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The legislation states you have got to spend for 2 years and that is all (EB5 Regional Center Program). Second, at one of the stakeholders conferences place on by USCIS, I asked a concern: Have you done any type of research study on just how much cash stays beyond the 2 years? And the solution was no


Legislator Grassley. Thank you, Mr. Chairman. I want to have a 2nd round. Chairman Leahy. Absolutely. Allow me just ask, Mr. Divine, you hear this objection that the money only needs to stay spent for 2 years. Has that been your experience? Mr. Divine. If money obtains put into a resort, as I was beginning to clarify earlier, the designer of that task would need to have the ability to locate someone to get the hotel or would certainly need to be able to locate somebody to refinance it with various other cash.






It is none easier always than when it remained in the conditions that resulted in the international financiers being the best option for funding things in the initial location. Hi there, if it is an effective project, it makes money, and it can be offered, I do not see any type of reason why the task ought to not be able to be marketed and for the investor to be able to recognize the return of his financial investment, perhaps obtain on his investment, just like every various other financier.

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If you have a task that is funded straight with the Immigrant Investor Program and it is thought to be employing undocumented workers, Immigration and Customs Enforcement could explore the company, could they not? Mr. Divine.


Chairman Leahy. Yet that would coincide with any business. Mr. Divine. Each of these companies is needed to finish the I-9 kind, but USCIS goes an action better and does a check of some kind that caused the case that has actually been mentioned. Chairman Leahy. I am not a witness below, but I am so struck by Mr.


I indicate, I recommend that every one of you in fact-- Mr. North, in your situation, obtain out from inside the Beltway and increase there and speak with a few of these individuals. For something, you do not have way too many unlawful immigrants that fairly have the Vermont accent you hear around there, particularly when they talk regarding their grandparents that live there, and moms and dads and so forth.


They will certainly state, "We have obtained about 9 of us right here, and we have been below considering that 5 o'clock this early morning, Mister." [Laughter.] Chairman Leahy. Not quite what an illegal alien could be saying. I think Mr. Stenger would say that one of his British capitalists was thinking, "Are we all speaking the very same language here?" Mr.


I asked Mr. Stenger this. Allow me ask you what your experience is as a former firm official. What does it do if Congress maintains running up versus a last-minute reauthorization? In this instance it would certainly be, I assume, September of following year, September of 2012. What does that do to an agency attempting to provide a program if Congress waits till the last couple of days to reauthorize it? What more info is the sensible result? Mr.

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I imply, the firm in effect is-- USCIS is a fee-funded firm, so it is basically sort of running a business and has to cover its expenses with the revenue that is produced. To run this program correctly, USCIS needs to staff up in a big means, handling the quantity that is currently there and expecting the boosted quantity of even more investment as we get back at near half of the 10,000 visas that are offered in this group.

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I indicate, that has actually reached seem like a conflicting scenario, and you would certainly imagine that it is mosting likely to hold somebody back. Currently, I am not claiming that they are keeping back, and I understand that they are attempting to staff up because I make certain they think and wish that the program will be reauthorized for the advantage of the Nation.


And is that actually where they are going to be able to invest their time and sources in attempting to remove up the guidelines of this program to ensure that everyone knows whether they can qualify or not and which sort of jobs are going to qualify etc? We need that consistently.


And, Mr. Stenger, we in Vermont-- again, a tiny State, but we have the State federal government included with the Vermont Regional. Mr. Stenger.