King Introduces Repeal of the EB-5 Visa Program
Washington, D.C. – Congressman Steve King released the following statement after introducing his repeal of the EB-5 investor visa program:
“Developers have monopolized the EB-5 program since its creation, exploiting its flaws and fighting against any compulsory reforms,” said King. “These developers messaged and ‘sold’ the program to investors as an easy way to acquire green cards all the while claiming the current market will not support domestic investment amounts. Under the Obama Administration’s unconstitutional and open immigration policy, applications for EB-5 visas suddenly skyrocketed and now, there is an eight year waiting list. The result is they are selling access to citizenship and selling it cheap. While the fraud and abuse of the EB-5 program has been disguised as popularity, the American worker and economy continues to be undermined.
“Furthermore, the program has been derailed to the point where terrorists can easily target it as the perfect tool for access into American society. I have introduced the repeal of the EB-5 program as Congress cannot continue to turn a blind eye to our flawed immigration laws, hoping terrorists don’t exploit our weaknesses.”
To view the original text of the bill, click here.