Two United States senators have introduced legislation to end a controversial visa program popular with Chinese investors that gives out green cards in exchange for investments in American businesses that create jobs.
Sens. Dianne Feinstein (D-CA) and Chuck Grassley (R-IA) made their pitch to Congress last week to terminate the EB-5 program, which allows foreign investors to pump between $500,000 and $1 million into projects that spur at least 10 jobs.
"The EB-5 program is inherently flawed," Feinstein said in a joint statement with Grassley on Friday. "It says that U.S. citizenship is for sale. It is wrong to have a special pathway to citizenship for the wealthy while millions wait in line for visas."
Roughly 10,000 EB-5 visas are awarded each year, with more than 85 percent going to Chinese investors in 2014, according to a study by Savills Studley, a real estate services firm. The program, begun in 1990 to stimulate the economy, has turned into a convenient way for wealthy Chinese citizens to become permanent U.S. residents and later bring over their family members.
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