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Patrick J. Leahy, Chairman of the Board, presiding. OPENING STATEMENT OF HON. PATRICK J. LEAHY, A UNITED STATE SENATOR FROM THE STATE OF VERMONT Chairman Leahy. I am hoping that in Vermont the temperature level is 10 or 15 degrees reduced because that would certainly imply regarding 10 inches of snow, which we explain as something between a cleaning and a snowfall back there.


In 2011 alone, this program is on track to create an estimated 25,000 tasks and give direct financial investments in American neighborhoods of $1.25 billion. And, naturally, there is great potential to increase the program's yearly advantages. If the full number of visas allocated to the program are utilized, based upon investment and job creation needs, the program has the potential to protect or produce 100,000 work per year, with payments of $5 billion in foreign resources investment.

The benefits come at no charge to American taxpayers. The program is and should remain to be an important element of our total immigration system. Currently, the current authorization for the program is readied to end at the end of September 2012, and I have actually chatted with a variety of Senators, both Republicans and Democrats, that think along with me that it is vital that Congress support U.S


The background of our Nation has actually been written in component via the contributions of immigrants. My mother's grandparents pertained to Vermont from Italy and began a tiny stone-carving business in South Ryegate, Vermont, as Mr. Stenger knows. That is up near his component of the State. The area does not have several tasks.


That is replicated in numerous various other locations, not just in our State but all 49 other States. And the EB-5 visa and various other employment-based visa categories within our migration system can play a meaningful function in creating our future financial resurgence. I have actually been working for many months with interested parties and USCIS to create a legal framework to make considerable renovations to the total program to supply them with additional authorities to make sure that the program maintains the greatest level of stability and performance.


However I believe we should relocate forward with a long-term authorization without further hold-up. I believe Congress has to reveal possible capitalists from worldwide that America invites immigrant capitalists and worths their contributions. If not, then we are going to shed those prospective investors to our bordering nation of Canada or to the United Kingdom or to Australia or various other countries that recognize migration with financial investment and seek it out.




His work, funded in component through the EB-5 Regional Center Program, has actually renewed a very rural part of Vermont. I recognize that when I go up there and I listen to woodworkers and plumbers and electrical experts from that location who live in that area inform me they are making more money than they have actually ever made before, and they have been able to do more for their kids, they can spend in the community, they are seeing the training they had as Vermonters pay off, and currently they are actually making cash in a location where there was not much money to be made, it actually makes this Vermonter satisfied.

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Business like Marriott Hotels and Lennar Residences have transformed to the EB-5 program to fund job-creating projects around the country. This is happening all over, and, once again, I assume that is why we have support for this from both Republicans and Democrats - EB5 Regional Center Program. I would certainly like to see-- I will place my full statement in the record, but I would certainly like to see this come to be irreversible so that financiers can prepare.


OPENING STATEMENT OF HON. CHUCK GRASSLEY, A UNITED STATE LEGISLATOR FROM THE STATE OF IOWA Senator Grassley. This website program and its local facilities, now 21 years old, was produced to profit American communities through financial investment and job creation.

Today's hearing is a way for us to perform our constitutional task of oversight. It is important for us to assess the EB-5 program to identify how several work are created and hear whether the program is boosting financial activity in the areas most required. I intend to work with the Chairman on reauthorizing a changed and cost-effective program along with a number of various other migration programs that will certainly end at the same time.


Some may suggest that the EB-5 Regional Facility Program is doing extremely little to promote the economic climate. I value the management's current efforts to focus power and focus on changing the program and boost involvement in local. The adjustments they set up will help, yet at the end of the day, one reality stays.

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If the complete number of visas designated to the program are utilized, based upon financial investment and task development requirements, the program has the possible to preserve or develop 100,000 work per year, with payments of $5 billion in international funding investment.

I have been working for many months with interested events and USCIS to place with each other a legal structure to make substantial enhancements to the overall program to give them with added authorities to ensure that the program preserves the greatest level of honesty and performance.


His work, funded in part with the EB-5 Regional Center Program, has revitalized an extremely country part of Vermont. It is crucial for us to review the EB-5 program to determine exactly how many work are produced and listen to whether the program is raising financial task in the locations most required. I hope to work with the Chairman on reauthorizing a reformed and affordable program in enhancement to several various other immigration programs that will end at the same time.