By Erika Morphy | GlobeSt.
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This past month, the US Senate and the U.S. House of Representatives’ respective Judiciary Committees have held a hearing on the EB-5 program, which Congress passed in December’s Omnibus spending measure unchanged — but with the clear promise that reforms are coming.
If anyone had their doubts, the full-committee hearings should have dispelled them — especially the hearing held in the House last week. Everything, from the title of the hearing “Is the Investor Visa Program an Underperforming Asset?” to the witnesses providing testimony (two of the three were advocates for reform of the program) to the opening statements from the committee heads all highlight the irritation Congress has with the program in its current incarnation.
