WASHINGTON – Senate Judiciary Committee Chairman Chuck Grassley today released the following statement about legislation introduced by House Judiciary Committee Chairman Bob Goodlatte and Ranking member John Conyers to reform the flawed EB-5 visa program, which expires on September 30.
“Chairman Goodlatte and Ranking Member Conyers have put forth a strong bill that will bring the EB-5 immigrant investor program back to its original intent. It will level the playing field for investment projects in states across the country while ensuring that the bad actors are held accountable, whether they are seeking a visa or managing a project. We need strong measures to curb fraud, increase transparency, and make sure both U.S. regulators and foreign investors know where every dollar is coming from and going. Without reforms to protect U.S. interests, national security, and areas that need investments most, the program should expire,” Grassley said.
Grassley and Ranking Member Patrick Leahy introduced legislation to reform the program last year, and have worked with bipartisan counterparts in the House of Representatives to restore integrity in the program, reduce fraud and abuse and return the program to its original intent of assisting rural and economically depressed parts of the country.