Speech #970091895

In this particular case it might be good for my colleagues to know that prior to the effective date of June 1. 1978. our Government was attempting to attract foreign investors in this country with a promise of permanent residency. We set up some requirements as to how much they had to invest. and then they could come to this country and be rather assured that within a reasonable period of time they would enjoy a permanent resident status. with all of the privileges that that would give them. Unfortunately. on June 1. 1978. a new quota system went into effect by which all of the available numbers for permanent resident status that would be potentially available to this group of people were used up. In other words. they could come here and they could remain here legally. but they were unable to leave the country and come back in. They were unable to bring in members of their family.