Daily Labor Report®

EB-5 Hearing Sets Up Potential Battles Over Renewal Bill

Feb. 2, 2016, 5:00 AM

The EB-5 program is in need of a serious overhaul, but its benefit to the U.S. economy is too great to allow it to terminate, lawmakers said Feb. 2.

Nearly all members who attended the Senate Judiciary Committee hearing expressed support for the program, which provides a green card to foreign nationals who invest $1 million—or $500,000 in a rural or high-unemployment area known as a “targeted employment area”—in a new commercial enterprise that creates at least 10 U.S. jobs.

The vast majority of EB-5 funding comes through regional centers, which allow immigrants to pool their investments and count indirect...

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