Senator Introduces EB-5 Regional Center Integrity Bill

Law360, New York (December 23, 2015, 11:18 PM ET) — Sen. Jeff Flake, R-Ariz., has introduced legislation aimed at boosting the integrity of the EB-5 regional center program, which would mandate annual compliance statements and create a fund to be used for site visits.

Listed as the EB-5 Integrity Act of 2015, or S. 2415, the bill was introduced by Flake on Dec. 17 and co-sponsored by Sens. John Cornyn, R-Texas, and Charles Schumer, D-N.Y. It contains several provisions aimed at increasing regional center transparency and integrity, and some of its proposals are similar to ideas…

Source: Law360