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Patrick J. Leahy, Chairman of the Committee, presiding. OPENING STATEMENT OF HON. PATRICK J. LEAHY, A UNITED STATE LEGISLATOR FROM THE STATE OF VERMONT Chairman Leahy. I am wishing that in Vermont the temperature is 10 or 15 degrees reduced since that would certainly suggest about 10 inches of snow, which we describe as something in between a dusting and a snowfall back there.


In 2011 alone, this program gets on track to create an estimated 25,000 jobs and supply straight financial investments in American communities of $1.25 billion. And, of course, there is great potential to boost the program's annual benefits. If the complete number of visas alloted to the program are used, based upon investment and work production requirements, the program has the possible to develop or preserve 100,000 jobs per year, with contributions of $5 billion in international capital expense.




The benefits come at no charge to American taxpayers. The program is and should remain to be a crucial component of our overall migration system. Currently, the current consent for the program is established to end at the end of September 2012, and I have talked with a variety of Senators, both Republicans and Democrats, that think along with me that it is essential that Congress support united state


The history of our Nation has been written in component through the payments of immigrants. My mother's grandparents involved Vermont from Italy and began a tiny stone-carving organization in South Ryegate, Vermont, as Mr. Stenger knows. That is up near his component of the State. The place does not have many jobs.


That is duplicated in so numerous various other locations, not just in our State but all 49 various other States. And the EB-5 visa and various other employment-based visa groups within our immigration system can play a significant role in composing our future economic rebirth. I have actually been helping several months with interested parties and USCIS to assemble a legal structure to make considerable improvements to the overall program to offer them with additional authorities to make sure that the program keeps the highest degree of stability and effectiveness.


However I believe we need to relocate ahead with a permanent consent without additional hold-up. I assume Congress has to show potential investors from worldwide that America invites immigrant capitalists and values their contributions. If not, after that we are going to shed those prospective financiers to our bordering nation of Canada or to the United Kingdom or to Australia or various other nations that identify migration through financial investment and seek it out.




His work, financed in part through the EB-5 Regional Facility Program, has actually revitalized a really rural component of Vermont. I recognize that when I go up there and I listen to carpenters and plumbing technicians and electricians from that location that live in that area tell me they are making even more money than they have ever before made prior to, and they have actually been able to do even more for their children, they can spend in the community, they are seeing the training they had as Vermonters pay off, and currently they are in fact making money in an area where there was not much money to be made, it actually makes this Vermonter satisfied.

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Companies like Marriott Hotels and Lennar Homes have actually turned to the EB-5 program to fund job-creating projects around the country. This is happening all over, and, again, I think that is why we have assistance for this from both Republicans and Democrats - EB5 Regional Center Program. But I wish to see-- I will certainly put my complete declaration in the record, but I would love to see this ended up being irreversible to make sure that financiers can prepare.


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 local centers, now 21 years old, was produced to benefit American neighborhoods with investment and work production. At a time of economic unpredictability, high nationwide joblessness, and stationary development, we should think about all devices at our disposal to raise economic activity.


Today's hearing is a means for us more info to conduct our constitutional duty of oversight. It is essential for us to review the EB-5 program to identify the number of tasks are created and hear whether the program is boosting financial activity in the locations most needed. I want to work with the Chairman on reauthorizing a reformed and cost-effective program in addition to several other immigration programs that will certainly expire at the same time.


Some might suggest that the EB-5 Regional Center Program is doing really little to boost the economic climate. I appreciate the management's current efforts to focus energy and interest on changing the program and rise engagement in local centers. The modifications they set up will help, but 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 work creation requirements, the program has the potential to produce or protect 100,000 tasks per year, with payments of $5 billion in foreign funding investment.


I have been working for several months with interested celebrations and USCIS to place together a legal structure to make considerable enhancements to the general program to offer them with extra authorities to guarantee that the program preserves the greatest degree of integrity and effectiveness.


His job, financed in component through the EB-5 Regional Facility Program, has revitalized a very country part of Vermont. It is vital for us to assess the EB-5 program to determine how many jobs are created and listen to whether the program is boosting economic activity in the areas most required. I wish to work with the Chairman on reauthorizing a reformed and cost-effective program in enhancement to a number of various other migration programs that will certainly end at the same time.