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Key part of US residency program for investors set to expire June 30, 2021 at 5:04 pm WASHINGTON (AP) A program that has allowed wealthy foreign investors to obtain U.S. residency, and has long been the subject of complaints that it amounts to the wholesale selling of American citizenship, may be coming to a sputtering end. Congressional authorization for a key part of the immigrant investor program was set to expire Wednesday with dim prospects for renewal following the failure of a Senate bill that would have addressed long-standing concerns about inadequate regulation. The bipartisan bill would have created new regulations on a part of the program that makes up the bulk of visa applications and allows money from overseas investors to be pooled into funds to finance large projects around the U.S., often high-end real estate.

United statesNew yorkSteve yale loehrPatrick leahyChuck grassleyKevin bishopLindsey grahamDavid northDepartment of homeland securityImmigration servicesCornell law schoolAssociated pressSouth carolina republicanHomeland securityNew york citySan francisco bay