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The legislation claims you have actually obtained to spend 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 study on just how much money stays beyond the 2 years? And the solution was no


Senator Grassley. Thank you, Mr. Chairman. I would certainly like to have a 2nd round. Chairman Leahy. . Allow me simply ask, Mr. Divine, you hear this objection that the money just needs to stay invested for 2 years. Has that been your experience? Mr. Divine. If money gets put into a resort, as I was starting to explain earlier, the developer of that task would certainly need to be able to discover somebody to buy the resort or would certainly need to have the ability to locate someone to refinance it with various other cash.






It is none simpler always than when it remained in the conditions that resulted in the foreign capitalists being the very best option for funding things in the first location. But, hi, if it is a successful task, it makes money, and it can be marketed, I do not see any type of reason the project need to not be able to be marketed and for the investor to be able to understand the return of his financial investment, maybe obtain on his investment, simply like every other financier.

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If you have a project that is moneyed straight via the Immigrant Capitalist Program and it is believed to be employing undocumented workers, Migration and Customs Enforcement could check out the employer, could they not? Mr. Divine. They could. I suggest, I think what we require to recognize also is that the instance that is being mentioned as evidence that occasionally these jobs have worked with an unauthorized employee is one in which USCIS did some type of checking and established that the worker was not accredited and stopped it.


Chairman Leahy. Yet that would coincide with any type of company. Mr. Divine. Every one of these companies is needed to complete the I-9 form, yet USCIS goes an action even more and does a check of some kind that resulted in here the case that has been stated. Chairman Leahy. I am not a witness right here, yet I am so struck by Mr.


I indicate, I recommend that every one of you in fact-- Mr. North, in your case, venture out from inside the Beltway and increase there and speak with several of these people. For something, you do not have a lot of unlawful immigrants that quite have the Vermont accent you hear around there, particularly when they speak about their grandparents who live there, and moms and dads and more.


They will certainly state, "We have obtained about 9 of us right here, and we have been below because 5 o'clock today, Mister." [Giggling.] Chairman Leahy. Not quite what a prohibited immigrant may be stating. Actually, I assume Mr. Stenger would state that one of his British financiers was thinking, "Are all of us speaking the exact same language here?" Mr.


I asked Mr. Stenger this. Let me ask you what your experience is as a previous company authorities. What does it do if Congress maintains running up versus a last-minute reauthorization? In this situation it would certainly be, I think, September of next year, September of 2012. What does that do to a firm attempting to administer a program if Congress waits up until the last couple of days to reauthorize it? What is the useful impact? Mr.

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I indicate, the company basically is-- USCIS is a fee-funded firm, so it is basically sort of running a business and has to cover its expenses with the income that is generated. To run this program correctly, USCIS needs to staff up in a large means, dealing with the volume that is currently there and anticipating the increased volume of even more financial investment as we get back at near fifty percent of the 10,000 visas that are readily available in this group.

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I mean, that has reached really feel like a conflicting circumstance, and you would certainly imagine that it is going to hold someone back. Currently, I am not saying that they are keeping back, and I recognize that they are trying to staff up since I make sure they believe and hope that the program will certainly be reauthorized for the benefit of the Nation.


And is that truly where they are mosting likely to be able to spend their time and sources in attempting to get rid of up the rules of this program to ensure that everyone recognizes whether they can qualify or not and which sort of projects are going to certify and so forth? We need that continuously.


And, Mr. Stenger, we in Vermont-- once again, a little State, but we have the State government involved with the Vermont Regional. Does that add advantages to Vermont's program? Mr. Stenger. The reality that the State of Vermont is the local center manager, and really I think you would call it the owner of the local facility, has actually been an incredible advantage.