Speech #1010246266

Today there is chaos and devastation. We need to be sensitive to the needs of Liberians here and recognize that they cannot return home to such conditions. The continuing troubled situation in Lebanon also merits mention in a discussion of this provision for temporary protected status. Earlier this month. I heard our Ambassadordesignate to Lebanon express to the Foreign Relations Committee his hope that the Taif agreement provides a framework for bringing an end to the suffering and violence there. Subsequent events. including the report of a massacre by Syrian troops after the routing of the Maronite Christian forces. are very discouraging. As long as the violence continues. and certainly as long as our own diplomats remain outside the country. we should open our arms to Lebanese already in this country who fear for their lives if they should return. One section of the bill that I am particularly pleased to have had included from my original bill is the employment generating investor visa provision. Following the recommendation of the Select Commission. the bill establishes a new visa category for entrepeneurs who are willing to contribute to Americas economic growth and provide new jobs for Americans by investing in new American enterprises. This one provision will generate over $8 billion annually in new investment in small and independent U.S. businesses and provide up to 100.000 new jobs for Americanstwo goals which we need to pursue as quickly as possible. This provision in the overall compromise bill is one for which there are no currently applicable INS procedures. It is a step into the future for immigration. Accordingly. I encourage the Department of Justice in promulgating regulations expeditiously and administering this provision to work closely with the State Department and the Commerce Department who have familiarity with international and commercial considerations that the Immigration Service has not traditionally had the occasion to have full familiarity or expertise. Similarly. although this provision is not completely parallel to foreign investor visa programs. I hope we can learn from and build upon the track record and experiences of the Governments of Canada and Australia who have had great success in attracting talented people through their investor visa programs. In enacting the investor visa program. we want to attract entrepeneurs and jobcreators into the U.S. economy. and as long as their investment is legitimate. we do not want or need excessive or arbitrary industrial policy tests about what constitutes a worthwhile investment. For example. the bill requires investor immigrants to start new firms. But this should not be intended to preclude an investor starting that new company from utilizing the existing assets of a failed enterprise. We should encourage and not cripple the creativity of these enterprising immigrants. Our bill distinguishes among investors in only one way. The general ruleand the vast majority of the investor immigrants will fit in this categoryis that the investor must invest $1 million and create 10 U.S. Jobs. However. we are mindful of the need to target invcetments to rural America and areas with particularly high unemploymentareas that can use the job creation the most. For this group. we make available at least 3.000 visas annually. Americas urban core and rural areas have special job creation needs and this visa program is sensitive to that in this way. Investments in this area must still create 10 jobs but require an investment less than $1 million. The Attorney General is authorized to set the required investment at a lower amount but at least $500.000.