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The law says 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 a concern: Have you done any type of study on just how much money remains past the 2 years? And the answer was no


Senator Grassley. Thank you, Mr. Chairman. I wish to have a second round. Chairman Leahy. . Let me just ask, Mr. Divine, you hear this criticism that the cash only has to remain spent for 2 years. Has that been your experience? Mr. Divine. If cash obtains placed right into a hotel, as I was beginning to discuss earlier, the programmer of that project would certainly need to have the ability to discover somebody to buy the resort or would certainly have to be able to discover someone to re-finance it with various other money.






It is none simpler necessarily than when it remained in the conditions that led to the international financiers being the best choice for financing things in the first area. However, hi there, if it is a successful task, it makes money, and it can be marketed, I do not see any type of reason the project should 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 investor.

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If you have a task that is funded straight through the Immigrant Financier Program and it is believed to be using undocumented workers, Migration and Customs Enforcement could investigate the employer, could they not? Mr. Divine.


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


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


They will certainly state, "We have got concerning 9 of us here, and we have been here considering that 5 o'clock this morning, Mister." [Giggling.] Chairman Leahy. Not quite what a prohibited immigrant could be stating. Actually, I think Mr. Stenger would say that of his British financiers was thinking, "Are all of us speaking the exact same language below?" Mr.


I asked Mr. Stenger this. Allow me ask you what your experience Visit Your URL is as a previous agency authorities. What does it do if Congress maintains running up against a last-minute reauthorization? In this case it would certainly be, I think, September of next year, September of 2012. What does that do to a company attempting to administer a program if Congress waits up until the last few days to reauthorize it? What is the functional result? Mr.

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I indicate, the firm essentially is-- USCIS is a fee-funded agency, so it is essentially kind of running a service and needs to cover its expenditures with the revenue that is created. To run this program correctly, USCIS requires to staff up in a huge way, taking care of the volume that is already there and anticipating the increased quantity 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 imply, that has actually obtained to feel like a clashing useful reference scenario, and you would certainly imagine that it is mosting likely to hold someone back. Currently, I am not claiming that they are holding back, and I know that they are trying to staff up since I make sure they think and wish that the program will certainly be reauthorized for the advantage of the Country.


And is that really where they are going to be able to spend their time and sources in trying 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 and so forth? We need that constantly.


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