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The law claims you have 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 a question: Have you done any type of research study on just how much cash remains past the 2 years? And the answer was no


Legislator Grassley. Thanks, Mr. Chairman. I would like to have a second round. Chairman Leahy. Absolutely. Let me just ask, Mr. Divine, you hear this objection that the cash just has actually to remain invested for 2 years. Has that been your experience? Mr. Divine. If cash gets taken into a resort, as I was starting to explain earlier, the designer of that task would need to have the ability to locate somebody to get the resort or would certainly have to have the ability to locate someone to re-finance it with other cash.

It is none much easier necessarily than when it was in the conditions that caused the international investors being the most effective choice for financing things in the initial place. Hi there, if it is a successful project, it makes money, and it can be marketed, I do not see any reason why the project should not be able to be sold and for the capitalist to be able to recognize the return of his financial investment, maybe acquire on his investment, just like every other financier.

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If you have a job that is funded directly via the Immigrant Investor Program and it is believed to be utilizing undocumented workers, Immigration and Traditions Enforcement could investigate the company, could they not? Mr. Divine.


Chairman Leahy. However that would certainly coincide with any type of business. Mr. Divine. Every one of these companies is required to complete the I-9 form, yet USCIS goes a step further and does a check of some kind that led to the situation that has actually been discussed. Chairman Leahy. I am not a witness right here, yet I am so struck by Mr.


I imply, I recommend that all of you in fact-- Mr. North, in your instance, obtain out from inside the Beltway and rise there and talk with several of these people. For something, you do not have a lot of unlawful immigrants that fairly have the Vermont accent you hear around there, specifically when they talk concerning their grandparents that live there, and moms and dads and so forth.

They will say, "We have got concerning 9 people below, and we have been below because 5 o'clock today, Mister." [Giggling.] Chairman Leahy. Not fairly what an unlawful immigrant might be claiming. Actually, I assume Mr. Stenger would claim that of his British investors was thinking, "Are we all talking the same language below?" Mr.


I asked Mr. Stenger this. Allow me ask you what your experience is as a former agency authorities. What does it do if Congress maintains tasting a final reauthorization? In this instance it would be, I believe, September of next year, September of 2012. What does that do to an agency attempting to carry out a program if Congress waits till the last few days to reauthorize it? What is the useful effect? Mr.

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I imply, the agency effectively is-- USCIS is a fee-funded firm, so it is essentially kind of running a company and has to cover its costs with the income that is click here generated. To run this program appropriately, USCIS requires to staff up in a big means, handling the quantity that is currently there and expecting the boosted quantity of more financial investment as we get even near fifty percent of the 10,000 visas that are available in this category.

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I mean, that has actually obtained to really feel like a clashing scenario, and you would certainly think of that it is going to hold somebody back. Currently, I am not claiming that they are holding back, and I recognize that they are trying to staff up since I am sure they think and really hope that the program will be reauthorized for the advantage of the Nation.


And is that really where they are going to have the ability to spend their time and resources in attempting to clear the regulations of this program to make sure that everybody recognizes whether they can certify or not and which type of projects are going to certify etc? We need that continually.


And, Mr. Stenger, we in Vermont-- once more, a little State, but we have the State federal government entailed with the Vermont Regional. Mr. Stenger.