Sen Chuck Grassley provided a scathing review of the federal government’s EB-5 immigrant financier program and the capacity for fraud when the Senate passed a costs in 2015 reforming the three-decade-old program.

The cash from foreign financiers– who in return for investing $500,000 to $1 million were guaranteed permits– was expected to stimulate financial activity in distressed and backwoods. “All of a sudden, investment dollars intended for communities in need were being sucked up for glitzy projects in America’s most well-to-do neighborhoods,” Grassley composed in an viewpoint piece at the time.

Source: https://theunionjournal.com/an-obscure-program-shows-how-fintech-can-fight-stimulus-fraud

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