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The regulation claims you have actually obtained 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 question: Have you done any research on just how much cash 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. Definitely. Let me just ask, Mr. Divine, you hear this objection that the cash just needs to remain invested for 2 years. Has that been your experience? Mr. Divine. If cash obtains put into a resort, as I was starting to describe earlier, the designer of that project would need to have the ability to locate someone to purchase the resort or would have to be able to discover someone to re-finance it with other money.

It is none easier always than when it was in the conditions that led to the international investors being the ideal choice for financing the important things to begin with. Hello, if it is an effective project, it makes money, and it can be marketed, I do not see any reason why the job need to not be able to be sold and for the financier to be able to realize the return of his investment, perhaps gain on his investment, simply like every various other investor.

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If you have a project that is moneyed directly through the Immigrant Capitalist Program and it is thought to be employing undocumented employees, Migration and Customs Enforcement could investigate the company, could they not? Mr. Divine. They could. I indicate, I believe what we need to understand additionally is that the situation that is being cited as proof that sometimes these tasks have actually hired an unapproved employee is one in which USCIS did some kind of monitoring and figured out that the worker was not authorized and quit it.


Mr. Divine. Every one of these employers is needed to complete the I-9 type, however USCIS goes an action further and does a check of some kind that led to the situation that has been pointed out. I am not a witness below, but I am so struck by Mr.

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

They will claim, "We have obtained about 9 of us below, and we have been here given that 5 o'clock today, Mister." [Giggling.] Chairman Leahy. Not quite what an illegal alien may be stating. I think Mr. Stenger would state that one of his British investors was believing, "Are we all talking the very same language here?" Mr.


I asked Mr. Stenger this. Let me ask you what your experience is as a previous firm official. What does it do if Congress keeps meeting a last-minute reauthorization? In this case it would certainly be, I assume, September of next year, September of 2012. What does that do to a company attempting to carry out a program if Congress waits till the last few days to reauthorize it? What is the useful impact? Mr.

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I indicate, the firm effectively is-- USCIS is a fee-funded firm, so it is basically type of running an organization and needs to cover its expenditures with the revenue that is created. To run this program appropriately, USCIS requires to staff up in a huge method, taking care of the volume that is already there and anticipating the increased quantity of even more financial investment as we obtain even near to half of the 10,000 visas that are offered in this classification.

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I indicate, that has actually reached seem like a clashing scenario, and you would certainly imagine that it is going to hold someone back. Currently, I am not claiming that they are holding back, and I understand that they are trying to staff up since I make certain 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 invest their time and resources in EB5 Regional Center Program trying to clear up the guidelines of this program to ensure that everybody knows whether they can qualify or not and which kinds of tasks are mosting likely to certify etc? We require that continuously.


And, Mr. EB5 Regional Center Program. Stenger, we in Vermont-- once more, a tiny State, however we have the State government involved with the Vermont Regional Facility. Does that include advantages to Vermont's program? Mr. Stenger. The truth that the State of Vermont is the regional facility manager, and really I guess you would call it the proprietor of the local center, has actually been a tremendous advantage.