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But the legislation claims you have actually reached invest for 2 years and that is all. Second, at one of the stakeholders conferences place on by USCIS, I asked a concern: Have you done any type of research 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 2nd round. Chairman Leahy. . Allow me just ask, Mr. Divine, you hear this objection that the cash only has actually to stay invested for 2 years. Has that been your experience? Mr. Divine. If cash gets taken into a resort, as I was beginning to clarify earlier, the designer of that project would certainly have to be able to locate someone to acquire the hotel or would have to be able to discover someone to re-finance it with various other money.






It is not any kind of easier always than when it was in the problems that led to the international financiers being the most effective alternative for financing the point to begin with. Hey, if it is a successful project, it makes money, and it can be sold, I do not see any kind of reason why the task should not be able to be sold and for the investor to be able to realize the return of his financial investment, maybe gain on his investment, simply like every various other investor.

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If you have a job that is moneyed straight via the Immigrant Investor Program and it is thought to be using undocumented workers, Migration and Customs Enforcement could investigate the employer, could they not? Mr. Divine.


Chairman Leahy. However that would coincide with any company. Mr. Divine. Each of these companies is called for to finish the I-9 kind, however USCIS goes a step further and does a check of some kind that caused the instance that has actually been pointed out. Chairman Leahy. I am not a witness right here, but I am so struck by Mr.


I imply, I advise that every one of you in fact-- Mr. North, in your instance, get out from inside the Beltway and increase there and talk with several of these people. For one point, you do not have as well several illegal aliens who rather have the Vermont accent you hear around there, particularly when they talk about their grandparents who live there, and moms and dads and so on.


They will certainly claim, "We have actually got regarding 9 of us right here, and we have been right here given that 5 o'clock today, Mister." [Laughter.] Chairman Leahy. Not fairly what an illegal alien could be saying. I believe Mr. Stenger would say that one of his British investors was assuming, "Are we all speaking the same language below?" Mr.


I asked Mr. Stenger this. Let me ask you what your experience is as a previous firm official. What does it do if Congress keeps meeting a last-minute reauthorization? In this instance it would be, I believe, September of next year, September of 2012. What does that do to a firm attempting to provide a program if Congress waits until the last few days to reauthorize it? What is the practical effect? Mr.

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I mean, the company basically is-- USCIS is a fee-funded company, so it is basically type of running a business and has to cover its expenses with the earnings that is produced. To run this program properly, USCIS requires to staff up in a large method, managing the quantity that is already 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 indicate, that has obtained to seem like a clashing situation, and you would visualize that it is mosting likely to hold someone back. Now, I am not stating that they are keeping back, and I know that they are trying to staff up due to the fact that I am sure they think and really hope that the program will be reauthorized for the advantage of the Country.


And is that truly where they are going to have the ability to invest their time and resources in trying to improve the guidelines of this program so that more info everyone knows whether they can certify or not and which kinds of tasks are going to qualify and so forth? We need that continually.


And, Mr. EB5 Regional Center Program. Stenger, we in Vermont-- again, a small State, however we have the State government involved with the Vermont Regional Center. Does that add benefits to Vermont's program? Mr. Stenger. The fact that the State of Vermont is the local facility manager, and really I think you would certainly call it the owner of the local center, has actually been an incredible benefit.