As Congress considers renewing a visa program for wealthy foreigners, government auditors say the program needs better oversight by the Department of Homeland Security to deter fraud and clarify how much it benefits the U.S. economy.
At issue is the EB-5 immigrant investor program, which allows foreigners to get green cards by investing at least $500,000 in American businesses, as long as the money creates at least 10 jobs. Congress created the program in 1990 as a way to stimulate the economy, but legislation authorizing it is set to expire Sept. 30.
In a recent report requested by members of Congress, the U.S. Government Accountability Office found that while DHS has taken steps to root out fraud and determine the program’s economic benefits, the agency could be doing better.
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