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The law says you have got 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 type of study on just how much money stays past the 2 years? And the answer was no


Senator Grassley. Thank you, Mr. Chairman. I want to have a second round. Chairman Leahy. . Let me simply ask, Mr. Divine, you hear this objection that the money just needs to stay spent for 2 years. Has that been your experience? Mr. Divine. If money obtains placed right into a hotel, as I was starting to discuss earlier, the developer of that task would certainly need to have the ability to find somebody to buy the resort or would certainly have to be able to discover somebody to re-finance it with various other cash.

It is none much easier necessarily than when it remained in the conditions that led to the international financiers being the very best option for funding the thing in the very first place. Hello, if it is a successful job, it makes money, and it can be marketed, I do not see any reason why the job ought to not be able to be sold and for the capitalist to be able to realize the return of his financial investment, maybe get on his financial investment, just like every other investor.

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If you have a task that is moneyed directly via the Immigrant Financier Program and it is believed to be using undocumented employees, Immigration and Customs Enforcement could explore the employer, could they not? Mr. Divine.


Chairman Leahy. That would certainly be the exact same with any kind of business. Mr. Divine. Every one of these companies is required to finish the I-9 kind, yet USCIS goes an action additionally and does a check of some kind that brought about the case that has been pointed out. Chairman Leahy. I am not a witness right here, yet I am so struck by Mr.


I mean, I suggest that go to this site every one of you in fact-- Mr. North, in your situation, venture out from inside the Beltway and increase there and speak with several of these individuals. For something, you do not have too several illegal aliens that rather have the Vermont accent you hear around there, particularly when they discuss their grandparents who live there, and parents and more.

They will say, "We have actually got about 9 of us below, and we have been below given that 5 o'clock today, Mister." [Laughter.] Chairman Leahy. Not quite what an illegal alien could be claiming. As a matter of fact, I think Mr. Stenger would certainly state that one of his British capitalists was assuming, "Are we all talking the same language here?" Mr.


I asked Mr. Stenger this. Allow me ask you what your experience is as a previous firm official. What does it do if Congress maintains tasting a last-minute reauthorization? In this situation it would certainly be, I think, September of following year, September of 2012. What does that do to a company attempting to provide a program if Congress waits until the last couple of days to reauthorize it? What is the functional effect? Mr.

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I imply, the company in impact is-- USCIS is a fee-funded firm, so it is essentially sort of running a company go now and has to cover its costs with the earnings that is created. To run this program appropriately, USCIS requires to staff up in a large way, handling the volume that is already there and preparing for the boosted quantity of more financial investment as we get back at near fifty percent of the 10,000 visas that are offered in this category.

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I suggest, that has obtained to seem like a contrasting circumstance, and you would certainly think of that it is mosting likely to hold somebody back. Currently, I am not claiming that they are holding back, and I recognize that they are trying to staff up because I make sure they believe and hope that the program will be reauthorized for the benefit of the Nation.


And is that really where they are mosting likely to be able to invest their time and sources in trying to clear the regulations of this program so that everyone recognizes whether they can certify or not and which kinds of projects are going to qualify and so forth? We need that consistently.


And, Mr. Stenger, we in Vermont-- once again, a small State, but we have the State federal government included with the Vermont Regional. click here to find out more Mr. Stenger.