Nolan concludes:
“So, should the EB-5 program be terminated?
Yes, Congress has had more than 25 years to fix the EB-5 program. There is not going to be a legislative “fix.” The only viable alternative is to terminate it and start over.
I have a few suggestions for the new investment program. It should:
- Raise the investment amounts;
- Establish more detailed statutory requirements for regional centers;
- Require Chinese investors to establish that they have permission from the Chinese government to remove enough money from China to meet the investment requirement;
- Provide for input from the states on designating Targeted Employment Areas but have the designations made by the federal government;
- Establish guidelines for making the “Targeted Employment Area” designations which eliminate the current gerrymandering process and ensure that the investment money goes where it is supposed to go; and
- Include measures to eliminate fraud from the program.
Some lawmakers have given up already. Rep. Steve King (R-Iowa) and Sen. Dianne Feinstein (D-Calif.) introduced bills to terminate the EB-5 program. These members have the right idea. It is time to put an end to a failing, faulty program and implement immigration policies that actually yield the intended result.”
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Go on over to The Hill at the above link to read Nolan’s complete analysis.
PWS
04/12/17