Key part of US residency program for investors set to expire

WASHINGTON (AP) — A program that has allowed wealthy foreign investors to obtain U.S. residency may be coming to a sputtering end. The program has long been the subject of complaints that it amounts to the wholesale selling of American citizenship. 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 allows money from overseas investors to be pooled into funds to finance large projects around the U.S., often high-end real estate.