MONTPELIER, Vt. (AP) - Following a critical audit, Vermont U.S. Sen. Patrick Leahy is defending a federal program that aims to have immigrant investors put money into U.S. development projects that create jobs.
The federal General Accounting Office issued a report Wednesday saying the EB-5 investor visa program can’t detect fraud effectively and does a poor job measuring the program’s economic benefits.
The program brings millions of dollars of investments into the U.S. every year, and is being used to fund several economic development projects northern Vermont. Construction of a new hotel and conference center at Burke Mountain Resort is being funded primarily by foreign investors who receive visas in return for a pledge of at least $500,000.
Leahy says the program, which up for reauthorization at the end of September, needs improvements but is worth continuing.
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