Speech #1100172805

I yield myself so much time as I may consume. Mr. Speaker. the investor visa program is designed to attract entrepreneurial talent and capital to the United States and to create American jobs. Under this program. permanent resident visas are available each year to aliens who establish a new business in the United States and invest between $500.000 and $1 million in the business and eventually create at least 10 fulltime jobs for American workers. Once the Department of Homeland Security approves an alien business plan. the alien receives conditional permanent residence status. Two years later. the Department of Homeland Security determines whether the above requirements have. in fact. been met. If they have. the alien receives permanent residence. To further encourage economic development. back in 1993. Congress created a temporary pilot program that set aside 3.000 investor visas each year for aliens who invested at least $500.000 in designated regional centers. A regional center is any economic unit. public or private. which is involved with the promotion of economic