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Golden Visa Accountability Act
12/31/2022, 4:58 AM
Summary of Bill HR 4142
The EB-5 program allows foreign investors to obtain a green card by investing a certain amount of money in a US business that creates jobs for American workers. However, there have been concerns about the lack of oversight and potential for abuse in the program.
The Golden Visa Accountability Act aims to address these concerns by requiring the Department of Homeland Security to publish detailed information about EB-5 investments, including the names of investors and the projects they are investing in. This information would be made available to the public in order to increase transparency and prevent fraud. Additionally, the bill would require the Government Accountability Office to conduct a study on the economic impact of the EB-5 program and report its findings to Congress. This study would help lawmakers better understand the benefits and drawbacks of the program and make informed decisions about its future. Overall, the Golden Visa Accountability Act seeks to improve the integrity of the EB-5 program and ensure that it is benefiting the US economy and American workers. It is currently being considered by Congress and may be subject to amendments before being voted on.
Congressional Summary of HR 4142
Golden Visa Accountability Act
This bill requires the Department of State to establish and maintain a database containing information about investor visa denials due to the applicant's involvement in corruption or serious human rights abuses. (Generally, the United States offers immigrant visas to qualified individuals who invest in the United States and create a certain number of full-time jobs.)
Initially, the database must include records related to such denials of U.S. investor visas. The bill also requires the State Department to eventually expand the database to include records of such denials of investor visas in other countries. The State Department shall prioritize including records from European Union countries and from Australia, Canada, New Zealand, and the United Kingdom.
The State Department may admit a foreign country to be part of the database if the State Department determines (1) that country will be honest and forthcoming with its records, and (2) that country's investor visa program is at risk of abuse by corrupt foreign officials.
