[Congressional Record Volume 157, Number 41 (Thursday, March 17, 2011)]
[Senate]
[Pages S1850-S1851]
From the Congressional Record Online through the Government Publishing Office [www.gpo.gov]

      By Mr. LEAHY:
  S. 642. A bill to permanently reauthorize the EB-E Regional Center 
Program; to the Committee on the Judiciary.
  Mr. LEAHY. Mr. President, today I am introducing the Creating 
American Jobs Through Foreign Capital Investment Act. This bill does 
one simple thing: It makes the EB-5 regional center program permanent. 
The EB-5 Regional Center Program has been highly successful since its 
inception in 1992, but it has always lacked the security of assured 
continuity. Extending the program by a few years at a time hampers the 
growth of the program and creates a disincentive for immigrant 
investors to bring their capital investments to the United States. EB-5 
regional center programs have drawn jobs and millions of investment 
dollars to struggling communities and regions of our country. We can 
expand these job-creating

[[Page S1851]]

programs and allow new regional centers to compete for investments with 
quality projects--if the EB-5 authorization is made permanent in law.
  The State of Vermont and Vermont entrepreneurs recognized the 
potential of this program early on, and Vermont gained regional center 
status in 1997. Our State and the Vermont entrepreneurs who took 
advantage of the regional center planned their projects with great 
care. As a result, both the State and our entrepreneurs have 
successfully attracted investors and created jobs. Other states have 
taken note of Vermont's success, and today there are now about 135 
designated regional center programs across the country, which are 
creating jobs in States like Alabama, Arizona, California, Florida, 
Iowa, and New York, to name just a few.
  A regional center program is an economic engine for the state or 
region in which it is located. In a small state like Vermont, the 
economic activity generated by EB-5 projects at resorts like Jay Peak 
and Sugarbush has created direct jobs in those communities. Some of 
those jobs are for the construction and expansion phase, and others are 
for long-term employees of the resorts. These resort expansions bring 
more tourists to Vermont to enjoy skiing and summertime activities. 
Then there are the multiplier effects of these projects. Our visitors 
spend money while skiing and touring Vermont, supporting other Vermont 
businesses with every purchase they make. The economic activity is not 
limited to tourism, and there are other innovative projects in the 
pipeline in Vermont--projects like biotechnology; water purification; 
and manufacturing. Because the entire State of Vermont is a designated 
regional center, there is great potential for diversity both in terms 
of projects and geographic location.
  The Regional Center program attracts foreign investors seeking legal 
permanent residency and a chance to invest in the American economy. 
Investors must pledge a minimum of $500,000 to a project within a 
Regional Center, and they independently apply for EB-5 visas. If 
approved by U.S. Citizenship and Immigration, USCIS, foreign investors 
are granted conditional 2-year green cards. After 2 years, these 
investors must provide proof that they have created at least 10 jobs as 
a result of their investments, and that they have met additional 
investment requirements set by USCIS.
  The Federal Government authorizes approximately 388,000 green cards 
each year. Out of that number, only 10,000 annually are reserved for 
the EB-5 program. The vast majority of the green cards issued by our 
Government are family-based and available to anyone who meets the 
admissibility criteria, irrespective of personal wealth. It is true 
that this program requires a significant up-front investment from a 
prospective immigrant, but that does not disadvantage others who wish 
to become permanent residents. Most importantly, that investment 
directly benefits American communities and workers at no cost to 
American taxpayers. Similar programs have long yielded extraordinary 
economic benefits for the people of Canada, Australia and other 
countries.
  There is virtually no substantive opposition to the EB-5 program. 
Most elected officials will agree that creating jobs and capital 
investment is a good, bipartisan goal.
  The bill I introduce today makes the program permanent, but I am also 
working on a broader package of improvements to the EB-5 program to 
modernize it and ensure it operates efficiently, and as Congress 
intended. We must make sure that the immigration agency has the tools 
it needs to keep the program free from fraud and abuse. We must offer 
stakeholders an efficient process with fair standards so that they have 
confidence in the program. I am developing legislation in consultation 
with stakeholders and agency officials to make changes that will bring 
about lasting improvements for everyone involved.
  The EB-5 regional center program is one small corner of our overall 
immigration system--and it is one that generates tangible, ongoing 
economic benefits for Americans in the form of jobs and capital 
investment in local communities. It is an American success story, and 
we can build on its success with a continuing charter, with careful 
cultivation, and with appropriate oversight.
  Mr. President, I ask unanimous consent that the text of the bill be 
printed in the Record.
  There being no objection, the text of the bill was ordered to be 
printed in the Record, as follows:

                                 S. 642

       Be it enacted by the Senate and House of Representatives of 
     the United States of America in Congress assembled,

     SECTION 1. SHORT TITLE.

       This Act may be cited as the ``Creating American Jobs 
     Through Foreign Capital Investment Act''.

     SEC. 2. PERMANENT REAUTHORIZATION OF EB-5 REGIONAL CENTER 
                   PROGRAM.

       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--
       (1) by striking ``pilot'' each place such term appears; and
       (2) in subsection (b), by striking ``until September 30, 
     2012''.

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