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The legislation states you have actually obtained to spend for 2 years and that is all (EB5 Regional Center Program). Second, at one of the stakeholders conferences put on by USCIS, I asked a concern: Have you done any study on just how much cash remains beyond the 2 years? And the response was no


Senator Grassley. Thank you, Mr. Chairman. I would love to have a second round. Chairman Leahy. Definitely. Allow me simply ask, Mr. Divine, you hear this objection that the cash just has actually to remain invested for 2 years. Has that been your experience? Mr. Divine. If money gets taken into a hotel, as I was beginning to describe earlier, the programmer of that task would certainly have to be able to discover someone to purchase the hotel or would have to have the ability to locate someone to refinance it with other money.






It is none simpler always than when it remained in the conditions that brought about the international investors being the most effective choice for financing the important things to begin with. Hey, if it is an effective job, it makes money, and it can be marketed, I do not see any type of reason why the task should not be able to be offered and for the capitalist to be able to realize the return of his financial investment, maybe get on his financial investment, just like every various other capitalist.

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If you have a project that is funded directly with the Immigrant Investor Program and it is believed to be using undocumented employees, Immigration and Customs Enforcement could check out the company, could they not? Mr. Divine. They could. I imply, I believe what we require to understand also is that the situation that is being cited as proof that in some cases these projects have actually employed an unapproved employee is one in which USCIS did some kind of checking and identified that the worker was not authorized and quit it.


Chairman Leahy. Yet that would coincide with any type of company. Mr. Divine. Each of visit these employers is required to complete the I-9 kind, however USCIS goes an action even more and does a check of some kind that led to the situation that has actually been discussed. Chairman Leahy. I am not a witness below, however I am so struck by Mr.


I suggest, I suggest that every one of you actually-- Mr. North, in your instance, go out from inside the Beltway and rise there and speak with several of these people. For one point, you do not have as well many illegal aliens who rather have the Vermont accent you hear around there, particularly when they discuss their grandparents that live there, and parents and so forth.


They will say, "We have actually obtained check out here regarding nine of us right here, and we have actually been below since 5 o'clock today, Mister." [Giggling.] Chairman Leahy. Not rather what an illegal alien may be saying. As a matter of fact, I believe Mr. Stenger would certainly state that of his British financiers was assuming, "Are all of us talking the very same language right here?" Mr.


I asked Mr. Stenger this. Let me ask you what your experience is as a previous agency authorities. What does it do if Congress keeps tasting a last-minute reauthorization? In this situation it would be, I believe, September of following year, September of 2012. What does that do to a company trying to provide a program if Congress waits until the last couple of days to reauthorize it? What is the practical impact? Mr.

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I mean, the agency essentially is-- USCIS is a fee-funded firm, so it is essentially type of running a business and has to cover its expenses with the earnings that is generated. To run this program properly, USCIS requires to staff up in a large way, managing the quantity that is already there and expecting the boosted quantity of more investment as we get even close to half of the 10,000 visas that are available in this category.

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I indicate, that has reached seem like a contrasting scenario, and you would certainly visualize that it is going to hold somebody back. Now, I am not saying that they are holding back, and I understand that they are trying to staff up because I am sure they believe and wish that the program will certainly be reauthorized for the benefit of the Nation.


And is that actually where they are going to be able to spend their time and sources in attempting to clean up the regulations of this program to make see page sure that everyone understands whether they can qualify or otherwise and which sort of jobs are going to qualify etc? We need 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.