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The regulation claims you have actually obtained to invest for 2 years and that is all (EB5 Regional Center Program). Second, at one of the stakeholders conferences put on by USCIS, I asked a question: Have you done any study on just how much cash remains beyond the 2 years? And the solution was no


Senator Grassley. Thanks, Mr. Chairman. I want to have a second round. Chairman Leahy. Absolutely. Let me just ask, Mr. Divine, you hear this criticism that the cash just needs to remain invested for 2 years. Has that been your experience? Mr. Divine. If money obtains placed right into a resort, as I was starting to clarify earlier, the programmer of that project would certainly need to have the ability to discover somebody to purchase the hotel or would need to have the ability to discover somebody to refinance it with other money.






It is not any kind of simpler always than when it remained in the conditions that brought about the foreign investors being the most effective choice for financing the important things to begin with. However, hey, if it is an effective project, it earns money, and it can be offered, I do not see any kind of reason why the task ought to not have the ability to be offered and for the investor to be able to understand the return of his financial investment, maybe get on his investment, similar to every other capitalist.

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If you have a project that is moneyed directly via the Immigrant Financier Program and it is believed to be using undocumented workers, Migration and Traditions Enforcement could examine the company, could they not? Mr. Divine.


Chairman Leahy. Yet that would coincide with any kind of company. Mr. Divine. Every one of these companies is needed to finish the I-9 form, yet USCIS goes a step additionally and does a check of some kind that caused the case that has been mentioned. Chairman Leahy. I am not a witness right here, yet I am so struck by Mr.


I suggest, I advise that every one of you actually-- Mr. North, in your instance, go out from inside the Beltway and go up there and speak with several of these people. For something, you do not have also numerous illegal aliens that quite have the Vermont accent you listen to around there, specifically when they speak about their grandparents that live there, and moms and dads and so forth.


They will certainly state, "We have obtained about 9 of us below, and we have been below considering that 5 o'clock this morning, Mister." [Giggling.] Chairman Leahy. Not rather what an illegal immigrant could be stating. I believe Mr. Stenger would certainly claim that one of his British financiers was assuming, "Are we all speaking the exact same language here?" Mr.


I asked Mr. Stenger this. Let me ask you what your experience is as a previous agency official. What does it do if Congress maintains meeting a last-minute reauthorization? In this instance it would be, I believe, September of following year, September of 2012. What does that click here do to an agency attempting to carry out a program if Congress waits until the last couple of days to reauthorize it? What is the sensible impact? Mr.

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I mean, the agency effectively is-- USCIS is a fee-funded agency, so it is essentially sort of running a service and needs to cover its costs with the revenue that is created. To run this program appropriately, USCIS requires to staff up in a huge means, dealing with the volume that is already there and anticipating the enhanced volume of more investment as we get back at near fifty percent of the 10,000 visas that are available in this category.

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I mean, that has got to really feel like a conflicting situation, and you would visualize that it is going to hold somebody back. Now, I am not stating that they are keeping back, and I recognize that they are attempting to staff up because I make sure they think and wish that the program will certainly be reauthorized for the benefit of the Nation.


And is that really where they are going to be able to invest their time and resources in trying to clear the regulations of this program to make sure that everybody understands whether they can qualify or not and which kinds of jobs are going to qualify and so forth? We need that constantly.


And, Mr. EB5 Regional Center Program. Stenger, we in Vermont-- once again, a tiny State, yet we have the State government involved with the Vermont Regional Facility. Does that include benefits to Vermont's program? Mr. Stenger. The fact that the State of Vermont is the regional center administrator, and in fact I guess you would certainly call it the proprietor of the local center, has been a remarkable benefit.