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The law states 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 a concern: Have you done any kind of research on just how much money remains beyond the 2 years? And the response was no


Senator Grassley. Thank you, Mr. Chairman. I would such as to have a second round. Chairman Leahy. Absolutely. Let me simply ask, Mr. Divine, you hear this criticism that the cash only needs to continue to be invested for 2 years. Has that been your experience? Mr. Divine. If money gets taken into a hotel, as I was beginning to clarify earlier, the developer of that job would certainly need to be able to locate somebody to get the hotel or would have to be able to locate someone to re-finance it with other cash.

It is none much easier always than when it was in the problems that brought about the international financiers being the very best option for funding the thing in the initial location. But, hey, if it is a successful project, it earns money, and it can be offered, I do not see any kind of factor why the task must not be able to be marketed and for the investor to be able to realize the return of his investment, maybe obtain on his financial investment, similar to every other financier.

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If you have a project that is funded directly via the Immigrant Capitalist Program and it is thought to be employing undocumented employees, Immigration and Customs Enforcement could investigate the company, could they not? Mr. Divine.


Mr. Divine. Every one of these companies is needed to complete the I-9 type, yet USCIS goes an action further and does a check of see this site some kind that led to the case that has been mentioned. I am not a witness below, however I am so struck by Mr.

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I mean, Imply recommend that all of you actually-- Mr. North, in your case, instance out obtain inside the Beltway and go up there and talk with some of these people.

They will state, "We have obtained concerning nine of us right here, and we have actually been here given that 5 o'clock this morning, Mister." [Laughter.] Chairman Leahy. Not quite what an illegal alien could be saying. I think Mr. Stenger would state that one of his British financiers was assuming, "Are we all talking the very same language right here?" Mr.


I asked Mr. Stenger this. Let me ask weblink you what your experience is as a former agency authorities. What does it do if Congress maintains meeting a last-minute reauthorization? In this case it would be, I assume, September of following year, September of 2012. What does that do to a company trying to administer a program if Congress waits till the last few days to reauthorize it? What is the practical result? Mr.

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I mean, the company essentially is-- USCIS is a fee-funded agency, so it is basically kind of running a company and has to cover its costs with the earnings that is created. To run this program correctly, USCIS requires to staff up in a big means, managing the volume that is currently there and expecting next the enhanced quantity of more financial investment as we get back at close to half of the 10,000 visas that are readily available in this classification.

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I indicate, that has actually got to seem like a clashing circumstance, and you would think of that it is going to hold someone back. Currently, I am not saying that they are keeping back, and I recognize that they are trying to staff up because I am sure they think and really hope 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 resources in attempting to improve the rules of this program to make sure that everybody recognizes whether they can qualify or otherwise and which sort of projects are going to certify and so forth? We need that continuously.


And, Mr. Stenger, we in Vermont-- again, a little State, however we have the State government included with the Vermont Regional. Mr. Stenger.