When the EB-5 visa program debuted in 1992, members of Congress said it would spur job growth and whip up a significant amount of capital investment from overseas. But despite vigorous support from the real estate industry and a largely supportive Congress, opposition against the program continues to mount. Critics have taken aim at Ponzi-style schemes, murky sources of funding, and vague job creation results as reasons to pull the plug on the dollars-for-visas program.
Now, there’s another argument you can toss into that anti-EB-5 political salad: the program is a big, beautiful door through which President Donald Trump can both enrich himself and those around him, according to several New York State Democrats.
State Senators Liz Krueger, Velmanette Montgomery, Roxanne Persaud, and James Sanders, Jr., all of New York City, penned a letter to the New York Congressional Delegation earlier this week calling on Congressional members to vote against renewing the expiring EB-5 program because of past problems of abuse, shoddy job production numbers and potential conflicts of interest with President Trump.
“We are deeply concerned that the visa approval process will be further corrupted to meet the needs of the Trump Organization and other Trump family ventures,” the letter reads.
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