May 08, 2017

Feinstein: EB-5 Visa Program Presents Stark Conflict of Interest for White House

Washington—Ranking Member of the Senate Judiciary Committee Senator Dianne Feinstein (D-Calif.) today released the following statement on the EB-5 regional center program, which allows foreign nationals to receive visas and eventual citizenship in return for investing in U.S. projects:

“New reporting from the New York Times and Washington Post makes crystal clear that the EB-5 regional center program presents a stark conflict of interest for the Trump White House. The reporting indicates that the Kushner Company has been marketing the EB-5 program to wealthy Chinese investors touting the support of President Trump and influence of Jared Kushner.

“I’ve long called for an end to the EB-5 program. It says that visas—and eventual U.S. citizenship—are for sale, a terrible message for the 4.4 million people waiting in line for visas—some for as long as 23 years.

“EB-5 is also rife with fraud and abuse. In addition to numerous cases of securities fraud, the program is frequently exploited by real estate developers to finance projects in the wealthiest parts of this country. This is a far cry from the program’s original intent to spur economic development in depressed communities. There isn’t a better example of how the program has been distorted than the Kushner Company’s marketing campaign in China.

“Given that President Trump and Jared Kushner refuse to divest from their vast financial holdings, the only way to eliminate this conflict is for Congress to allow the program to expire in September. I will continue to press for the elimination of the EB-5 program.”

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