The EB-5 Program champions Senators Chuck Schumer, Jeff Flake, John Cornyn and Pete Sessions, who all made the extension of the program possible, have received a large amount of donations from real estate industries for the Congress' EB-5 visa program.
OpenSecret, a site that monitors the campaign finance, said that since 2011, one of New York's senior senator, Schumer, acquired a total of $1.09 million campaign donations coming from real estate interests. A firm called "Fragomen" who claims to be "the world's leading immigration firm" ranked fourth in Schumer's largest individual donors by donating $82,200 to the senator's campaign committee.
According to The Real Deal, the two firms, "Related Companies" and "Silverstein Products," who both have gain large amount of money through EB-5 program, also donated to Schumer.
On Dec. 15, the EB-5 program was renewed by the Congress allowing foreigners to acquire green cards in exchange of investing in projects that will create jobs in United States. Many were criticizing the program because it mostly benefits the luxury real estate projects in urban areas instead of developing the low-income rural areas.
Sen. Chuck Grassley and Sen. Patrick Leahy have opened a reform bill changing the EB-5 program. The reform would have made it difficult for the urban development projects to qualify in the said program. Unfortunately, the reform didn't get enough support that's why the program was extended without any changes.
"Our champions - Senators Cornyn, Flake and Schumer and Congressman Pete Sessions - refused to give up," said Jeff Campion of Pathways EB-5 in a blog post. He added, "Please thank them through an email or phone call because without them, there would be no extension.
The four "champions" who played a significant role towards the extension of the program received substantial amount from real estate industries. Cornyn, Flake, and Sessions has raised more than $500,000, $340,000, and $50,000, respectively.
