Lobbyists Declare Victory After Visa Reform Measure Dies Quietly

Lobbyists Declare Victory After Visa Reform Measure Dies QuietlyAfter a multi-million dollar lobbying effort, congressional leaders Tuesday night quietly scuttled a bi-partisan attempt to reform a little-known immigration program that offers wealthy foreigners access to visas and U.S. Green Cards but has been beset by allegations of fraud and abuse. The EB-5 program, called so due to its visa designation, allows rich foreign nationals a shortcut to a Green Card as long as they invest $500,000 in a designated job-creating project in the U.S. Designed to spur the American economy, the program is also feared to have been exploited by spies, money launderers and other criminals, as revealed in an ABC News investigation earlier this year. “There are well-documented national security concerns and abuse of the program, and a bipartisan, bicameral agreement on reform,” Sen. Chuck Grassley told ABC News in a written statement.

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