Statement of Senator Patrick Leahy (D-Vt.), Ranking Member, Senate Judiciary Committee, Floor remarks on extending the EB-5 Regional Center program without reforms
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I once again come to the floor, joined by Senator Grassley, to share my frustration with the EB-5 Regional Center program. Senator Grassley and I have been working for years to improve this flawed program, which is set to expire tomorrow. But once again Republican congressional leadership has rejected our bipartisan reforms and the program will be extended in the continuing resolution. Time and again, Republican leadership has caved behind closed doors to narrow corporate interests. I believe this is a serious mistake.
The EB-5 program I once championed seems like a distant memory. The program was designed to bring jobs to underserved rural and distressed urban communities. And for some time it did just that. Communities in Vermont, like Warren and Vergennes, once used EB-5 to create and save jobs during difficult economic times. But that is the EB-5 of yesterday.