Speech #1100172809

I would like to thank my colleague. Congresswoman ZOE LOFGREN. Chairwoman of the Immigration Subcommittee. for her leadership on sponsoring this legislation. I would also like to thank Mr. Blake Chisam. counsel on the Immigration Subcommittee. and Mr. Arthur Sidney. of my staff. for their important work in including my amendment in the bill. By way of background and explanation. H.R. 5569 extends for five years the EB5 regional center pilot program. Congress created the fifth employmentbased preference. EB5. immigrant visa category in 1990 for immigrants seeking to engage in a commercial enterprise that will benefit the U.S. economy and create at least 10 fulltime jobs. The basic amount required to invest is $1 million. although that amount may be $500.000 if the investment is made in a "targeted employment area." Of the approximately 10.000 numbers available for this preference each year. 3.000 are reserved for entrepreneurs who invest in targeted employment areas. A separate allocation of 3.000 visas is set aside for entrepreneurs who immigrate through a regional center pilot program. In 2003. Congress asked the U.S.