The staterun Vermont Regional Center continues to attract substantial capital investment andwith the Department of Financial Regulation now joining the Agency of Commerce and Community Development in overseeing the programalso provides unparalleled oversight of EB5 projects. I have long sought substantial reforms to the EB5 Regional Center program at the Federal level. Last Congress. my EB5 amendment to Comprehensive Immigration Reform provided the Department of Homeland Security the authority to revoke suspect regional center designations or immigrant petitions. This amendment. which was unanimously approved by Senate Judiciary Committee. also provided for increased regional center reporting. background checks. and oversight related to the offer and sale of securities. Sadly these improvements have all had to wait. as the House of Representatives failed to allow a vote on the bipartisan immigration reform bill that passed the Senate last Congress. Fortunately. however. the agency that administers EB5 has not stood idly by waiting for Congress to strengthen the program. I credit Alejandro Mayorkas. the former Director of United States Citizenship and Services. with bringing many concerns to light.
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