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Patrick J. Leahy, Chairman of the Committee, presiding. Present: Senators Leahy, Grassley, Sessions, and Cornyn. OPENING STATEMENT OF HON. PATRICK J. LEAHY, An U.S. SENATOR FROM THE STATE OF VERMONT Chairman Leahy. Greetings. Thanks for being right here on a stormy, careless early morning. I am really hoping that in Vermont the temperature level is 10 or 15 levels lower because that would indicate about 10 inches of snow, which we call something between a dusting and a snowfall back there.


In 2011 alone, this program is on track to produce an approximated 25,000 jobs and supply straight investments in American neighborhoods of $1.25 billion. And, certainly, there is great possible to raise the program's annual benefits. If the complete variety of visas designated to the program are utilized, based upon financial investment and job development requirements, the program has the potential to protect or produce 100,000 work annually, with payments of $5 billion in foreign funding financial investment.




The benefits come at no price to American taxpayers. The program is and must remain to be a vital element of our total migration system. Now, the current permission for the program is readied to run out at the end of September 2012, and I have spoken with a number of Senators, both Republicans and Democrats, that believe together with me that it is crucial that Congress support U.S


The background of our Country has actually been composed in component with the payments of immigrants. My maternal grandparents pertained to Vermont from Italy and started a little stone-carving company in South Ryegate, Vermont, as Mr. Stenger understands. That is up near his part of the State. The area does not have several tasks.


That is duplicated in numerous various other areas, not only in our State but all 49 other States. And the EB-5 visa and other employment-based visa groups within our migration system can play a significant duty in creating our future financial rebirth. I have been benefiting many months with interested parties and USCIS to place with each other a legal framework to make considerable improvements to the overall program to offer them with additional authorities to guarantee that the program maintains the greatest degree of honesty and efficiency.


However I believe we must relocate ahead with a long-term permission without additional hold-up. I think Congress has to reveal potential investors from around the globe that America invites immigrant capitalists and values their payments. If not, then we are going to lose those prospective financiers to our surrounding country of Canada or to the United Kingdom or to Australia or other nations that acknowledge immigration with investment and seek it out.




We are going to learn through Costs Stenger of Jay Optimal, Vermont. His work, financed in part via the EB-5 Regional Center Program, has actually rejuvenated a very country component of Vermont. It has turned a beloved and renowned Vermont ski resort into a first-rate, four-season resort. I know that when I go up there and I listen to carpenters and plumbings and electricians from that location who stay in that location tell me they are making even more money than they have actually ever made before, and they have been able to do even more for their youngsters, they can invest in the area, they are seeing the training they had as Vermonters settle, and now they are in fact making cash in a location where there was not much cash to be made, it truly makes this Vermonter delighted.

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Business like Marriott Hotels and Lennar Residences have actually transformed to the EB-5 program to fund job-creating projects around the country. So this is occurring around, and, again, I think that is why we have assistance for this from both Republicans and Democrats. Yet I would love to see-- I will certainly put my full statement in the record, however I want to see this become long-term so that financiers can plan.


Legislator Grassley. OPENING UP STATEMENT OF HON. CHUCK GRASSLEY, An U.S. SENATOR FROM THE STATE OF IOWA Legislator Grassley. Thanks, Mr. Chairman. This program and its regional centers, currently 21 years of ages, was produced to benefit American neighborhoods through financial investment and work development. At a time of economic unpredictability, high national more info unemployment, and stationary development, we need to think about all tools at our disposal to increase financial activity.


Today's hearing is a means for us to perform our constitutional task of oversight. It is very important for us to assess the EB-5 program to identify the amount of tasks are created and hear whether the program is enhancing financial task in the areas most needed. I wish to deal with the Chairman on reauthorizing a changed and affordable program along with a number of various other migration programs that will end at the exact same time.


Some may suggest that the EB-5 Regional Facility Program is doing extremely little to promote the economy. I appreciate the administration's current efforts to focus energy and attention on reforming the program and boost engagement in local facilities. The modifications they set up will help, however at the end of the day, one reality remains.

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If the full number of visas assigned to the program are utilized, based upon financial investment and task development demands, the program has the prospective to create or protect 100,000 work per year, with contributions of $5 billion in international funding investment.


I have actually been functioning for lots of months with interested parties and USCIS to put together a legislative framework to make significant enhancements to the general program to supply them with added authorities to ensure that the program preserves the highest possible degree of stability and performance.


His work, financed in component via the EB-5 Regional Facility Program, has rejuvenated an extremely rural part of Vermont. It is important for us to evaluate the EB-5 program to figure out exactly how lots of tasks are created and hear whether the program is increasing economic task in the locations most required. I wish to function with the Chairman on reauthorizing a reformed and economical program in enhancement to numerous various other immigration programs that will expire at the very same time.