[Congressional Record (Bound Edition), Volume 149 (2003), Part 17]
[Senate]
[Page 24210]
[From the U.S. 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--
       (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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