1062 
amount not more than $25,000 per viola-
tion per affected worker; or 
‘‘(B) for knowingly failing to materially 
comply with the terms of representations made 
in petitions, applications, certifications, or at-
testations under this section— 
‘‘(i) a fine in an amount not more 
than $4,000 per aggrieved worker; and 
‘‘(ii) upon the occasion of a third of-
fense of failure to comply with representa-
tions, a fine in an amount not to exceed 
$5,000 per affected worker and designa-
tion as an ineligible employer, recruiter, or 
broker for purposes of any immigrant or 
nonimmigrant program. 
‘‘(3) CRIMINAL
PENALTY.—Any person who 
knowingly misrepresents the number of full-time 
equivalent employees of an employer or the number 
of employees of a person who are United States 
workers for the purpose of reducing a fee under sub-
section (e)(6) or avoiding the limitation in sub-
section (e)(7), shall be fined in accordance with title 
18, United States Code, in an amount up to 
$25,000 or imprisoned not more than 1 year, or 
both. 
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1063 
‘‘(p) MONITORING.— 
‘‘(1) REQUIREMENT
TO
MONITOR.—The Sec-
retary shall monitor the movement of W non-
immigrants in registered positions through— 
‘‘(A) the Employment Verification System 
described in section 274A(d); and 
‘‘(B) the electronic monitoring system de-
scribed in paragraph (2). 
‘‘(2) ELECTRONIC MONITORING SYSTEM.— 
‘‘(A) REQUIREMENT
FOR
SYSTEM.—The 
Secretary, through U.S. Citizenship and Immi-
gration Services, shall implement an electronic 
monitoring system to monitor presence and em-
ployment of W nonimmigrants, including a re-
quirement that registered employers update the 
system when W nonimmigrants start and end 
employment in registered positions. 
‘‘(B) SYSTEM DESCRIPTION.—Such system 
shall be modeled on the Student and Exchange 
Visitor Information System (SEVIS) and 
SEVIS II tracking system of U.S. Immigration 
and Customs Enforcement. 
‘‘(C) INTERACTION
WITH
REGISTRY.— 
Such system shall interact with the registry re-
ferred to in subsection (e)(1)(F) to ensure that 
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1064 
the Secretary designates and updates approved 
registered positions as being filled or unfilled.’’. 
(b) TABLE OF CONTENTS AMENDMENT.—The table 
of contents in the first section (8 U.S.C. 1101 et seq.) 
is amended by adding after the item relating to section 
219 the following: 
‘‘Sec. 220. Admission of W nonimmigrant workers.’’. 
Subtitle H—Investing in New Ven-
ture, Entrepreneurial Startups, 
and Technologies 
SEC. 4801. NONIMMIGRANT INVEST VISAS. 
(a) INVEST NONIMMIGRANT CATEGORY.—Section 
101(a)(15) (8 U.S.C. 1101(a)(15)), as amended by sec-
tions 2231, 2308, 2309, 3201, 4402, 4504, 4601, and 
4702, is further amended by inserting after subparagraph 
(W) the following: 
‘‘(X) in accordance with the definitions in 
section 203(b)(6)(A), a qualified entrepreneur 
who has demonstrated that, during the 3-year 
period ending on the date on which the alien 
filed an initial petition for nonimmigrant status 
described in this clause— 
‘‘(i) a qualified venture capitalist, a 
qualified super angel investor, a qualified 
government entity, a qualified community 
development financial institution, qualified 
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1065 
startup accelerator, or such other type of 
entity or investors, as determined by the 
Secretary, or any combination of such enti-
ties or investors, has made a qualified in-
vestment or combination of qualified in-
vestments of not less than $100,000 in 
total in the alien’s United States business 
entity; or 
‘‘(ii) the alien’s United States busi-
ness entity has created no fewer than 3 
qualified jobs and during the 2-year period 
ending on such date has generated not less 
than $250,000 in annual revenue arising 
from business conducted in the United 
States; or’’. 
(b) ADMISSION OF INVEST NONIMMIGRANTS.—Sec-
tion 214 (8 U.S.C. 1184), as amended by sections 3608, 
4232, 4405, 4503, 4504, 4602, 4605, and 4606, is further 
amended by adding at the end the following: 
‘‘(aa) INVEST NONIMMIGRANT VISAS.— 
‘‘(1) DEFINITIONS.—The definitions in section 
203(b)(6)(A) apply to this subsection. 
‘‘(2) INITIAL PERIOD OF AUTHORIZED ADMIS-
SION.—The initial period of authorized status as a 
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nonimmigrant described in section 101(a)(15)(X) 
shall be for an initial 3-year period. 
‘‘(3) RENEWAL
OF
ADMISSION.—Subject to 
paragraph (4), the initial period of authorized non-
immigrant status described in paragraph (2) may be 
renewed for additional 3-year periods if during the 
most recent 3-year period that the alien was granted 
such status— 
‘‘(A) the alien’s United States business en-
tity has created no fewer than 3 qualified jobs 
and a qualified venture capitalist, a qualified 
super angel investor, a qualified government en-
tity, a qualified community development finan-
cial institution, qualified startup accelerator, or 
such other type of entity or investors, as deter-
mined by the Secretary, or any combination of 
such entities or investors, has made a qualified 
investment or combination of qualified invest-
ments of not less than $250,000 in total to the 
alien’s United States business entity; or 
‘‘(B) the alien’s United States business en-
tity has created no fewer than 3 qualified jobs 
and, during the 2-year period ending on the 
date that the alien petitioned for an extension, 
has generated not less than $250,000 in annual 
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revenue arising from business conducted within 
the United States. 
‘‘(4) WAIVER OF RENEWAL REQUIREMENTS.— 
The Secretary may renew an alien’s status as a non-
immigrant described in section 101(a)(15)(X) for 
not more than 1 year at a time, up to an aggregate 
of 2 years if the alien— 
‘‘(A) does not meet the criteria under 
paragraph (3); and 
‘‘(B) meets the criteria established by the 
Secretary, in consultation with the Secretary of 
Commerce, for approving renewals under this 
subsection, which shall include a finding that— 
‘‘(i) the alien has made substantial 
progress in meeting such criteria; and 
‘‘(ii) such renewal is economically ben-
eficial to the United States. 
‘‘(5) ATTESTATION.—The Secretary may re-
quire an alien seeking status as a nonimmigrant de-
scribed in section 101(a)(15)(X) to attest, under 
penalty of perjury, that the alien meets the applica-
tion criteria. 
‘‘(6) X–1 VISA FEE.—In addition to processing 
fees, the Secretary shall collect a $1,000 fee from 
each 
nonimmigrant 
admitted 
under 
section 
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101(a)(15)(X). Fees collected under this paragraph 
shall be deposited into the Comprehensive Immigra-
tion Reform Trust Fund established under section 
9(a)(1) of the Border Security, Economic Oppor-
tunity, and Immigration Modernization Act.’’. 
SEC. 4802. INVEST IMMIGRANT VISA. 
Section 203(b) (8 U.S.C. 1153(b)) is amended— 
(1) by redesignating paragraph (6) as para-
graph (7); and 
(2) by inserting after paragraph (5) the fol-
lowing: 
‘‘(6) INVEST IMMIGRANTS.— 
‘‘(A) DEFINITIONS.—In this paragraph, 
section 101(a)(15)(X), and section 214(s): 
‘‘(i) QUALIFIED COMMUNITY DEVEL-
OPMENT
FINANCIAL
INSTITUTION.—The 
term ‘qualified community development fi-
nancial institution’ is defined as provided 
under section 1805.201 45D(c) of title 12, 
Code of Federal Regulations, or any simi-
lar successor regulations. 
‘‘(ii) QUALIFIED
ENTREPRENEUR.— 
The term ‘qualified entrepreneur’ means 
an individual who— 
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‘‘(I) has a significant ownership 
interest, which need not constitute a 
majority interest, in a United States 
business entity; 
‘‘(II) is employed in a senior ex-
ecutive position of such United States 
business entity; 
‘‘(III) submits a business plan to 
U.S. Citizenship and Immigration 
Services; and 
‘‘(IV) had a substantial role in 
the founding or early-stage growth 
and development of such United 
States business entity. 
‘‘(iii) QUALIFIED GOVERNMENT ENTI-
TY.—The term ‘qualified government enti-
ty’ means an agency or instrumentality of 
the United States or of a State, local, or 
tribal government. 
‘‘(iv) QUALIFIED INVESTMENT.—The 
term ‘qualified investment’— 
‘‘(I) means an investment in a 
qualified entrepreneur’s United States 
business entity that is— 
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‘‘(aa) a purchase from the 
United States business entity or 
equity or convertible debt issued 
by such entity; 
‘‘(bb) a secured loan; 
‘‘(cc) 
a 
convertible 
debt 
note; 
‘‘(dd) a public securities of-
fering; 
‘‘(ee) a research and devel-
opment award from a qualified 
government entity to the United 
States entity; 
‘‘(ff) other investment deter-
mined appropriate by the Sec-
retary; or 
‘‘(gg) a combination of the 
investments described in items 
(aa) through (ff); and 
‘‘(II) may not include an invest-
ment from such qualified entre-
preneur, the parents, spouse, son, or 
daughter of such qualified entre-
preneur, or from any corporation, 
company, association, firm, partner-
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1071 
ship, society, or joint stock company 
over which such qualified entre-
preneur has a substantial ownership 
interest. 
‘‘(v) 
QUALIFIED
JOB.—The 
term 
‘qualified job’ means a full-time position of 
a United States business entity owned by 
a qualified entrepreneur that— 
‘‘(I) is located in the United 
States; 
‘‘(II) has been filled for at least 
2 years by an individual who is not 
the qualified entrepreneur or the 
spouse, son, or daughter of the quali-
fied entrepreneur; and 
‘‘(III) pays a wage that is not 
less than 250 percent of the Federal 
minimum wage. 
‘‘(vi) QUALIFIED
STARTUP
ACCEL-
ERATOR.—The term ‘qualified startup ac-
celerator’ means a corporation, company, 
association, firm, partnership, society, or 
joint stock company that— 
‘‘(I) is organized under the laws 
of the United States or any State and 
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1072 
conducts business in the United 
States; 
‘‘(II) in the ordinary course of 
business, provides a program of train-
ing, mentorship, and logistical support 
to assist entrepreneurs in growing 
their businesses; 
‘‘(III) is managed by individuals, 
the majority of whom are citizens of 
the United States or aliens lawfully 
admitted for permanent residence; 
‘‘(IV)(aa) regularly acquires an 
equity interest in companies that par-
ticipate in its programs, where the 
majority of the capital so invested is 
committed from individuals who are 
United States citizens or aliens law-
fully admitted for permanent resi-
dence, or from entities organized 
under the laws of the United States 
or any State; or 
‘‘(bb) is an entity that has re-
ceived not less than $250,000 in fund-
ing from a qualified government entity 
or entities during the previous 5 years 
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1073 
and regularly makes grants to compa-
nies that participate in its programs 
(in which case, such grant shall be 
treated as a qualified investment for 
purposes of clause (iv)); 
‘‘(V) during the previous 5 years, 
has acquired an equity interest in, or, 
in the case of an entity described in 
subclause (IV)(bb), regularly made 
grants to, not fewer than 10 United 
States business entities that have par-
ticipated in its programs and that 
have— 
‘‘(aa) each secured at least 
$100,000 in initial investments; 
or 
‘‘(bb) during any 2-year pe-
riod following the date of such 
acquisition, generated not less 
than $500,000 in aggregate an-
nual revenue within the United 
States; 
‘‘(VI) has its primary location in 
the United States; and 
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1074 
‘‘(VII) satisfies such other cri-
teria as may be established by the 
Secretary. 
‘‘(vii) QUALIFIED
SUPER
ANGEL
IN-
VESTOR.—The term ‘qualified super angel 
investor’ means an individual or organized 
group of individuals investing directly or 
through a legal entity— 
‘‘(I) each of whom is an accred-
ited investor, as defined in section 
230.501(a) of title 17, Code of Fed-
eral Regulations, or any similar suc-
cessor regulation, investing the funds 
owned by such individual or organized 
group in a qualified entrepreneur’s 
United States business entity; 
‘‘(II)(aa) if an individual, is a cit-
izen of the United States or an alien 
lawfully admitted for permanent resi-
dence; or 
‘‘(bb) if an organized group or 
legal entity, a majority of the individ-
uals investing through such group or 
entity are citizens of the United 
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1075 
States or aliens lawfully admitted for 
permanent residence; and 
‘‘(III) each of whom in the pre-
vious 3 years has made qualified in-
vestments in a total amount deter-
mined to be appropriate by the Sec-
retary, that is not less than $50,000, 
in United States business entities 
which are less than 5 years old. 
‘‘(viii) QUALIFIED
VENTURE
CAPI-
TALIST.—The term ‘qualified venture capi-
talist’ means an entity— 
‘‘(I) that— 
‘‘(aa) is a venture capital 
operating company (as defined in 
section 2510.3–101(d) of title 29, 
Code of Federal Regulations (or 
any successor to such regula-
tion)); or 
‘‘(bb) 
has 
management 
rights, as defined in, and to the 
extent required by, such section 
2510.3–101(d) (or successor reg-
ulation), in its portfolio compa-
nies; 
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1076 
‘‘(II) that has capital commit-
ments of not less than $10,000,000; 
and 
‘‘(III) the investment adviser, 
that is registered under the Invest-
ment Advisers Act of 1940 (15 U.S.C. 
80b–2), for which— 
‘‘(aa) has its primary office 
location in the United States; 
‘‘(bb) is owned, directly or 
indirectly, by individuals, the ma-
jority of whom are citizens of the 
United States or aliens lawfully 
admitted for permanent residence 
in the United States; 
‘‘(cc) has been advising such 
entity or other similar funds or 
entities for at least 2 years; and 
‘‘(dd) has advised such enti-
ty or a similar fund or entity 
with respect to at least 2 invest-
ments of not less than $500,000 
made by such entity or similar 
fund or entity during each of the 
most recent 2 years. 
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1077 
‘‘(ix) SECRETARY.—Except as other-
wise specifically provided, the term ‘Sec-
retary’ means the Secretary of Homeland 
Security. 
‘‘(x) SENIOR EXECUTIVE POSITION.— 
The term ‘senior executive position’ in-
cludes the position of chief executive offi-
cer, chief technology officer, and chief op-
erating officer. 
‘‘(xi) UNITED STATES BUSINESS EN-
TITY.—The term ‘United States business 
entity’ means any corporation, company, 
association, firm, partnership, society, or 
joint stock company that is organized 
under the laws of the United States or any 
State and that conducts business in the 
United States that is not— 
‘‘(I) a private fund, as defined in 
202(a) of the Investment Advisers Act 
of 1940 (15 U.S.C. 80b–2); 
‘‘(II) a commodity pool, as de-
fined in section 1a of the Commodity 
Exchange Act (7 U.S.C. 1a); 
‘‘(III) an investment company, as 
defined in section 3 of the Investment 
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1078 
Company Act of 1940 (15 U.S.C. 
80a–3); or 
‘‘(IV) an issuer that would be an 
investment company but for an ex-
emption provided in— 
‘‘(aa) section 3(c) of the In-
vestment Company Act of 1940 
(15 U.S.C. 80a–3(c); or 
‘‘(bb) section 270.3a–7 of 
title 17 of the Code of Federal 
Regulations or any similar suc-
cessor regulation. 
‘‘(B) IN GENERAL.—Visas shall be avail-
able, in a number not to exceed 10,000 for each 
fiscal year, to qualified immigrants seeking to 
enter the United States for the purpose of cre-
ating new businesses, as described in this para-
graph. 
‘‘(C) ELIGIBILITY.—An alien is eligible for 
a visa under this paragraph if— 
‘‘(i)(I) the alien is a qualified entre-
preneur; 
‘‘(II) the alien maintained valid non-
immigrant status in the United States for 
at least 2 years; 
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‘‘(III) during the 3-year period ending 
on the date the alien files an initial peti-
tion for such status under this section— 
‘‘(aa)(AA) the alien has a signifi-
cant ownership in a United States 
business entity that has created no 
fewer than 5 qualified jobs; and 
‘‘(BB) a qualified venture capi-
talist, a qualified super angel investor, 
a qualified government entity, a quali-
fied community development financial 
institution, qualified startup accel-
erator, or such other entity or type of 
investors, as determined by the Sec-
retary, or any combination of such en-
tities or investors, has devoted a 
qualified investment or combination of 
qualified investments of not less than 
$500,000 in total to the alien’s 
United States business entity; or 
‘‘(bb)(AA) the alien has a signifi-
cant ownership interest in a United 
States business entity that has cre-
ated no fewer than 5 qualified jobs; 
and 
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1080 
‘‘(BB) during the 2-year period 
ending on such date has generated not 
less than $750,000 in annual revenue 
within the United States; and 
‘‘(IV) no more than 2 other aliens 
have received nonimmigrant status under 
this section on the basis of an alien’s own-
ership of such United States business enti-
ty; 
‘‘(ii)(I) the alien is a qualified entre-
preneur; 
‘‘(II) the alien maintained valid non-
immigrant status in the United States for 
at least 3 years prior to the date of filing 
an application for such status; 
‘‘(III) the alien holds an advanced de-
gree in a field of science, technology, engi-
neering, or mathematics, approved by the 
Secretary; and 
‘‘(IV) during the 3-year period ending 
on the date the alien files an initial peti-
tion for such status under this section— 
‘‘(aa)(AA) the alien has a signifi-
cant ownership interest in a United 
States business entity that has cre-
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1081 
ated no fewer than 4 qualified jobs; 
and 
‘‘(BB) a qualified venture capi-
talist, a qualified super angel investor, 
a qualified government entity, a quali-
fied community development financial 
institution, qualified startup accel-
erator, or such other entity or type of 
investors, as determined by the Sec-
retary, or any combination of such en-
tities or investors, has devoted a 
qualified investment or combination of 
qualified investments of not less than 
$500,000 in total to the alien’s 
United States business entity; or 
‘‘(bb)(AA) the alien has a signifi-
cant ownership interest in a United 
States business entity that has cre-
ated no fewer than 3 qualified jobs; 
and 
‘‘(BB) during the 2-year period 
ending on such date has generated not 
less than $500,000 in annual revenue 
within the United States; and 
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1082 
‘‘(V) no more than 3 other aliens have 
received nonimmigrant status under this 
section on the basis of an alien’s ownership 
of such United States business entity. 
‘‘(D) ATTESTATION.—The Secretary may 
require an alien seeking a visa under this para-
graph to attest, under penalties of perjury, to 
the alien’s qualifications.’’. 
SEC. 4803. ADMINISTRATION AND OVERSIGHT. 
(a) REGULATIONS.—Not later than 16 months after 
the date of the enactment of this Act, the Secretary, in 
consultation with the Secretary of Commerce, the Admin-
istrator of the Small Business Administration, and other 
heads of other relevant Federal agencies and departments, 
shall promulgate regulations to carry out the amendments 
made by this subtitle. Such regulations shall ensure that 
such amendments are implemented in a manner that is 
consistent with the protection of national security and pro-
motion of United States economic growth, job creation, 
and competitiveness. 
(b) MODIFICATION OF DOLLAR AMOUNTS.— 
(1) IN
GENERAL.—The Secretary may from 
time to time prescribe regulations increasing or de-
creasing any dollar amount specified in section 
203(b)(6) of the Immigration and Nationality Act, 
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1083 
as added by section 4802, section 101(a)(15)(X) of 
such Act, as added by section 4801, or section 
214(s), as added by section 4801. 
(2) AUTOMATIC ADJUSTMENT.—Unless a dollar 
amount referred to in paragraph (1) is adjusted by 
the Secretary under paragraph (1), such dollar 
amount shall automatically adjust on January 1, 
2016, by the percentage change in the Consumer 
Price Index (CPI–U) during fiscal year 2015, and 
on every fifth subsequent January 1 by the percent-
age change in the CPI–U during the previous 5 fis-
cal years, for any petition filed to classify an alien 
under this paragraph on or after the date of each 
automatic adjustment. 
(c) OTHER AUTHORITY.—The Secretary, in the Sec-
retary’s unreviewable discretion, may deny or revoke the 
approval of a petition seeking classification of an alien 
under paragraph (6) of section 203(b) of the Immigration 
and Nationality Act, as added by section 4802, or any 
other petition, application, or benefit based upon the pre-
vious or concurrent filing or approval of a petition for clas-
sification of an alien under such paragraph (6), if the Sec-
retary 
determines, 
in 
the 
Secretary’s 
sole 
and 
unreviewable discretion, that the approval or continuation 
of such petition, application, or benefit is contrary to the 
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1084 
national interest of the United States or for other good 
cause. 
(d) REPORTS.—Once every 3 years, the Secretary 
shall submit to Congress a report on this subtitle and the 
amendments made by this subtitle. Each such report shall 
include— 
(1) the number and percentage of entrepreneurs 
able to meet thresholds for nonimmigrant renewal 
and adjustment to green card status under the 
amendments made by this subtitle; 
(2) an analysis of the program’s economic im-
pact including job and revenue creation, increased 
investments and growth within business sectors and 
regions; 
(3) a description and breakdown of types of 
businesses that entrepreneurs granted nonimmigrant 
or immigrant status are creating; 
(4) for each report following the Secretary’s ini-
tial report submitted under this subsection, a de-
scription of the percentage of the businesses initially 
created by the entrepreneurs granted immigrant and 
nonimmigrant status under this subtitle and the 
amendments made by this subtitle, that are still in 
operation; and 
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(5) any recommendations for improving the 
program established by this subtitle and the amend-
ments made by this subtitle. 
SEC. 4804. PERMANENT AUTHORIZATION OF EB–5 RE-
GIONAL CENTER PROGRAM. 
(a) REPEAL.—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 repealed. 
(b) AUTHORIZATION.—Section 203(b)(5) (8 U.S.C. 
1153(b)(5)) is amended by adding at the end the fol-
lowing: 
‘‘(E) REGIONAL CENTER PROGRAM.— 
‘‘(i) IN GENERAL.—Visas under this 
paragraph shall be made available to quali-
fied immigrants participating in a program 
implementing this paragraph that involves 
a regional center in the United States, 
which has been designated by the Sec-
retary of Homeland Security, in consulta-
tion with the Secretary of Commerce, on 
the basis of a general proposal for the pro-
motion of economic growth, including— 
‘‘(I) increased export sales; 
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1086 
‘‘(II) improved regional produc-
tivity; 
‘‘(III) job creation; or 
‘‘(IV) increased domestic capital 
investment. 
‘‘(ii) ESTABLISHMENT OF A REGIONAL 
CENTER.—A regional center shall have ju-
risdiction over a defined geographic area, 
which shall be described in the proposal 
and consistent with the purpose of concen-
trating pooled investment in defined eco-
nomic zones. The establishment of a re-
gional center may be based on general pre-
dictions, contained in the proposal, con-
cerning— 
‘‘(I) the kinds of commercial en-
terprises that will receive investments 
from aliens; 
‘‘(II) the jobs that will be created 
directly or indirectly as a result of 
such investments; and 
‘‘(III) other positive economic ef-
fects such investments will have. 
‘‘(iii) COMPLIANCE.—In determining 
compliance with subparagraph (A)(ii), the 
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Secretary of Homeland Security shall per-
mit aliens admitted under the program de-
scribed in this subparagraph to establish 
reasonable methodologies for determining 
the number of jobs created by the pro-
gram, including jobs estimated to have 
been created indirectly through— 
‘‘(I) revenues generated from in-
creased exports, improved regional 
productivity, job creation; or 
‘‘(II) increased domestic capital 
investment resulting from the pro-
gram, including jobs created outside 
of the geographic boundary of the re-
gional center as a result of the immi-
grant’s investment in regional center- 
affiliated commercial enterprises. 
‘‘(iv) INDIRECT JOB CREATION.—The 
Secretary shall permit immigrants admit-
ted under this paragraph to satisfy the re-
quirements under subparagraph (A)(ii) 
with jobs that are estimated to be created 
indirectly through investment under this 
paragraph in accordance with this sub-
paragraph. 
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1088 
‘‘(F) PREAPPROVAL OF BUSINESS PLANS 
FOR REGIONAL CENTER INVESTMENTS.— 
‘‘(i) PETITION.—Before the filing of a 
petition under this subparagraph by an 
alien investor, a commercial enterprise af-
filiated with a regional center may file a 
petition with the Secretary of Homeland 
Security to preapprove a particular invest-
ment in the commercial enterprise, as pro-
vided in— 
‘‘(I) a business plan for a specific 
capital investment project; 
‘‘(II) investment documents, such 
as subscription, investment, partner-
ship, and operating agreements; and 
‘‘(III) a credible economic anal-
ysis regarding estimated job creation 
that is based upon reasonable meth-
odologies. 
‘‘(ii) PREAPPROVAL
PROCEDURE.— 
The Secretary shall establish a process to 
facilitate the preapproval of business plans 
under this subparagraph related to invest-
ment in a regional center commercial en-
terprise, which shall include an opportunity 
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for the applicant to address and cure any 
deficiencies identified by the Secretary in 
the applicant’s business plan, investment 
documents, or statement regarding job cre-
ation prior to a final determination. The 
Secretary shall impose a fee for the use of 
the process described in this clause suffi-
cient to recover the costs of its administra-
tion. 
‘‘(iii) EFFECT
OF
PREAPPROVAL
OF 
BUSINESS PLAN FOR INVESTMENT IN RE-
GIONAL
CENTER
COMMERCIAL
ENTER-
PRISE.—The preapproval of a petition 
under this subparagraph shall be binding 
for purposes of the adjudication of peti-
tions filed under this subparagraph by im-
migrants investing in the commercial en-
terprise unless the Secretary determines 
that there is evidence of fraud, misrepre-
sentation, criminal misuse, a threat to na-
tional security, or other evidence affecting 
program eligibility that was not disclosed 
by the petitioner during the preapproval 
process. 
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‘‘(iv) EXPEDITED PROCESSING OPTION 
FOR ALIEN INVESTOR PETITIONS AFFILI-
ATED
WITH
PREAPPROVED
BUSINESS 
PLANS.—The Secretary may establish a 
premium processing option for alien inves-
tors who are investing in a commercial en-
terprise that has received preapproval 
under this subparagraph and may impose 
a fee for the use of that option sufficient 
to recover all costs of the option. 
‘‘(v) CONSIDERATION
OF
CRIMINAL 
ACTIVITY
IN
ESTABLISHING
ELIGIBILITY 
CRITERIA.—The Secretary shall consider 
the potential for fraud, misrepresentation, 
criminal misuse, and threats to national 
security in establishing eligibility criteria 
for any program the Secretary may estab-
lish under this subparagraph. 
‘‘(G) 
REGIONAL
CENTER
FINANCIAL 
STATEMENTS.— 
‘‘(i) IN GENERAL.—Each regional cen-
ter designated under subparagraph (E) 
shall annually submit, to the Director of 
U.S. Citizenship and Immigration Services 
(referred to in this subparagraph as the 
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‘Director’), in a manner prescribed by the 
Secretary of Homeland Security, financial 
statements, including— 
‘‘(I) an accounting of all foreign 
investor money invested through the 
regional center; and 
‘‘(II) for each capital investment 
project— 
‘‘(aa) an accounting of the 
aggregate 
capital 
invested 
through the regional center or af-
filiated commercial enterprises by 
immigrants 
under 
this 
para-
graph; 
‘‘(bb) a description of how 
such funds are being used to exe-
cute the approved business plan; 
‘‘(cc) evidence that 100 per-
cent of such investor funds have 
been dedicated to the project; 
‘‘(dd) detailed evidence of 
the progress made toward the 
completion of the project; 
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‘‘(ee) an accounting of the 
aggregate direct and indirect jobs 
created or preserved; and 
‘‘(ff) a certification by the 
regional center that such state-
ments are accurate. 
‘‘(ii) 
AMENDMENT
OF
FINANCIAL 
STATEMENTS.—If the Director determines 
that a financial statement required under 
clause (i) is deficient, the Director may re-
quire the regional center to amend or sup-
plement such financial statement. 
‘‘(iii) SANCTIONS.— 
‘‘(I) EFFECT OF VIOLATION.—If 
the Director determines, after review-
ing the financial statements submitted 
under clause (i), that a regional cen-
ter, director, or other individual in-
volved with a regional center (other 
than an alien investor) has violated 
any requirement under clause (i) or 
that the regional center is conducting 
itself in a manner inconsistent with its 
designation, the Director may sanc-
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tion the violating entity or individual 
under subclause (II). 
‘‘(II) AUTHORIZED SANCTIONS.— 
The Director shall establish a grad-
uated set of sanctions for violations 
referred to in subclause (I), includ-
ing— 
‘‘(aa) fines equal to not 
more than 5 percent of the total 
capital invested by immigrant in-
vestors in the commercial enter-
prise’s approved business plan; 
‘‘(bb) temporary suspension 
from participation in the pro-
gram described in subparagraph 
(E), which may be lifted by the 
Director if the individual or enti-
ty cures the alleged violation 
after being provided such an op-
portunity by the Director; 
‘‘(cc) permanent bar from 
program participation for 1 or 
more individuals affiliated with 
the regional center; and 
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