Stenger to testify in Senate about EB-5 success in Vermont

US Senator Patrick Leahy (D-VT) will chair a hearing on Wednesday, December 7, on a key foreign investor program that has successfully drawn millions of dollars in economic investment to Vermont’s economy. Leahy chairs the Senate Judiciary Committee, which will hold a hearing on the reauthorization of the EB-5 Regional Center Program, and its impact on economic development and job creation in communities in Vermont and across the country.
Leahy has invited Bill Stenger, the president and co-owner of Vermont’s Jay Peak Resort, to testify at the hearing. Among other important Vermont businesses, both Jay Peak and Sugarbush, two of Vermont’s destination ski resorts, have successfully raised capital through the Regional Center program, and have been engaged in ambitious development projects. Since its establishment in Vermont in 1997, the program has drawn business and tourism to the state, and has created hundreds of jobs. Jay Peak has drawn over $250 million in foreign investment from over 500 investors who immigrated from 56 countries. Sugarbush has attracted $20 million in capital, which has created, or preserved, approximately 400 jobs in Vermont. Vermont Governor Peter Shumlin’s administration, and entrepreneurs throughout Vermont are working together to develop even more job creating enterprises for Vermont and Vermonters through the EB-5 Regional Center program.
Under the EB-5 Regional Center program, foreign investors are required to invest a minimum of $500,000 in a project within a Regional Center and can apply for an EB-5 visa. Under the program, U.S. Customs and Immigration Services (USCIS) must then approve the application, granting the investor a two-year green card. Upon the expiration of the visa, the investor must provide proof that they have created at least ten jobs as a result of their investment and have met additional investment requirements set by USCIS.
Leahy has worked to reauthorize the program several times. Earlier this year, he introduced legislation to make the program’s authorization permanent, and has been working to develop legislation to modernize and improve the program.
The hearing, entitled ‘Reauthorizing the EB-5 Regional Center Program: Promoting Job Creation and Economic Development in American Communities,’ will be webcast live online. It begins at 10:00 a.m. tomorrow, Wednesday, December 7. Witness testimony and member statements will be available online.