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The regulation states 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 study on how much money stays past the 2 years? And the answer was no


Senator Grassley. Thanks, Mr. Chairman. I would love to have a second round. Chairman Leahy. Absolutely. Allow me just ask, Mr. Divine, you hear this criticism that the cash just has to continue to be spent for 2 years. Has that been your experience? Mr. Divine. If cash obtains placed right into a resort, as I was starting to explain earlier, the designer of that project would have to be able to locate someone to acquire the hotel or would need to be able to locate someone to refinance it with other money.






It is not any less complicated necessarily than when it remained in the conditions that caused the foreign financiers being the most effective choice for financing things to begin with. Hey, if it is a successful job, it makes cash, and it can be sold, I do not see any reason why the project should not be able to be sold and for the capitalist to be able to recognize the return of his investment, perhaps gain on his financial investment, just like every other capitalist.

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If you have a job that is funded straight via the Immigrant Capitalist Program and it is believed to be utilizing undocumented employees, Migration and Customs Enforcement could examine the employer, could they not? Mr. Divine. They could. I suggest, I think what we require to understand likewise is that the case that is being pointed out as proof that often these jobs have hired an unapproved worker is one in which USCIS did some kind of checking and determined that the worker was not accredited and stopped it.


Chairman Leahy. Yet that would coincide with any kind of firm. Mr. Divine. Every one of these companies is needed to finish the I-9 form, yet USCIS goes a step better and does a check of some kind that caused the case that has actually been discussed. Chairman Leahy. I am not a witness below, however I am so struck by Mr.


I mean, I advise that all of you really-- Mr. North, in your instance, get out from inside the Beltway and rise there and speak with several of these people. For one point, you do not have way too many illegal aliens that quite have the Vermont accent you listen to around there, especially when they speak about their grandparents who live there, and moms and dads and so forth.


They will certainly claim, "We have obtained regarding nine people right here, and we have actually been right here because 5 o'clock this morning, Mister." [Giggling.] Chairman Leahy. Not quite what an illegal alien may be saying. I think Mr. Stenger would claim that one of his British check here financiers was thinking, "Are we all speaking the same language here?" Mr.


I asked Mr. Stenger this. Let me ask you what your experience is as a former agency authorities. What does it do if Congress maintains meeting a final reauthorization? In this case it would certainly be, I assume, September of next year, September of 2012. What does that do to a firm trying to provide a program if Congress waits till the last few days to reauthorize it? What is the functional result? Mr.

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I imply, the company effectively is-- USCIS is a fee-funded firm, so it is basically sort of running a company and has to cover its costs with the earnings that is produced. To run this program properly, USCIS needs to staff up in a huge method, managing the quantity that is currently there and preparing for the raised volume of even more financial investment as we obtain also near fifty percent of the 10,000 visas that are offered in this classification.

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I imply, that has actually got to seem like a clashing situation, and you would visualize that it is mosting likely to hold someone back. Now, I am not saying that they are holding back, and I know that they are trying to staff up because I am certain they believe and really hope that the program will certainly be reauthorized for the advantage of the Nation.


And is that really where they are going to be able to invest their time and resources in trying to remove up the rules of this program so that everyone understands whether they can qualify or not and which sort of jobs are mosting likely to qualify etc? We need that continuously.


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