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The legislation states you have got to invest for 2 years and that is all (EB5 Regional Center Program). Second, at one of the stakeholders meetings place on by USCIS, I asked an inquiry: Have you done any type of research on just how much money stays past the 2 years? And the solution was no


Legislator Grassley. Thank you, Mr. Chairman. I want to have a second round. Chairman Leahy. . Allow me just ask, Mr. Divine, you hear this objection that the cash only needs to stay invested for 2 years. Has that been your experience? Mr. Divine. If cash gets taken into a resort, as I was beginning to clarify earlier, the developer of that task would certainly have to have the ability to find somebody to get the resort or would certainly need to be able to discover someone to refinance it with other money.






It is none less complicated necessarily than when it remained in the problems that resulted in the international capitalists being the most effective alternative for funding things in the first area. Hi, if it is a successful project, it makes money, and it can be sold, I do not see any kind of reason why the task must not be able to be marketed and for the capitalist to be able to realize the return of his investment, maybe acquire on his financial investment, just like every other financier.

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If you have a project that is funded directly via the Immigrant Capitalist Program and it is believed to be employing undocumented employees, Immigration and Traditions Enforcement could investigate the company, could they not? Mr. Divine.


Chairman Leahy. That would be the very same with any type of business. Mr. Divine. Each of these employers is called for to complete the I-9 kind, yet USCIS goes an action additionally and does a check of some kind that resulted in the situation that has actually been stated. Chairman Leahy. I am not a witness below, however I am so struck by Mr.


I mean, I recommend that every one of you actually-- Mr. North, in your case, obtain out from inside the Beltway and go up there and chat with some of these people. For something, you do not have as well lots of illegal aliens who fairly have the Vermont accent you listen to around there, specifically when they discuss their grandparents that live there, and parents and so on.


They will say, "We have actually got concerning 9 of us here, and we have been below because 5 o'clock today, Mister." [Laughter.] Chairman Leahy. Not quite what an illegal immigrant may be claiming. Actually, I assume Mr. Stenger would certainly state that a person of his British financiers was believing, "Are all of us speaking the very same language below?" Mr.


I asked Mr. Stenger this. Let me ask you what your experience is as a previous company official. What does it do if Congress keeps meeting a final reauthorization? In this case it would be, I assume, September of next year, September of 2012. What does that do to an agency attempting to provide 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 indicate, the company effectively is-- USCIS is a fee-funded firm, so it is basically sort of running a company and needs to cover its expenditures with the revenue that is created. To run this program appropriately, USCIS requires to staff up in a large means, handling the volume that is already there and expecting the raised volume of more investment as we obtain even close to fifty percent of the 10,000 visas that are offered in this category.

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I suggest, that has actually got to really feel like a contrasting circumstance, and you would envision that it is going to hold someone back. Currently, I am not claiming that they are holding back, and I know that they are attempting to staff up because I am sure they believe and really hope that the program will certainly be reauthorized for the benefit of the Nation.


And is that truly where they are mosting likely to have the ability to spend their time and sources in attempting to clear the regulations of this program to make sure that everybody knows whether they can qualify or not and which kinds of projects are going to qualify etc? We need that continuously.


And, Mr. EB5 Regional Center Program. Stenger, we in Vermont-- once again, a tiny State, yet we have the State federal government entailed with the Vermont Regional Center. Does that include advantages to Vermont's program? Mr. Stenger. The fact that the State of Vermont is the local center administrator, and in fact I think you would certainly call it the proprietor of the local read more center, has actually been a significant benefit.