When Congress gets back from recess it will have precisely 12 working days to finish the legislative session's work. Renewal of the EB-5 program is on that list. So is Iran. And the renewal of the Federal Aviation Administration and, oh yes, it needs to avert another government shut down on Oct. 1.
Users of the Eb-5 program should be nervous because, as the program has gotten more popular in recent years, its flaws have been highlighted, prompting legislators to call for extensive reform of the program. All of which would be fine if there were enough time to debate the suggested changes. Meanwhile, in an example of perfect timing, the Government Accountability Office released on Wednesday a report outlining both the fraud risks and economic benefits of the program.
To be sure, the program does need reform – even participants will tell you that. In response to the GAO report, the EB-5 Investment Coalition released a statement late Wednesday evening agreeing that while the government unit administrating the program has taken important steps to root out bad actors and ensure more accountability within the program, "we support additional efforts in the areas of fraud deterrence and information sharing."
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