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Patrick J. Leahy, Chairman of the Board, presiding. Existing: Senators Leahy, Grassley, Sessions, and Cornyn. OPENING STATEMENT OF HON. PATRICK J. LEAHY, A UNITED STATE SENATOR FROM THE STATE OF VERMONT Chairman Leahy. Great morning. Thanks for being below on a wet, careless morning. I am hoping that in Vermont the temperature is 10 or 15 levels lower since that would certainly imply concerning 10 inches of snow, which we call something between a dusting and a snowfall back there.

In 2011 alone, this program gets on track to produce an estimated 25,000 work and supply direct financial investments in American areas of $1.25 billion. And, obviously, there is excellent prospective to boost the program's yearly advantages. If the full variety of visas designated to the program are used, based upon financial investment and task development needs, the program has the prospective to develop or preserve 100,000 work annually, with payments of $5 billion in foreign capital expense.


The program is and should proceed to be a vital part of our overall immigration system. Now, the current consent for the program is established to expire at the end of September 2012, and I have spoken with a number of Senators, both Republicans and Democrats, that believe along with me that it is important that Congress support U.S

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

That is replicated in numerous various other locations, not just in our State yet all 49 other States. And the EB-5 visa and other employment-based visa categories within our immigration system can play a meaningful role in composing our future financial rebirth. I have been helping many months with interested parties and USCIS to create a legal structure to make considerable renovations to the total program to give them with extra authorities to guarantee that the program maintains the highest degree of stability and performance.

But I think we need to progress with a long-term consent without additional hold-up. I think Congress needs to show possible investors from around the globe that America welcomes immigrant financiers and values their payments. If not, after that we are going to lose those possible financiers to our surrounding country of Canada or to the UK or to Australia or other countries that identify immigration with investment and seek it out.



We are going to learn through Costs Stenger of Jay Top, Vermont. His job, funded partially with the EB-5 Regional Center Program, has actually revitalized an extremely rural component of Vermont. It has transformed a cherished and famous Vermont ski resort right into a world-class, four-season resort. I know that when I increase there and I listen to plumbings and carpenters and electrical contractors from that location that stay in that area tell me they are making more cash than they have ever made before, and they have been able to do more for their youngsters, they can buy the area, they are seeing the training they had as Vermonters repay, and now they are really earning money in a location where there was very little cash to be made, it really makes this Vermonter satisfied.

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Companies like Marriott Hotels and Lennar Residences have actually transformed to the EB-5 program to finance job-creating tasks around the country. So this is taking place a knockout post all over, and, once again, I think that is why we have assistance for this from both Republicans and Democrats. I would like to see-- I will place my complete statement in the record, but I would certainly like to see this become irreversible so that financiers can intend.

Senator Grassley. OPENING STATEMENT OF HON. CHUCK GRASSLEY, A UNITED STATE SENATOR FROM THE STATE OF IOWA Legislator Grassley. Thank you, Mr. Chairman. This program and its regional centers, now 21 years of ages, was produced to profit American neighborhoods via investment and task creation. At a time of economic unpredictability, high nationwide joblessness, and stagnant growth, we need to consider all tools at our disposal to enhance financial task.

Today's hearing is a means for us to conduct our constitutional task of oversight. It is essential for us to examine the EB-5 program to figure why not try these out out the number of tasks are created and listen to whether the program is increasing financial task in the areas most required. I wish to function with the Chairman on reauthorizing a changed and economical program in addition to numerous various other migration programs that will certainly run out at the exact same time.

Some may suggest that the EB-5 Regional Facility Program is doing really little to promote the economic situation. I appreciate the management's recent efforts to focus power and attention on reforming the program and rise participation in regional centers. The changes they institute will assist, yet at the end of the day, one fact stays.

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

I have actually been working for several months with interested celebrations and USCIS to put together a news legislative structure to make significant improvements to the total program to give them with additional authorities to make sure that the program keeps the highest level of honesty and performance.

His job, funded in component with the EB-5 Regional Facility Program, has rejuvenated a very rural component of Vermont. It is essential for us to assess the EB-5 program to identify just how numerous work are produced and listen to whether the program is boosting economic task in the locations most needed. I really hope to work with the Chairman on reauthorizing a changed and cost-effective program in addition to several other immigration programs that will certainly end at the very same time.

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