Dale Bumpers: “In 1989 this body adopted a provision that said anybody who will invest $500,000 or $1 million in this country and…”

“In 1989 this body adopted a provision that said anybody who will invest $500,000 or $1 million in this country and create or maintain 10 jobs can get a green card for 2 years and, 3 years later, have American citizenship. The program never took off, and since that time a cottage industry has grown up of people who were advertising in Taiwan and Oman and saying: ``$100,000 is all you need. You give us a $400,000 promissory note, you still get your green card.'' The INS says it is impossible to monitor. You don't know where these people are coming from; you don't know where their money is coming from. Mr. President, what we are doing allowing this to continue --and the INS says it is a disaster--is cheapening American citizenship. You want foreign investment? Give them tax breaks. Do not--do not--cheapen American citizenship. These are not the tired, these are not the poor, these are not the huddled masses. These are people from Hong Kong, Korea, the Pacific rim, who don't even come here; they send $100,000. They don't even want our citizenship, because they have to pay taxes. It is a terrible, shameful thing. It is downright vulgar. I plead with you, vote to strike that provision from the bill.”