This week, the Senate Judiciary Committee will hold a hearing to consider changes to the EB-5 Regional Center Program. This program is designed to bolster the U.S. economy by incentivizing investment by foreign individuals. So-called “regional centers” pool EB-5 funds for investment in projects. In return for investing and creating eligible jobs within the United States, these investors or their spouses and unmarried children under 21 become eligible to apply for a green card.
The FY 2016 omnibus appropriations measure passed by Congress at the end of 2015 extended the EB-5 Regional Center Program for the remainder of the Fiscal Year. However, lawmakers are currently debating whether to overhaul the program in light of what some argue is a need to better protect against potential abuse, refocus investment in areas that need it most, and increase the minimum levels of investment required to participate in the program. Senator Chuck Grassley (R-IA), Chairman of the Senate Judiciary Committee, delivered remarks on the Senate floor late last week objecting to S.2415, the EB-5 Integrity Act of 2015, which he alleged would not go far enough to reform the EB-5 program.
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