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The program is positioned in an extremely weird and non-helpful bureaucratic location for the stimulation of global investment in the United States. We are giving away too much for as well little of a financial investment.


The local centers, with their half-million plans, essentially damaged the more reasonable million-dollar part of the EB-5 program. Third, such programs, if we have them in all, as they perform in Australia, ought to be about producing business entities, not easy investments. It must be regarding developing actual tasks, not specify calculations regarding the indirect creation of tasks, which is currently component of the regulations.


Probably that is just one of the reasons why it has actually failed time after time to get to the legislative goal of 10,000 investment visas. Fifth, the Regional Facility Program is naturally clumsy, and the program is too full of middlemen, both public and exclusive. The program has even more than its share of detractions, which I will certainly enter later on if anybody is interested.


This is an agency that loves to say yes to candidates, but as the table in my testimony reveals, USCIS policemans have a lot extra trouble with EB-5 applications than others. I assume that is something that nobody has really discussed much. EB5 Regional Center Program. There are high rates of interior denials in this program and completely reason

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Seventh, in this program visas most likely to people that could not get them differently and to people whose organized investment is really much less, according to the Federal Reserve, than the typical mean total assets of all American family members in 2007. Let me expand on one of my observations.


My estimate based upon the investors' eco-friendly card applications filed 2 years after the initial investment-- these are the solid ones that stay and are authorized. This is 2009-- was that they had concerning $191 million verified-- that is my price quote. USCIS does not give the sort of information that we might use on this.


For every $100 of boosted international investment that year, the EB program added one cent. Under a far more shaky analytical base, the initial applications of potential immigrant financiers, USCIS is informing reporters that the level of investment in the just-concluded year had to do with $1.2 billion. Let us approve that.

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Thank you for paying attention to me. Chairman Leahy. He is the head of the company's migration practice team.




Divine acted as Chief Guidance of the United States Citizenship and Immigration Services from July 2004 till November 2006, the year in which he was Performing Supervisor, and after that Performing Deputy Director. He has functioned thoroughly with the EB-5 program secretive method. He was chosen, as I understand, vice president of the Association to Purchase United States, the nationwide market association of regional facilities.


DECLARATION OF ROBERT C. DIVINE, LAWYER, BAKER, DONELSON, BEARMAN, CALDWELL, AND BERKOWITZ, P.C., CHATTANOOGA, TENNESSEE, AND VICE HEAD OF STATE, INVEST IN THE U.S.A. (IIUSA) Mr. Divine. Thank you, Mr. Chairman, Senator Grassley, and others.


At a lot of, if all 10,000 ports were made use of, it would be 1 percent of the immigration annually to the United States. It is not near that yet, yet website it is expanding and getting toward that. Particularly as USCIS, the firm that looks after the program, has been making the rules clearer and the procedures much more reasonable and clear for the people that are arranging financial investments and for the capitalists who are spending, more people have agreed and able to put initiative and money into the process to find excellent jobs and establish them, and after that much more capitalists have wanted to invest their money and take the threat and make use of the cash to create the tasks that is the point of the program.

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These tasks do not wait around permanently, and USCIS understands that and are attempting to speed the program, speed the process - EB5 Regional Center Program. That does not suggest that they are unwinding their examination, and, in reality, they are all set to refute applications that are not qualifying. And they do so, as was discussed


The local center component of the program is not. It becomes part of an appropriations bill that was enacted in 1992, and since then that program has been expanded 5 times for 19 years. It is time for it to be irreversible, and it requires to be done currently and not nearer to the day of expiry in September.


The process takes a good while to function up a task and after that to get the investors approved. And they do not want their cash moving via until they have actually been approved. And the specter of the expiry of this Regional Facility Program in September is already dissuading the growth of jobs.

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I would like to make clear that the Regional Facility Program is not the very same as the half-million-dollar thing. The idea of half a million or a million is a feature of the regular EB-5 law that is component of the code. It just is a fact that the majority of the local centers that are merging investments have set those instead of high joblessness or in country locations where fifty percent- million-dollar investments are enabled, and that makes sense.