House Judiciary Chairman Bob Goodlatte hosts a hearing on
reforming the EB-5 Investor Visa Program. Chairman Goodlatte mentioned large
luxury real estate projects in NYC and Beverly Hills exploiting the Target
Employment Areas through gerrymandering. Senator Grassley and Leahy stressed the importance of moving
the focus of the EB-5 Program back to rural areas and distressed
communities. Congressman Sensenbrenner presented 2 main declarations on the
EB-5 Program during the hearing. He summarized the EB-5 Program brings in
quality US jobs and the program is out of date with fraud, abuse and low
investment levels which needs reformed. Speakers included Senator Grassley,
Senator Leahy, Rebecca Gambler of U.S. Government Accountability Office, Sam
Walls III of Pine State Regional Center, Angelique Brunner of EB5 Capital,
Dekonti Mends-Cole of Center for Community Progress and David North of Center
for Immigration Studies. The EB-5 Visa Program is set to expire on April 28,
2017.
