Today's news about the EB-5 program is that Rep. Mo Brooks has introduced an amendment to the Commerce-Justice-Science Appropriations Bill to defund the EB-5 program, on the dual grounds that it is inappropriate to sell a pathway to U.S. citizenship, and that large numbers of Chinese investors have abused the program.
The program had allowed foreign investors to secure a family-sized set of green cards if they help finance Homeland Security-approved but not DHS-guaranteed investments.
A federal program needs both funding and authorization to function.
On this issue, and probably no other, the conservative Rep. Brooks stands shoulder to shoulder with ultra-liberal Sen. Dianne Feinstein; they both want the EB-5 program to die.
The program's boosters are whistling past the graveyard as they summon feeble arguments about its future.
The program carries a long-established legislative cap of 10,000 visas a year.
An increase of eleven whole visas is hardly a significant sign, and the 2020 data shows an even smaller program.
Thursday, July 29, 2021
EB-5 News: Rep. Brooks Seeks to Cut Its Funding, While Middlemen Whistle Past the Graveyard
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