President Trump gave corruption watchers reason to shudder last Friday when he signed a law continuing a cash-for-visa program—only to see his son-in-law’s sister fly to China immediately afterward to drum up customers for her family’s real-estate business. But there are other reasons to worry about the renewal of a program that was a bad idea when it started 27 years ago—and which is even worse in today’s hyperglobalized economy.
In November 1990, as the American economy was in the middle of an eight-month recession, President George H.W. Bush signed into law an immigration-reform act, a major goal of which was to create jobs by encouraging investment in the U.S. The law “will promote the initiation of new business in rural areas and the investment of foreign capital in our economy,” said the then-president. To that end, Congress created a new program called EB-5, expanding our “employment preference” categories of visas to five. The law allows 10,000 people from around the world annually to apply for green cards—and thus eventual citizenship—for themselves, their spouses, and their children, provided they invest $500,000 in projects that create 10 jobs in struggling parts of America.
Source: for MORE