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The legislation states you have actually 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 an inquiry: Have you done any kind of study on just how much cash stays past the 2 years? And the response was no


Legislator Grassley. Thanks, Mr. Chairman. I would love to have a 2nd round. Chairman Leahy. Absolutely. Let me simply ask, Mr. Divine, you hear this objection that the cash only has actually to continue to be invested for 2 years. Has that been your experience? Mr. Divine. If cash obtains taken into a hotel, as I was beginning to explain earlier, the programmer of that task would certainly need to be able to locate somebody to get the resort or would certainly have to have the ability to discover someone to refinance it with various other cash.






It is none much easier always than when it remained in the conditions that brought about the international financiers being the best alternative for financing the point in the first location. Hi, if it is an effective task, it makes cash, and it can be offered, I do not see any kind of factor why the project should not be able to be sold and for the investor to be able to realize the return of his investment, perhaps acquire on his investment, simply like every various other investor.

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If you have a job that is moneyed straight through the Immigrant Investor Program and it is thought to be using undocumented employees, Immigration and Customs Enforcement could check out the company, could they not? Mr. Divine. They could. I mean, I think what we require to realize also is that the instance that is being cited as proof that occasionally these jobs have employed an unauthorized worker is one in which USCIS did some type of monitoring and identified that the worker was not authorized and quit it.


Mr. Divine. Every one of these employers is required to complete the I-9 kind, yet USCIS goes a step further and does a check of some kind that led to the case that has been mentioned. I am not a witness below, however I am so struck by Mr.

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I mean, I recommend that advise of you actually-- Really North, in your case, instance out obtain inside the Beltway and go up there and talk with some of these people.


They will state, "We have actually got regarding 9 people right here, and we have been below considering that 5 o'clock today, Mister." [Giggling.] Chairman Leahy. Not quite what an illegal alien could be claiming. In fact, I assume Mr. Stenger would certainly state that of his British financiers was assuming, "Are most of us talking the read more same language right 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 keeps meeting a last-minute reauthorization? In this instance it would certainly be, I assume, September of next year, September of 2012. What does that do to an agency trying to carry out a program if Congress waits until the last couple of days to reauthorize it? What is the practical impact? Mr.

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I imply, the firm in impact is-- USCIS is a fee-funded company, so it is basically type of running an organization and has to cover its expenditures with the revenue that is created. To run this program correctly, USCIS needs to staff up in a big means, handling the quantity that is already there and anticipating the increased quantity of more investment as we obtain also near half of the 10,000 visas that are available in this group.

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I imply, that has got to seem like a conflicting situation, and you would envision that it is mosting likely to hold someone back. Now, I am not claiming that they are holding back, and I know that they are trying to staff up since I make certain they believe and really hope that the program will certainly be reauthorized for the benefit of the Country.


And is that really where they are mosting likely to be able to spend their time and sources in trying to improve the regulations of this program to ensure that everyone recognizes whether they can qualify or otherwise and which kinds of projects are mosting likely to certify etc? We require that constantly.


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