WASHINGTON, July 7, 2020 /PRNewswire/ -- The Wall Street Fraud Watchdog says, "About a year ago the US Congress changed the rules for the US EB-5 Visa program-because the initiative had so many serious flaws. Essentially the US Congress killed the EB-5 Visa program. One could argue a year ago the US had the best economy in the world. A year later because of the Chinese Coronavirus and the impact on US employment, things have changed-big time - especially for US construction workers, building supply houses and the entire construction industry. Rather than apologize for their deceit related to the Coronavirus, the Chinese are now threatening Hong Kong, Vietnam, Taiwan and what is India's territory in the Himalaya Mountains.
"The US EB-5 Visa program was designed to create US jobs, not eliminate them. In fact, as part of the program a specific number of US Jobs must be created for the applicant to obtain their visa. Because of the Chinese Coronavirus and the Chinese Communist Party's aggression related to their neighbors we are urging the US Congress to lower the minimum threshold for participation in the EB-5 Visa Program back to $500,000. At the same time we are urging the US Congress to allow more potential EB-5 Visa participants from specific nations or cities that are now threatened by Chinese aggression with a bonus round, tripling the number of investor applicants from Hong Kong, Taiwan, Vietnam and India for the next three years. We know the US Congress usually moves at glacial speed, but we are urging them - especially Senator Chuck Grassley - to consider this modest proposal-and to move quickly." https://WallStreetFraudWatchdog.Com
The Wall Street Fraud Watchdog believes that one of the flaws with the prior version of the EB-5 Visa Program was its over-reliance to do the same things over and over again in large metro areas-such as building more multi-family apartments projects, office and or mixed use retail developments. The problem is that these usual suspects cities were frequently already overbuilt, the available land in these places was already too expensive and or the city's regulatory environment did not allow for a prompt completion of the project.
Under the new rules enacted by the US Congress in 2019 the federal government also ripped away the ability of a state or local city to designate what is known in the EB-5 Visa TEA-targeted employment area. The federal government now gets to pick what city or state gets an EB-5 Visa development or project. "There must be a way for a city or state to regain their ability to designate a 'targeted employment area-TEA. They will know their needs better than the federal government, and we think the states and cities can discover a way to make the process transparent." https://WallStreetFraudWatchdog.Com
"If the US Congress is incapable of moving fast enough on our suggestion, we are hoping the Trump Administration might consider an Executive Order. Bringing the US EB-5 Visa program back to life would be a good thing, and would helping some friends in need in Hong Kong, Taiwan, Vietnam and India." https://WallStreetFraudWatchdog.Com
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SOURCE Wall Street Fraud Watchdog