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Patrick J. Leahy, Chairman of the Committee, presiding. OPENING STATEMENT OF HON. PATRICK J. LEAHY, An U.S. LEGISLATOR FROM THE STATE OF VERMONT Chairman Leahy. I am really hoping that in Vermont the temperature level is 10 or 15 degrees reduced because that would mean about 10 inches of snow, which we explain as something between a dusting and a snowfall back there.


In 2011 alone, this program gets on track to produce an approximated 25,000 jobs and supply direct investments in American neighborhoods of $1.25 billion. And, certainly, there is fantastic prospective to raise the program's annual advantages. If the complete variety of visas designated to the program are utilized, based upon investment and task production requirements, the program has the potential to protect or create 100,000 tasks annually, with payments of $5 billion in international resources financial investment.




The advantages come with no charge to American taxpayers. The program is and must remain to be an important component of our overall immigration system. Now, the present consent for the program is readied to expire at the end of September 2012, and I have chatted with a number of Senators, both Republicans and Democrats, that believe along with me that it is important that Congress sustain united state


The background of our Country has been composed in part through the contributions of immigrants. My maternal grandparents concerned Vermont from Italy and started a small stone-carving company in South Ryegate, Vermont, as Mr. Stenger knows. That is up near his part of the State. The area does not have several work.


That is reproduced in a lot of various other areas, not just in our State but all 49 various other States. And the EB-5 visa and other employment-based visa categories within our migration system can play a meaningful function in creating our future economic renewal. I have actually been helping several months with interested parties and USCIS to assemble a legislative framework to make significant enhancements to the total program to provide them with extra authorities to make certain that the program maintains the highest possible level of stability and effectiveness.


I think we should move ahead with a permanent permission without more hold-up. I believe Congress needs to reveal potential capitalists from around the globe that America welcomes immigrant investors and values their contributions. Otherwise, then we are going to lose those potential investors to our neighboring country of Canada or to the UK or to Australia or other nations that try here recognize migration via investment and seek it out.




We are going to speak with Costs Stenger of Jay Optimal, Vermont. His job, financed partly via the EB-5 Regional Facility Program, has rejuvenated an extremely country component of Vermont. It has transformed a famous and cherished Vermont ski hotel right into a world-class, four-season resort. I know that when I rise there and I hear plumbing technicians and woodworkers and electrical contractors from that area that live in that location tell me they are making even more cash than they have actually ever before made prior to, and they have had the ability to do even more for their kids, they can purchase the area, they are seeing the training they had as Vermonters settle, and now they are actually making cash in an area where there was not much cash to be made, it really makes this Vermonter happy.

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Business like Marriott Hotels and Lennar Residences have turned to the EB-5 program to finance job-creating jobs around the nation. This is occurring all over, and, again, I believe that is why we have assistance for this from both Republicans and Democrats - EB5 Regional Center Program. I would like to see-- I will put my full statement in the record, but I would certainly like to see this become irreversible so that capitalists can intend.


Legislator Grassley. OPENING STATEMENT OF HON. CHUCK GRASSLEY, An U.S. SENATOR FROM THE STATE OF IOWA Legislator Grassley. Thank you, Mr. Chairman. This program and its regional centers, currently 21 years of ages, was created to benefit American areas via financial investment and work production. At a time of economic unpredictability, high nationwide unemployment, and stagnant development, we need to think about all devices at our disposal to enhance economic task.


Today's hearing is a means for us to perform the original source our constitutional task of oversight. It is important for us to examine the EB-5 program to determine the number of tasks are produced and hear whether the program is enhancing financial task in the locations most required. I intend to collaborate with the Chairman on reauthorizing a reformed and cost-efficient program along with several other immigration programs that will run out at the very same time.


Some might argue that the EB-5 Regional Center Program is doing very little to boost the economic situation. I appreciate the management's current efforts to concentrate power and focus on changing the program and boost participation in regional facilities. The changes they institute will help, however at the end of the day, one truth continues to be.

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If the complete number of visas designated to the program are utilized, based upon investment and job production requirements, the program has the potential to develop or protect 100,000 work per year, with contributions of $5 billion in international funding investment.


I have been functioning for many months with interested celebrations and USCIS to place with each other a legislative framework to make considerable improvements to the general program to offer them with added authorities to make sure that the program keeps the highest possible level of stability and effectiveness.


His job, funded in component via the EB-5 Regional Facility Program, has renewed a really country part of Vermont. It is crucial for us to assess the EB-5 program to establish exactly how several work are developed and hear whether the program is enhancing economic activity in the areas most needed. I really hope to function with the Chairman on reauthorizing a reformed and cost-efficient program in enhancement go to the website to several other migration programs that will expire at the same time.