Vermont Finance Commissioner Favors Gradual Closure Of EB-5 Center

Aug 22, 2017

On August 21, Gov. Phil Scott's administration announced plans to wind down the state's EB-5 regional center.

That's the office that oversees a federal program meant to spur economic activity by getting non-U.S. citizens to invest in development projects, in exchange for a U.S. Green Card.

At the same time, federal immigration officials told the state this month they intend to immediately shut down the Vermont Regional Center. This all comes after allegations of massive fraud at Jay Peak resort involving the EB-5 program.

Michael Pieciak, Vermont's Commissioner of Financial Regulation, authored the report recommending the "winding down" of the Vermont Regional Center.

Pieciak spoke to VPR's Henry Epp. Listen to their conversation above.