Proposed EB-5 reform measures didn’t get very far before stalling in Congress.
The reform package provides for increased financial oversight of projects as well as some relief for investors, like those who put money into Northeast Kingdom developments that ended in state and federal fraud allegations leveled against the developers.
A “markup” session on the reform legislation had been set for last Wednesday in the U.S. House Judiciary Committee. However, that session was canceled and no new date is available.
The delay is expected to give more time to reform supporters on the committee to persuade other members who want to let the troubled foreign investor visa program expire, or continue without reforms.
The program’s current authorization runs through the end of the month.
Rep. Bob Goodlatte, R-Va., and House Judiciary Committee chairman, introduced the reform legislation, officially known as The American Job Creation and Investment Protection Reform Act of 2016. Goodlatte could not reached Monday for comment.
Sen. Patrick Leahy, the Vermont Democrat who represents the state where the biggest alleged fraud case in the history of the EB-5 program was exposed in April, is also pushing for reforms to clean up what he has described as “rampant” fraud.
Read more by clicking below image