Patrick Leahy: “I urge the Senate to pass S. 1642, a bill to extend for 5 years the EB-5 immigrant investor visa regional center pilot…”

“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.”