A fight over foreign investments in real estate is pitting New York and Texas against Vermont and Iowa.
Sen. Charles Schumer (N.Y.), who is slated to lead Senate Democrats in the next Congress, wants to make sure the government doesn’t make it harder for foreign investors to obtain visas if they invest in projects like New York high-rises.
He has signed onto a bill drafted by Sen. Jeff Flake (R-Ariz.) that would renew and strengthen oversight of a foreign visa investment program that has the support of Sen. John Cornyn (Texas), the second-ranking Senate Republican.
But Schumer is facing a challenge from Sens. Chuck Grassley (R-Iowa) and Patrick Leahy (D-Vt.), who have drafted rival legislation that would crack down on fraud in the visa program while bolstering the requirements meant to direct investors toward low-income and rural areas.
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