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Patrick J. Leahy, Chairman of the Board, 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 level is 10 or 15 degrees reduced since that would indicate about 10 inches of snow, which we define as something between a dusting and a snowfall back there.

In 2011 alone, this program gets on track to create an estimated 25,000 work and give direct financial investments in American communities of $1.25 billion. And, of course, there is fantastic prospective to raise the program's yearly benefits. If the full number of visas designated to the program are utilized, based upon investment and work development requirements, the program has the potential to produce or protect 100,000 work each year, with payments of $5 billion in international capital expense.


The benefits come with no cost to American taxpayers. The program is and ought to continue to be an essential part of our general migration system. Currently, the current permission for the program is readied to expire at the end of September 2012, and I have spoken with a number of Senators, both Republicans and Democrats, that think together with me that it is critical that Congress support united state

The background of our Nation has been written in component through the payments of immigrants. My maternal grandparents involved Vermont from Italy and started a little 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 numerous tasks.

That is reproduced in numerous other areas, not only in our State but all 49 various other States. And the EB-5 visa and various other employment-based visa categories within our migration system can play a meaningful duty in composing our future financial rebirth. I have actually been benefiting numerous months with interested celebrations and USCIS to place together a legislative structure to make considerable renovations to the general program to provide them with extra authorities to make certain that the program preserves the highest possible degree of stability and performance.

But I believe we need to progress with an irreversible authorization without further delay. I believe Congress needs to reveal possible investors from around the world that America welcomes immigrant financiers and worths their payments. Otherwise, after that we are going to shed those possible investors to our neighboring country of Canada or to the United Kingdom or to Australia or various other countries that identify migration with financial investment and seek it out.



His work, funded in part via the EB-5 Regional Facility Program, has renewed an extremely rural part of Vermont. I recognize that when I go up there and I hear plumbers and carpenters and electricians from that location that live in that area tell me they are making even more money than they have actually ever made before, and they have actually been able to do more for their children, they can invest in the area, they are seeing the training they had as Vermonters pay off, and now they are in fact making money in an area where there was not much cash to be made, it actually makes this Vermonter pleased.

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Business like Marriott Hotels and Lennar Houses have turned to the EB-5 program to fund job-creating projects around the nation. So this is happening throughout, and, once more, I assume that is why we have support for this from both Republicans and Democrats. However I would certainly like to see-- I will put my full statement in the document, but I would such as to see this become permanent to make sure that financiers can prepare.

Senator Grassley. OPENING STATEMENT OF HON. CHUCK GRASSLEY, An U.S. SENATOR FROM THE STATE OF IOWA Senator Grassley. Thanks, Mr. Chairman. This program and its local facilities, currently 21 years of ages, was created to profit American neighborhoods via investment and work development. Certainly at once of financial uncertainty, high nationwide unemployment, and stationary growth, we have to think about all devices at our disposal to boost financial activity.

Today's hearing is a method for us to conduct our constitutional obligation of oversight. It is necessary for us to evaluate the EB-5 program to figure out the number of work are created and hear whether the program is boosting financial task in the locations most required. I really hope to work with the Chairman on reauthorizing a changed and economical program in enhancement to several other migration programs that will certainly expire at the exact same time.

Some might read more say that the EB-5 Regional Facility Program is doing really little to stimulate the economic climate. I appreciate the management's current efforts to focus energy and attention on changing the program and rise engagement in local. The adjustments they institute will assist, however at the end of the day, one reality stays.

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If the full number of visas assigned to the program are made use of, based upon financial investment and work creation demands, the program has the prospective to produce or preserve 100,000 tasks per year, with contributions of $5 billion in foreign resources investment.

I have been working for lots of months with interested parties and USCIS to put together a legal framework to make considerable enhancements to the overall program to provide them with additional authorities to guarantee that the program preserves the highest possible degree of integrity and efficiency.

His work, funded in part via the EB-5 Regional Center Program, has revitalized an extremely country part of Vermont. It is essential for us to review the EB-5 program to identify exactly how numerous work are created and hear whether the program is increasing economic activity in the locations most required. I really hope to work with the Chairman on reauthorizing a reformed and economical program in addition to a number of other migration programs that will certainly run out at the same time.

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