On February 2, 2016, the Senate Judiciary Committee held a hearing entitled “Failures and Future of the EB-5 Regional Center Program: Can it be Fixed?”.
Witnesses included Nicholas Colucci, Chief, Immigrant Investor Program, U.S. Citizenship and Immigration Services (USCIS), and Stephen L. Cohen, Associate Director, Division of Enforcement, U.S. Securities and Exchange Commission (SEC).
Testimony of both witnesses can be found here.
The hearing was attended by eleven (11) senators, who expressed their views about EB-5 reforms and the future of the EB- program. Some senators were concerned about the problems and failures that face the EB-5 program today, which included fraud and abuse, corruption, lack of transparency in projects, weak national security etc.
However, despite the concerns expressed about the EB-5 program, most senators indicated that the program needed to be “mended not ended”.
The House Judiciary Committee will hold another hearing on EB-5 reform on February 11, 2016 at 10:15 am.