.9 In the alternative, an applicant who partially meets one or both of those criteria may still qualify for further consideration by providing other reliable and compelling evidence of the start-up entitys substantial potential for rapid growth and job creation.10 Similarly, revised 8 CFR
212.19c2iiB provides that an applicant may be considered for reparole if he or she establishes that during the initial parole period, his or her entity:
Received at least $528,293 in qualifying investments, qualified government grants or awards, or a combination of such funding, during the initial parole period;
Created at least 5 qualified jobs with the start-up entity during the initial parole period; or Reached at least $528,293 in annual revenue in the United States and averaged 20 percent in annual revenue growth during the initial parole period.11
In the alternative, an applicant who partially meets one or more of the criteria in paragraph c2iiB of this section may still qualify for consideration by providing other reliable and compelling evidence of the start-up entitys substantial potential for rapid growth and job creation. Finally, revised 8 CFR 212.19a5 defines a qualified investor as an individual or investor who, among other requirements, has made investments in start-up entities comprising a total of no less than $633,952 in a 5-year period and at least two of those entities created at least 5 jobs or generated at least $528,293 in revenue with an average annualized revenue growth of at least 20
percent.
The revised amounts in this final rule are also posted on the USCIS website https www.uscis.gov.
II. Statutory and Regulatory Requirements A. Administrative Procedure Act Under the Administrative Procedure Act 5 U.S.C. 553b, an agency may waive the normal notice and comment requirements if it finds, for good cause, that they are impracticable, unnecessary, or contrary to the public interest. The final rule merely updates the investment and revenue amounts to account for inflation consistent with the regulatory requirement at 8 CFR
212.19l providing that these amounts will automatically adjust every three 98

CFR 212.19b2iiB.
CFR 212.19b2iii.
11 8 CFR 212.19c2iiB.
10 8

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years by the Consumer Price Index. This amendment is a technical change to ensure that the regulation accurately reflects these updated investment amounts, automatically adjusted for inflation, and avoids potential confusion for applicants and other interested parties regarding the applicable investment amounts under 8
CFR 212.19. Therefore, notice and comment for this rule is unnecessary and contrary to the public interest because the rule has no substantive impact and is simply a ministerial update to the regulations. For the same reasons, pursuant to 5 U.S.C. 553d3, a delayed effective date is not required.
B. Regulatory Flexibility Act The Regulatory Flexibility Act RFA
5 U.S.C. 603b, as amended by the Small Business Regulatory Enforcement and Fairness Act of 1996 SBREFA, requires an agency to prepare and make available to the public a regulatory flexibility analysis that describes the effect of a proposed rule on small entities i.e., small businesses, small organizations, and small governmental jurisdictions when the agency is required to publish a general notice of proposed rulemaking for any proposed rule. Because this rule is being issued as a final rule, on the grounds set forth in section II.A., a regulatory flexibility analysis is not required under the RFA.
C. Unfunded Mandates Reform Act of 1995
The Unfunded Mandates Reform Act of 1995 UMRA is intended, among other things, to curb the practice of imposing unfunded Federal mandates on State, local, and tribal governments.
Title II of UMRA requires each Federal agency to prepare a written statement assessing the effects of any Federal mandate in a proposed or final agency rule that may directly result in a $100
million or more expenditure adjusted annually for inflation in any one year by State, local, and tribal governments, in the aggregate, or by the private sector.
The inflation-adjusted value of $100
million in 1995 is approximately $170
million in 2020 based on the Consumer Price Index for All Urban Consumers CPIU.12 This final rule does not 12 See U.S. Department of Labor, Bureau of Labor Statistics, Historical Consumer Price Index for All Urban Consumers CPIU: U.S. city average, all items, by month, available at https www.bls.gov/
cpi/tables/supplemental-files/historical-cpi-u202103.pdf last visited May 5, 2021. Calculation of inflation: 1 Calculate the average monthly CPI
U for the reference year 1995 and the current year 2019; 2 Subtract reference year CPIU from current year CPIU; 3 Divide the difference of the reference year CPIU and current year CPIU by the reference year CPIU; 4 Multiply by 100 =

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