Congress has extended EB-5 immigrant investor legislation for at least a couple of months, shelving a proposal aimed at reforming the program at the center of the biggest alleged fraud case in Vermont’s history.
The status quo keeps investors in defrauded projects in limbo as they seek permanent U.S. residency through the program.
The EB-5 program was set to expire at the end of the week. However, a measure to extend it was attached to a continuing resolution funding government operations through Dec. 9.
That continuing resolution passed the House late Wednesday night. The Senate approved the measure earlier Wednesday. The bill is now on the way to President Barack Obama to sign into law.
Sen. Patrick Leahy, D-Vt., voted against the continuing resolution, as he had threatened to do in recent weeks unless changes were made to the EB-5 program, which he said was “rampant” with fraud.
David Carle, Leahy’s spokesman, said it was “rare” for the senator to vote against a continuing resolution, adding that he couldn’t recall the last time it happened.