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Patrick J. Leahy, Chairman of the Committee, administering. 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. Thank you for being here on a stormy, careless morning. I am really hoping that in Vermont the temperature is 10 or 15 levels reduced since that would suggest concerning 10 inches of snow, which we call something between a cleaning and a snowfall back there.


In 2011 alone, this program is on track to create an estimated 25,000 work and supply direct financial investments in American communities of $1.25 billion. And, of course, there is great prospective to raise the program's annual advantages. If the full number of visas alloted to the program are utilized, based upon investment and work development demands, the program has the potential to protect or produce 100,000 tasks per year, with payments of $5 billion in international capital investment.




The program is and should continue to be a vital part of our overall immigration system. Currently, the current permission for the program is set to run out at the end of September 2012, and I have actually talked with a number of Senators, both Republicans and Democrats, that believe along with me that it is essential that Congress sustain U.S

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My mother's grandparents came to Vermont from Italy and started a little stone-carving business in South Ryegate, Vermont, as Mr (EB5 Regional Center Program). Stenger knows.


That is reproduced in so many other areas, not just in our State yet all 49 other States. And the EB-5 visa and various other employment-based visa classifications within our immigration system can play a meaningful role in writing our future financial revival. I have actually been functioning for lots of months with interested celebrations and USCIS to put together a legislative structure to make substantial improvements to the total program to offer them with added authorities to make certain that the program keeps the highest possible level of honesty and efficiency.


But I believe we ought to progress with a permanent consent without more delay. I believe Congress has to show potential investors from around the globe that America welcomes immigrant financiers and values their contributions. If not, after that we are mosting likely to shed those potential capitalists to our neighboring nation of Canada or to the UK or to Australia or other nations that identify immigration with investment and seek it out.




His work, financed in part via the EB-5 Regional Center Program, has actually rejuvenated an extremely country part of Vermont. I recognize that when I go up there and I hear woodworkers and plumbers and electricians from that area who live in that area tell me they are making even more money than they have ever made prior to, and they have been able to do more for their kids, they can spend in the neighborhood, they are seeing the training they had as Vermonters pay off, and now they are actually making money in an area where there was not much money to be made, it actually makes this Vermonter happy.

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Companies like Marriott Hotels and Lennar Homes have transformed to the EB-5 program to finance job-creating tasks around the country. So this is happening around, and, once again, I assume that is why we have support for this from both Republicans and Democrats. However I would like to see-- I will certainly place my complete declaration in the document, but I want to see this come to be long-term to make sure that investors can plan.


OPENING STATEMENT OF HON. CHUCK GRASSLEY, A UNITED STATE SENATOR FROM THE STATE OF IOWA Legislator Grassley. This program and its regional centers, now 21 years old, was created to benefit American neighborhoods through financial investment and work production.


Today's hearing is a method for us to conduct our constitutional responsibility of oversight. It is very important for us to review the EB-5 program to determine how several work are produced and listen to whether the program is enhancing financial activity in the locations most required. I intend to collaborate with the Chairman on reauthorizing a reformed and cost-efficient program in addition to numerous other immigration programs that will run out at the very same time.


Some may say that the EB-5 Regional Center Program is doing very little to stimulate the economy. I value the management's recent attempts to focus power and focus on changing the program and increase engagement in local. The modifications 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 used, based upon investment and work creation demands, the program has the possible to protect or produce 100,000 tasks per year, with contributions of $5 billion in international capital financial investment.


I have been functioning for many months with interested events and USCIS to put with each other a legal framework to make significant enhancements to the total program to give them with additional authorities to make certain that the program maintains the greatest level of honesty and efficiency.


His job, funded in component with the EB-5 Regional Center Program, has renewed a very rural part of Vermont. It is important for us to examine the EB-5 program to figure out exactly how several tasks are developed and listen to whether the program is increasing economic task in the locations most here needed. I wish to work with the Chairman on reauthorizing a changed and affordable program in addition to several various other immigration programs that will expire at the same time.