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The regulation 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 research study on just how much money remains past the 2 years? And the response was no


Senator Grassley. Thank you, Mr. Chairman. I would love to have a 2nd round. Chairman Leahy. Absolutely. Allow me just ask, Mr. Divine, you hear this objection that the cash only has to stay invested for 2 years. Has that been your experience? Mr. Divine. If cash obtains taken into a resort, as I was starting to clarify earlier, the developer of that job would have to have the ability to locate someone to get the resort or would certainly have to be able to locate somebody to refinance it with various other money.






It is not any simpler always than when it was in the problems that led to the international investors being the very best choice for funding things in the first location. Hi there, if it is a successful job, it makes cash, and it can be sold, I do not see any type of factor why the task should not be able to be offered and for the capitalist to be able to realize the return of his investment, possibly gain on his investment, simply like every other financier.

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If you have a task that is funded straight through the Immigrant Investor Program and it is believed to be employing undocumented employees, Migration and Customs Enforcement could explore the employer, could they not? Mr. Divine. They could. I mean, I believe what we need to understand likewise is that the instance that is being mentioned as evidence that occasionally these jobs have actually employed an unauthorized worker is one in which USCIS did some kind of monitoring and identified that the employee was not licensed and quit it.


Chairman Leahy. But that would certainly coincide with any firm. Mr. Divine. Every one of these employers is called for to complete the I-9 form, however USCIS goes a step better and does a check of some kind that brought about the situation that has actually been discussed. Chairman Leahy. I am not a witness here, yet I am so struck by Mr.


I indicate, I recommend that all of you actually-- Mr. North, in your case, venture out from inside the Beltway and go up there and chat with a few of these people. For something, you do not have a lot of prohibited immigrants who fairly have the Vermont accent you hear around there, specifically when they speak about their grandparents that live there, and parents and so on.


They will claim, "We have obtained regarding 9 of us below, and we have been right here because 5 o'clock today, Mister." [Laughter.] Chairman Leahy. Not fairly what an illegal alien may be saying. As a matter of fact, I assume Mr. Stenger would state that of his British financiers was assuming, "Are we all click here speaking the very same language here?" Mr.


I asked Mr. Stenger this. Let me ask you what your experience is as a former company authorities. What does it do if Congress maintains tasting a final reauthorization? In this case it would certainly be, I believe, September of following year, September of 2012. What does that do to an agency trying to administer a program if Congress waits till the last few days to reauthorize it? What is the practical result? Mr.

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I mean, the firm essentially is-- USCIS is a fee-funded firm, so it is essentially kind of running a company and has to cover its expenses with the income that is created. To run this program properly, USCIS requires to staff up in a huge way, managing the quantity that is currently there and expecting the boosted volume of more financial investment as we obtain also near to fifty percent of the 10,000 visas that are readily available in this classification.

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I imply, that has actually reached seem like a clashing circumstance, and you would envision that it is mosting likely to hold somebody back. Now, I am not saying that they are holding back, and I know that they are trying to staff up due to the fact that I am certain they think and hope that the program will certainly be reauthorized for the benefit of the Nation.


And is that really where they are going to be able to spend their time and sources in trying to clean up the policies of this program so that everyone recognizes whether they can certify or otherwise and which kinds of tasks are going to qualify etc? We require that consistently.


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