[Congressional Record Volume 149, Number 139 (Friday, October 3, 2003)]
[Senate]
[Pages S12476-S12477]
From the Congressional Record Online through the Government Publishing Office [www.gpo.gov]
EXTENDING THE DURATION OF THE IMMIGRANT INVESTOR REGIONAL CENTER PILOT
PROGRAM
Mr. FRIST. I ask unanimous consent that the Judiciary Committee be
discharged from further consideration of S. 1642, and that the Senate
proceed to its immediate consideration.
The PRESIDING OFFICER. Without objection it is so ordered. The clerk
will report the bill by title.
The assistant legislative clerk read as follows:
A bill (S. 1642) to extend the duration of the immigrant
investor regional center pilot program for 5 additional
years, and for other purposes.
There being no objection, the Senate proceeded to consider the bill.
Mr. LEAHY. Mr. President, I urge the Senate to pass S. 1642, a bill
to extend for 5 years the EB-5 immigrant investor visa regional center
pilot program, which lapsed at the end of the fiscal year on Tuesday. I
am pleased that Senators Brownback and Daschle have joined me in
sponsoring this bill. There are more than 25 regions in the Nation that
have qualified as a ``regional center'' under this program, including
in my State of Vermont. This designation allows them to attract foreign
investment by adjusting the standard that investors must meet to obtain
legal permanent resident status. The entrepreneurs must still meet a
heavy burden, however, showing that their investment will create 10 or
more jobs in these relatively depressed areas.
The pilot program is narrowly tailored to avoid fraud. An area
seeking regional center status must provide, among other things,
detailed information regarding how the center will promote economic
growth through improved regional productivity, job creation, and
increased domestic capital investment. The applicant must also provide
a detailed explanation of why the regional center will have a positive
impact on the regional or national economy in general.
The Judiciary Committee approved the language in this bill
unanimously, as part of a substitute amendment to S. 1580, the
Religious Workers Act of 2003. I am pleased to include an amendment
from Senator Feingold that the Judiciary Committee also unanimously
approved, calling for a GAO study on the EB-5 program as a whole. Such
a study will give us a better idea of how the program is working and
what improvements may be needed.
This is an important program for my State and many other regions of
the country, and I ask for the support of all Senators in extending it
for an additional 5 years.
Mr. FRIST. I ask unanimous consent that the Feingold amendment, which
is at the desk, be considered, agreed to, the bill as amended be read
three times and passed, the motion to reconsider be laid upon the table
with no intervening action or debate, and that any statements related
to the bill be printed in the Record.
The PRESIDING OFFICER. Without objection, it is so ordered.
The amendment (No. 1827) was agreed to, as follows:
amendment no. 1827
(Purpose: To require the General Accounting Office to report to
Congress on the immigrant investor program)
At the end, add the following:
SEC. 2. GAO STUDY.
(a) In General.--Not later than 1 year after the date of
enactment of this Act, the General Accounting Office shall
report to Congress on the immigrant investor program created
under section 203(b)(5) of the Immigration and Nationality
Act (8 U.S.C. 1153(b)(5)).
(b) Contents.--The report described in subsection (a) shall
include information regarding--
(1) the number of immigrant investors that have received
visas under the immigrant investor program in each year since
the inception of the program;
(2) the country of origin of the immigrant investors;
(3) the localities where the immigrant investors are
settling and whether those investors generally remain in the
localities where they initially settle;
(4) the number of immigrant investors that have sought to
become citizens of the United States;
(5) the types of commercial enterprises that the immigrant
investors have established; and
(6) the types and number of jobs created by the immigrant
investors.
The bill (S. 1642), as amended, was read the third time and passed,
as follows:
S. 1642
Be it enacted by the Senate and House of Representatives of
the United States of America in Congress assembled,
SECTION 1. PILOT IMMIGRATION PROGRAM.
(a) Processing Priority Under Pilot Immigration Program for
Regional Centers to Promote Economic Growth.--Section 610 of
the Departments of Commerce, Justice, and State, the
Judiciary, and Related Agencies Appropriations Act, 1993 (8
U.S.C. 1153 note) is amended--
[[Page S12477]]
(1) by striking ``Attorney General'' each place such term
appears and inserting ``Secretary of Homeland Security''; and
(2) by adding at the end the following:
``(d) In processing petitions under section 204(a)(1)(H) of
the Immigration and Nationality Act (8 U.S.C. 1154(a)(1)(H))
for classification under section 203(b)(5) of such Act (8
U.S.C. 1153(b)(5)), the Secretary of Homeland Security may
give priority to petitions filed by aliens seeking admission
under the pilot program described in this section.
Notwithstanding section 203(e) of such Act (8 U.S.C.
1153(e)), immigrant visas made available under such section
203(b)(5) may be issued to such aliens in an order that takes
into account any priority accorded under the preceding
sentence.''.
(b) Extension.--Section 610(b) of the Departments of
Commerce, Justice, and State, the Judiciary, and Related
Agencies Appropriations Act, 1993 (8 U.S.C. 1153 note) is
amended by striking ``10 years'' and inserting ``15 years''.
SEC. 2. GAO STUDY.
(a) In General.--Not later than 1 year after the date of
enactment of this Act, the General Accounting Office shall
report to Congress on the immigrant investor program created
under section 203(b)(5) of the Immigration and Nationality
Act (8 U.S.C. 1153(b)(5)).
(b) Contents.--The report described in subsection (a) shall
include information regarding--
(1) the number of immigrant investors that have received
visas under the immigrant investor program in each year since
the inception of the program;
(2) the country of origin of the immigrant investors;
(3) the localities where the immigrant investors are
settling and whether those investors generally remain in the
localities where they initially settle;
(4) the number of immigrant investors that have sought to
become citizens of the United States;
(5) the types of commercial enterprises that the immigrant
investors have established; and
(6) the types and number of jobs created by the immigrant
investors.
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