Prepared Senate Floor Statement by Senator Chuck Grassley of Iowa
Chairman, Senate Judiciary Committee
EB-5 Regional Center Program Reforms
Thursday, December 08, 2016
One year ago, Ranking Member Leahy and I came to the floor to express frustration that the EB-5 regional center program was extended without reforms. I could easily read the same statement I gave at that time and it would be just as relevant today. We are very disappointed that reforms were not included in the continuing resolution, which extended this very flawed immigration program.
The EB-5 regional center program has been plagued by fraud and abuse. It poses significant national security risks. There are serious allegations that the program may be facilitating terrorist travel, economic espionage, money laundering and investment fraud. Yet, the continuing resolution before us fails to include much needed reforms. So after another year, we have yet another missed opportunity.
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