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The regulation claims you have actually obtained to spend 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 remains past the 2 years? And the response was no


Legislator Grassley. Thank you, Mr. Chairman. I wish to have a 2nd round. Chairman Leahy. . Allow me simply ask, Mr. Divine, you hear this objection that the cash just needs to stay invested for 2 years. Has that been your experience? Mr. Divine. If money obtains placed right into a hotel, as I was beginning to explain earlier, the developer of that task would need to be able to find someone to get the resort or would need to be able to discover someone to re-finance it with other cash.






It is not any type of simpler always than when it was in the problems that brought about the foreign investors being the very best alternative for financing things in the very first place. Hey, if it is an effective task, it makes money, and it can be marketed, I do not see any type of factor why the project must not be able to be marketed and for the financier to be able to understand the return of his investment, possibly acquire on his financial investment, simply like every other financier.

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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, Immigration and Customs Enforcement could explore the employer, could they not? Mr. Divine. They could. I suggest, I think what we require to recognize also is that the instance that is being cited as proof that occasionally these jobs have employed an unauthorized employee is one in which USCIS did some type of checking and established that the worker was not accredited and stopped it.


Chairman Leahy. That would certainly be the same with any type of firm. Mr. Divine. Each of these employers is needed to finish the I-9 type, yet USCIS goes a step additionally and does a check of some kind that resulted in the case that has been stated. Chairman Leahy. I am not a witness here, however I am so struck by Mr.


I suggest, I suggest that every one of you actually-- Mr. North, in your situation, venture out from inside the Beltway and go up there and speak with several of these people. For one point, you do not have a lot of unlawful immigrants that fairly have the Vermont accent you hear around there, specifically when they talk about their grandparents that live there, and moms and dads and so on.


They will say, "We have obtained regarding 9 of us below, and we have been below because 5 o'clock this morning, Mister." [Laughter.] Chairman Leahy. Not fairly what an unlawful immigrant could be stating. I assume Mr. Stenger would say that one of his British investors was assuming, "Are we all talking the here same language here?" Mr.


I asked Mr. Stenger this. Let me ask you what your experience is as a previous company authorities. What does it do if Congress keeps meeting a final reauthorization? In this situation it would 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 functional result? Mr.

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I indicate, the company effectively is-- USCIS is a fee-funded agency, so it is essentially type of running an organization and needs to cover its expenditures with the revenue that is created. To run this program properly, USCIS requires to staff up in a huge method, taking care of the quantity that is currently there and expecting the increased volume of more financial investment as we get back at near to half of the 10,000 visas that are readily available in this group.

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I mean, that has reached feel like a conflicting scenario, and you would 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 certain they think and wish that the program will be reauthorized for the benefit of the Country.


And is that really where they are going to have the ability to invest their time and resources in attempting to clear the regulations of this program so that everyone recognizes whether they can certify or otherwise and which kinds of projects are going to qualify and so forth? We need that continuously.


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