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The regulation says you have got to invest for 2 years and that is all (EB5 Regional Center Program). Second, at one of the stakeholders meetings put on by USCIS, I asked an inquiry: Have you done any kind of research study on just how much cash remains beyond the 2 years? And the answer was no


Legislator 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 stay invested for 2 years. Has that been your experience? Mr. Divine. If money gets taken into a resort, as I was beginning to explain earlier, the developer of that project would certainly need to have the ability to locate someone to get the hotel or would have to be able to find someone to re-finance it with various other money.






It is not any simpler always than when it was in the problems that resulted in the international financiers being the most effective alternative for financing the point to begin with. But, hi, if it is a successful project, it makes money, and it can be offered, I do not see any reason that the project must not be able to be marketed and for the financier to be able to realize the return of his financial investment, perhaps gain on his financial investment, much like every other capitalist.

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If you have a project that is moneyed straight via the Immigrant Financier Program and it is thought to be using undocumented workers, Migration and Customs Enforcement could check out the employer, could they not? Mr. Divine. They could. I suggest, I believe what we require to recognize additionally is that the instance that is being cited as evidence that in some cases these jobs have actually employed an unapproved employee is one in which USCIS did some sort of checking and figured out that the employee was not accredited and quit it.


Chairman Leahy. However that would certainly coincide with any kind of company. Mr. Divine. Every one of these employers is required to finish the I-9 type, however USCIS goes an action better and does a check of some kind that resulted in the situation that has actually been discussed. Chairman Leahy. I am not a witness right here, yet I am so struck by Mr.


I imply, I advise that every one of you really-- Mr. North, in your case, go out from inside the Beltway and rise there and talk with several of these people. For one point, you do not have too lots of illegal aliens who rather have the Vermont accent you listen to around there, particularly when they discuss their grandparents who live there, and parents and more.


They will certainly state, "We have obtained regarding 9 of us here, and we have been below considering that 5 o'clock today, Mister." [Giggling.] Chairman Leahy. Not quite what an illegal alien may be claiming. I think Mr. Stenger would certainly claim that one of his British financiers was assuming, "Are we all speaking the exact same language here?" Mr.


I asked Mr. Stenger this. Let me ask you what your experience is as a former firm authorities. What does it do if Congress maintains tasting a final reauthorization? In this situation it would be, I believe, September of following year, September of 2012. What does that do to a company attempting to administer a program if Congress waits till the last couple of days to reauthorize it? What is the useful impact? Mr.

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I imply, the company essentially is-- USCIS is a fee-funded firm, so it is basically kind of get more info running a service and needs to cover its costs with the revenue that is created. To run this program appropriately, USCIS requires to staff up in a large means, dealing with the quantity that is currently there and anticipating the enhanced volume of more investment as we get also near fifty percent of the 10,000 visas that are readily available in this group.

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I indicate, that has got to seem like a clashing circumstance, and you would certainly think of that it is mosting likely to hold someone back. Currently, I am not claiming that they are holding back, and I understand that they are attempting to staff up due to the fact that I am sure they believe and really hope that the program will be reauthorized for the benefit of the Nation.


And is that truly where they are mosting likely to have the ability to spend their time and sources in attempting to clean up the regulations of this program so that everybody knows whether they can qualify or otherwise and which kinds of projects are mosting likely to certify etc? We require that continually.


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