Grassley blasts EB-5 immigration program extension

The Des Moines Register
December 17, 2015
By 

U.S. Sen. Chuck Grassley blasted congressional leaders and real estate lobbyists Thursday for voting to extend a controversial immigration program known as EB-5 without enacting changes Grassley said would cut down on fraud, corruption and terrorism threats.

“This failure to heed calls for reform proves that some would rather side with special interest groups, land developers and those with deep pockets,” the Iowa Republican said on the Senate floor.

The EB-5 program provides permanent U.S. residency to foreign citizens who invest at least $500,000 in a job-creating U.S. business. In practice, it has been primarily used by wealthy Chinese families who help fund glitzy real estate projects in New York and other major cities in exchange for green cards.

A budget deal passed by the U.S. House Wednesday would extend the program without changes until Sept. 30. The Senate is expected to vote on it later this week.

In Iowa, the developers of a downtown Des Moines convention hotel are seeking a $20 million loan from EB-5 investors.

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