S. 2751Senate110th Congress (2007-2009)In Committee

State Foreign Investment Improvement Act

Introduced March 12, 2008

Legislative Activity

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2 earlier actions
SenateIntro Referral Latest Action

Read twice and referred to the Committee on the Judiciary. (text of measure as introduced: CR S2007)

March 12, 2008

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SenateIntro Referral

Introduced in Senate

March 12, 2008

SenateIntro Referral

Sponsor introductory remarks on measure. (CR S2006-2007)

March 12, 2008

SenateIntro Referral

Read twice and referred to the Committee on the Judiciary. (text of measure as introduced: CR S2007)

March 12, 2008

Floor Debate

6 members

What members said about S. 2751 on the floor

2 Republicans4 Democrats
Patrick J. Leahy
Sen. Patrick J. LeahyD-VT · Mar 12, 2008

Mr. President, today, as we approach the national celebration of Sunshine Week 2008, I am pleased to join with Senator Cornyn to introduce the OPEN FOIA Act of 2008, a concise and straightforward…

Dianne Feinstein
Sen. Dianne FeinsteinD-CA · Mar 12, 2008

Mr. President, I rise today to introduce legislation that will help address a troublesome byproduct of our Nation's mining history: abandoned mines. The 1872 Mining Law created national standards to…

Patrick J. Leahy
Sen. Patrick J. LeahyD-VT · Mar 12, 2008

Mr. President, today, I am introducing legislation to strengthen and make permanent the Regional Center pilot program at the U.S. Citizenship and Immigration Services, USCIS. l am pleased that…

Arlen Specter
Sen. Arlen SpecterR-PA · Mar 12, 2008

Mr. President, I seek recognition to speak on the State Foreign Investment Improvement Act, which I am cosponsoring with Senator Leahy. This bill will make permanent the Immigrant Investor Pilot…

Arlen Specter
Sen. Arlen SpecterR-PA · Mar 12, 2008

Mr. President, I seek recognition to speak on the State Foreign Investment Improvement Act, which I am cosponsoring with Senator Leahy. This bill will make permanent the Immigrant Investor Pilot…

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Ron Wyden
Sen. Ron WydenD-OR · Mar 12, 2008

Mr. President, it is not easy talking to a family member or loved one about what kind of medical care you'd want or not want at the end of your life. Yet every day family members are making medical…

Tom Harkin
Sen. Tom HarkinD-IA · Mar 12, 2008

Mr. President, some time back, a principal of a school in Atlanta, GA, explained why his school had eliminated recess from its school day, and why new elementary schools in Atlanta were being built…

Gordon H. Smith
Sen. Gordon H. SmithR-OR · Mar 12, 2008

Mr. President, I rise today to congratulate an inspiring young man, Brian McCarthy. Brian is a student at Liberty High School in Hillsboro, Oregon, and was this year's third place finalist in the…

Bill Text

Latest available legislative text

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Introduced in SenateIssued March 12, 2008

II

110th CONGRESS

2d Session

S. 2751

IN THE SENATE OF THE UNITED STATES

March 12, 2008

Mr. Leahy (for himself and Mr. Specter) introduced the following bill; which was read twice and referred to the Committee on the Judiciary

A BILL

To facilitate foreign investment by permanently reauthorizing the EB–5 regional center program, and for other purposes.

1.

Short title

This Act may be cited as the State Foreign Investment Improvement Act.

2.

Permanent reauthorization of EB–5 regional center program; application fee

(a)

In general

Section 610 of the Departments of Commerce, Justice, and State, the Judiciary, and Related Agencies Appropriations Act, 1993 (8 U.S.C. 1153 note) is amended—

(1)

by striking pilot each place it appears;

(2)

in subsection (b), by striking for 15 years; and

(3)

by adding at the end the following:

(e)

In addition to any other fees authorized by law, the Secretary of Homeland Security shall impose a fee of $2,500 to apply for designation as a regional center under this section. Fees collected under this subsection shall be deposited in the Treasury in accordance with section 286(w) of the Immigration and Nationality Act (8 U.S.C. 1356(w)).

.

(b)

Establishment of account; use of fees

Section 286 of the Immigration and Nationality Act (8 U.S.C. 1356) is amended by adding at the end the following:

(w)

Immigrant Entrepreneur Regional Center Account

(1)

In general

There is established in the general fund of the Treasury a separate account, which shall be known as the Immigrant Entrepreneur Regional Center Account. Notwithstanding any other provision of law, there shall be deposited as offsetting receipts into the account all fees collected under section 610(b) of the Departments of Commerce, Justice, and State, the Judiciary, and Related Agencies Appropriations Act, 1993 (8 U.S.C. 1153 note).

(2)

Use of fees

Fees collected under this section may only be used by the Secretary of Homeland Security to administer and operate the EB–5 immigrant investor program.

.

(c)

Rulemaking

Not later than 120 days after the date of the enactment of this Act, the Secretary of Homeland Security shall prescribe regulations to implement the amendments made by this section.

(d)

Effective date

The amendments made by subsections (a)(3) and (b) shall take effect on the effective date of the regulations prescribed pursuant to subsection (c).

3.

Premium processing fee for EB–5 immigrant investors

(a)

In general

Section 286(u) of the Immigration and Nationality Act (8 U.S.C. 1356(u)) is amended by striking $1,000, and inserting $1,000 per petition. If the petition is filed under section 203(b)(5), the fee shall be set at $2,000 and may only be used by the Secretary of Homeland Security to administer and operate the EB–5 immigrant investor program. Fees collected under this subsection.

(b)

Rulemaking

Not later than 120 days after the date of the enactment of this Act, the Secretary of Homeland Security shall prescribe regulations to implement the amendment made by subsection (a).

4.

Concurrent filing of EB–5 petitions and applications for adjustment of status

Section 245 of the Immigration and Nationality Act (8 U.S.C. 1255) is amended by adding at the end the following:

(n)

If, at the time a petition is filed for classification through a regional center under section 203(b)(5), approval of the petition would make a visa immediately available to the alien beneficiary, the alien beneficiary’s adjustment application under this section shall be considered to be properly filed whether the application is submitted concurrently with, or subsequent to, the visa petition.

.