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The legislation claims 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 an inquiry: Have you done any kind of study on how much money stays beyond the 2 years? And the answer was no


Senator Grassley. Thanks, Mr. Chairman. I wish to have a 2nd round. Chairman Leahy. . Let me just ask, Mr. Divine, you hear this criticism that the cash only needs to stay invested for 2 years. Has that been your experience? Mr. Divine. If cash gets put right into a hotel, as I was beginning to discuss earlier, the programmer of that task would certainly need to be able to find somebody to buy the resort or would certainly have to be able to discover somebody to refinance it with various other cash.






It is not any type of less complicated necessarily than when it was in the conditions that led to the international financiers being the very best alternative for funding the point to begin with. Hi there, if it is a successful job, it makes money, and it can be offered, I do not see any kind of reason why the task should not be able to be marketed and for the investor to be able to understand the return of his investment, perhaps obtain on his investment, simply like every various other financier.

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If you have a job that is funded directly via the Immigrant Capitalist Program and it is thought to be using undocumented employees, Immigration and Customs Enforcement could explore the company, could they not? Mr. Divine. They could. I imply, I believe what we need to understand likewise is that the case that is being pointed out as proof that often these jobs have worked with an unauthorized worker is one in which USCIS did some type of checking and determined that the employee was not authorized and quit it.


Chairman Leahy. Yet that would certainly be the very same with any type of company. Mr. Divine. Each of these employers is needed to finish the I-9 kind, yet USCIS goes a step even more and does a check of some kind that caused the situation that has been mentioned. Chairman Leahy. I am not a witness below, but I am so struck by Mr.


I suggest, I recommend that all of you in fact-- Mr. North, in your case, venture out from inside the Beltway and go up there and chat with some of these people. For one point, you do not have a lot of illegal immigrants that fairly have the Vermont accent you listen to around there, specifically when they chat concerning their grandparents that live there, and moms and dads and more.


They will certainly claim, "We have actually got regarding nine of us below, and we have been here since 5 o'clock today, Mister." [Laughter.] Chairman Leahy. Not rather what an illegal alien may be stating. Actually, I think Mr. Stenger would certainly state that of his British capitalists was assuming, "Are all of us talking the exact same language here?" Mr.


I asked Mr. Stenger this. Allow me ask you what your experience is as a former firm authorities. What does it do if Congress keeps running up versus a final reauthorization? In this case it would be, I think, September of next year, September of 2012. What does that do to a company 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 firm effectively is-- USCIS is a fee-funded company, so it is basically kind of running a company and needs to cover its expenses with the revenue that is produced. To run this program properly, USCIS requires to staff up in a big means, taking care of the quantity that is currently there and expecting the raised volume of even more financial investment as we get back at near to fifty percent of the 10,000 visas that are offered in this category.

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I mean, that has reached seem like a contrasting situation, and you would certainly envision that it is mosting likely to hold somebody back. Currently, I am not claiming that they are holding back, and I recognize that they are attempting to staff up due to the fact that I am sure they think and wish that the program will be reauthorized for the advantage of the Nation.


And is that truly where they are going to be able to invest their time and get more info resources in trying to clean up the regulations of this program to make sure that everyone understands whether they can qualify or otherwise and which type of tasks are mosting likely to certify etc? We require that continually.


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