“We are disappointed to learn that your organizations may have recently agreed to a secretive, backroom ‘deal’ that undercuts the many good-faith efforts we have made during the past two years,” Grassley and Leahy said in a March 13 letter to the heads of the two business organizations. “From what we have been told, this so-called ‘deal’ does not advance Congress’s goals for this program and instead is merely aimed at pre-empting the new rules.”
The two senators have been at the forefront of efforts to overhaul the EB-5 program, which allows foreign nationals to obtain green cards if they invest in projects that create U.S. jobs. So far, Congress has enacted short-term extensions of the program without any change.
Grassley and Leahy have called for Congress to let the program sunset absent an overhaul and are concerned that industry lobbying may hamper their ability to reach a deal among their colleagues. The program is set to expire April 28.