,,ii #aafth ,,congress #ast ,session ,s4 #bedj ,,in ,,the ,,senate ,,of ,,the ,,united ,,states ,september #bd1 #bjai,mr4 ,grassley 7for himself and ,mr4 ,leahy7 introduced the following bill2 which was read twice and referred to the ,committee on the ,judiciary ,a ,,bill ,to reauthorize the ,,eb-#e ,regional ,center ,program in order to prevent fraud and promote and reform foreign capital investment and job creation in ,american communities4 #a4 ,short title ,this ,act may be cited as the ,,eb-#e ,reform and ,integrity ,act of #bjai4 #b4 ,reauthorization and reform of the ,regional ,center ,program 7a7 ,repeal ,section #faj of the ,departments of ,commerce1 ,justice1 and ,state1 the ,judiciary1 and ,related ,agencies ,appropriations ,act1 #aiic 7#h ,u4,s4,c4 #aaec note7 is repealed4 7b7 ,authorization ,section #bjc7;b77#e7 of the ,immigration and ,nationality ,act 7#h ,u4,s4,c4 #aaec7;b77#e77 is amended by adding at the end the following3 7,e7 ,regional center program 7i7 ,in general ,visas under this paragraph shall be made available through ,september #cj1 #bjbd1 to qualified immigrants 7and the eligible spouses and children of such immigrants7 pooling their investments with #a or more qualified immigrants participating in a program implementing this paragraph that involves a regional center in the ,united ,states1 which has been designated by the ,secretary of ,homeland ,security on the basis of a proposal for the promotion of economic growth1 including prospective job creation and increased domestic capital investment4 7ii7 ,processing ,in processing petitions under section #bjd7;a77#a77;,h7 for classification under this paragraph1 the ,secretary of ,homeland ,security-- 7,i7 may process petitions in a manner and order established by the ,secretary2 and 7,,ii7 shall deem such petitions to include records previously filed with the ,secretary pursuant to subparagraph 7,f7 if the alien petitioner certifies that such records are incorporated by reference into the alien's petition4 7iii7 ,establishment of a regional center ,a regional center shall operate within a defined and limited geographic area1 which shall be described in the proposal and be consistent with the purpose of concentrating pooled investment within such area4 ,the proposal to establish a regional center shall demonstrate that the pooled investment will have a significant economic impact on such geographic area1 and shall include-- 7,i7 reasonable predictions1 supported by economically and statistically valid and transparent forecasting tools1 concerning the amount of investment that will be pooled1 the kinds of commercial enterprises that will receive such investments1 details of the jobs that will be created directly or indirectly as a result of such investments1 and other positive economic effects such investments will have2 7,,ii7 a description of the policies and procedures in place reasonably designed to monitor new commercial enterprises and any associated job-creating entity to seek to ensure compliance with-- 7aa7 all applicable laws1 regulations1 and ,executive orders of the ,united ,states1 including immigration laws and securities laws2 and 7bb7 all securities laws of each ,state in which securities offerings will be conducted1 investment advice will be rendered1 or the offerors or offerees reside2 and 7,,iii7 attestations and information confirming that all persons involved with the regional center meet the requirements under clauses 7i7 and 7ii7 of subparagraph 7,h74 7iv7 ,indirect job creation ,the ,secretary of ,homeland ,security shall permit aliens seeking admission under this subparagraph to satisfy only up to #ij percent of the requirement under subparagraph 7,a77ii7 with jobs that are estimated to be created indirectly through investment under this paragraph in accordance with this subparagraph4 ,an employee of the new commercial enterprise or job-creating entity may be considered to hold a job that has been directly created4 7v7 ,compliance 7,i7 ,in general ,in determining compliance with subparagraph 7,a77ii71 the ,secretary of ,homeland ,security shall permit aliens seeking admission under this subparagraph to rely on economically and statistically valid methodologies for determining the number of jobs created by the program1 including-- 7aa7 jobs estimated to have been created directly1 which may be verified using such methodologies1 provided that the ,secretary may request additional evidence to verify that the directly created jobs satisfy the requirements under such subparagraph2 and 7bb7 consistent with this subparagraph1 jobs estimated to have been created indirectly through capital expenditures1 revenues generated from increased exports1 improved regional productivity1 job creation1 and increased domestic capital investment resulting from the program4 7,,ii7 ,job and investment requirements 7aa7 ,relocated jobs ,in determining compliance with the job creation requirement under subparagraph 7,a77ii71 the ,secretary may include jobs estimated to be created under a methodology that attributes jobs to prospective tenants occupying commercial real estate created or improved by capital investments if the number of such jobs estimated to be created has been determined by an economically and statistically valid methodology and such jobs are not existing jobs that have been relocated4 7bb7 ,publicly available bonds ,the ,secretary shall prescribe regulations to ensure that alien investor capital may not be utilized1 by a new commercial enterprise or otherwise1 to purchase municipal bonds or any other bonds1 if such bonds are available to the general public1 either as part of a primary offering or from a secondary market4 7vi7 ,amendments ,the ,secretary of ,homeland ,security shall-- 7,i7 require a regional center-- 7aa7 to provide advance notice to the ,secretary of significant proposed changes to its organizational structure1 ownership1 or administration1 including the sale of such center1 or other arrangements which would result in individuals not previously subject to the requirements under subparagraph 7,h7 becoming involved with the regional center1 before any such proposed changes may take effect2 or 7bb7 if exigent circumstances are present1 to provide the notice described in item 7aa7 to the ,secretary not later than #e business days after a change described in such item2 7,,ii7 approve any amendment referred to in subclause 7,i7 only after the ,secretary determines that the regional center would remain compliant with this subparagraph and subparagraph 7,h7 after implementing the proposed changes2 and 7,,iii7 notwithstanding the pendency of a determination described in subclause 7,,ii7 relating to an amendment of a business plan or petition1 adjudicate business plans under subparagraph 7,f7 and petitions under section #bjd7;a77#a77;,h74 7vii7 ,record keeping and audits 7,i7 ,record keeping ,each regional center shall make and preserve1 during the #e-year period beginning on the last day of the ,federal fiscal year in which any transactions occurred1 books1 ledgers1 records1 and other documentation from the regional center1 new commercial enterprise1 or job-creating entity used to support-- 7aa7 any claims1 evidence1 or certifications contained in the regional center's annual statements under subparagraph 7,g72 and 7bb7 associated petitions by aliens seeking classification under this section or removal of conditions under section #baf;,a4 7,,ii7 ,audits ,the ,secretary shall audit each regional center not less frequently than once every #c years4 ,each such audit shall include a review of any documentation required to be maintained under subclause 7,i7 for the preceding #c years and a review of the flow of alien investor capital into any capital investment project4 ,to the extent multiple regional centers are located at a single site1 the ,secretary may audit multiple regional centers in a single site visit4 7,,iii7 ,termination ,the ,secretary shall terminate the designation of a regional center that fails to consent to an audit under subclause 7,,ii7 or deliberately attempts to impede such an audit4 7,f7 ,business plans for regional center investments 7i7 ,application for approval of an investment in a commercial enterprise ,a regional center shall file an application with the ,secretary of ,homeland ,security for each particular investment offering through an associated new commercial enterprise before any alien files a petition for classification under this paragraph by reason of investment in that offering1 which shall include-- 7,i7 a comprehensive business plan for a specific capital investment project2 7,,ii7 a credible economic analysis regarding estimated job creation that is based upon economically and statistically valid and transparent methodologies2 7,,iii7 any documents filed with the ,securities and ,exchange ,commission under the ,securities ,act of #aicc 7#ae ,u4,s4,c4 #gg;a et seq47 or with the securities regulator of any ,state1 as required by law2 7,,iv7 any investment and offering documents1 including subscription1 investment1 partnership1 and operating agreements1 private placement memoranda1 term sheets1 biographies of management1 officers1 directors1 and any person with similar responsibilities1 the description of the business plan to be provided to potential alien investors1 and marketing materials used1 or drafts prepared for use1 in connection with the offering1 which shall contain references1 as appropriate1 to-- 7aa7 any investment risks associated with the new commercial enterprise and the job-creating entity2 7bb7 any conflicts of interest that currently exist or may arise among the regional center1 the new commercial enterprise1 the job-creating entity1 or the principals or attorneys of such entities2 7cc7 any pending material litigation or bankruptcy1 or adverse judgments or bankruptcy orders issued during the most recent #aj-year period1 in the ,united ,states or in another country1 affecting the regional center1 the new commercial enterprise1 any associated job-creating entity1 or any other enterprise in which any principal of any of the aforementioned entities held majority ownership at the time2 and 7dd7 7,,aa7 any fees1 ongoing interest1 or other compensation paid1 or to be paid by the regional center1 the new commercial enterprise1 or any issuer of securities intended to be offered to alien investors1 to agents1 finders1 or broker dealers involved in the offering of securities to alien investors in connection with the investment2 7,,bb7 a description of the services performed1 or that will be performed1 by such person to entitle the person to such fees1 interest1 or compensation2 and 7,,cc7 the name and contact information of any such person1 if known at the time of filing2 7,v7 a description of the policies and procedures1 such as those related to internal and external due diligence1 reasonably designed to cause the regional center and any issuer of securities intended to be offered to alien investors in connection with the relevant capital investment project1 to comply1 as applicable1 with the securities laws of the ,united ,states and the laws of the applicable ,states in connection with the offer1 purchase1 or sale of its securities2 7,,vi7 a certification from the regional center1 and any issuer of securities intended to be offered to alien investors in connection with the relevant capital investment project1 that their respective agents and employees1 and any parties associated with the regional center and such issuer of securities affiliated with the regional center are in compliance with the securities laws of the ,united ,states and the laws of the applicable ,states in connection with the offer1 purchase1 or sale of its securities1 to the best of the certifier's knowledge1 after a due diligence investigation2 and 7,,vii7 documentation demonstrating that the regional center consulted with a local economic development agency or municipality regarding the capital investment project1 which shall address-- 7aa7 the number and type of jobs anticipated to be created2 and 7bb7 whether the project is consistent with the agency or municipality's plan for economic development in the region4 7ii7 ,effect of approval of a business plan for an investment in a regional center's commercial enterprise ,the approval of an application under this subparagraph1 including an approval before the date of the enactment of this subparagraph1 shall be binding for purposes of the adjudication of subsequent petitions seeking classification under this paragraph by immigrants investing in the same offering described in such application1 and of petitions by the same immigrants filed under section #baf;,a unless-- 7,i7 the applicant engaged in fraud1 misrepresentation1 or criminal misuse2 7,,ii7 such approval would threaten public safety or national security2 7,,iii7 there has been a material change that affects the program eligibility of the approved economic model or terms of the investment offering2 7,,iv7 the discovery of other evidence affecting program eligibility was not disclosed by the applicant during the adjudication process2 or 7,v7 the previous adjudication involved a material mistake of law or fact4 7iii7 ,amendments 7,i7 ,approval ,the ,secretary of ,homeland ,security may establish procedures by which a regional center may seek approval of an amendment to an approved application under this subparagraph that reflects changes specified by the ,secretary to any information1 documents1 or other aspects of the investment offering described in such approved application not later than #cj days after any such changes4 7,,ii7 ,incorporation ,upon the approval of a timely filed amendment to an approved application1 any changes reflected in such amendment may be incorporated into and considered in determining program eligibility through adjudication of-- 7aa7 pending petitions from immigrants investing in the offering described in the approved application who are seeking classification under this paragraph2 and 7bb7 petitions by immigrants described in item 7aa7 that are filed under section #baf;,a4 7iv7 ,site visits ,the ,secretary of ,homeland ,security1 not earlier than #bd hours after providing notice of each site visit1 shall-- 7,i7 perform site visits to regional centers2 and 7,,ii7 perform at least #a site visit to1 as applicable1 each new commercial enterprise or job-creating entity1 or the business locations where any jobs that are claimed as being created1 which-- 7aa7 shall include a review for evidence of direct job creation in accordance with subparagraph 7,e77v77,i72 and 7bb7 may occur at any time during the period between the filing of an application for approval of an investment in a new commercial enterprise under this subparagraph and the adjudication of the first petition for removal of conditions on lawful permanent resident status under section #baf;,a7c7 filed by an alien investing in such investment4 7,g7 ,regional center annual statements 7i7 ,in general ,each regional center designated under subparagraph 7,e7 shall annually submit a statement to the ,director of ,u4,s4 ,citizenship and ,immigration ,services 7referred to in this subparagraph as the ,director71 in a manner prescribed by the ,secretary of ,homeland ,security1 which shall include-- 7,i7 a certification stating that1 to the best of the certifier's knowledge1 after a due diligence investigation1 the regional center is in compliance with clauses 7i7 and 7ii7 of subparagraph 7,h72 7,,ii7 a certification described in subparagraph 7,i77ii77,,ii72 7,,iii7 a certification stating that1 to the best of the certifier's knowledge1 after a due diligence investigation1 the regional center is in compliance with subparagraph 7,k77iii72 7,,iv7 a description of any pending material litigation or bankruptcy proceedings1 or litigation or bankruptcy proceedings resolved during the preceding fiscal year1 involving the regional center1 the new commercial enterprise1 or any affiliated job-creating entity2 7,v7 an accounting of all foreign investor capital invested in the regional center1 new commercial enterprise1 or job-creating entity2 7,,vi7 for each new commercial enterprise associated with the regional center-- 7aa7 an accounting of the aggregate capital invested in the new commercial enterprise and job-creating entity by alien investors under this paragraph for each capital investment project being undertaken by the new commercial enterprise2 7bb7 a description of how the capital described in item 7aa7 is being used to execute each capital investment project in the filed business plan or plans2 7cc7 evidence that #ajj percent of the capital described in item 7aa7 has been committed to each capital investment project2 7dd7 detailed evidence of the progress made toward the completion of each capital investment project2 7ee7 an accounting of the aggregate direct jobs created or preserved2 7ff7 to the best of the regional center's knowledge1 for all fees1 including administrative fees1 loan monitoring fees1 loan management fees1 commissions and similar transaction-based compensation1 collected from alien investors by the regional center1 the new commercial enterprise1 any affiliated job-creating entity1 any affiliated issuer of securities intended to be offered to alien investors1 or any promoter1 finder1 broker-dealer1 or other entity engaged by any of the aforementioned entities to locate individual investors-- 7,,aa7 a description of all fees collected2 7,,bb7 an accounting of the entities that received such fees2 and 7,,cc7 the purpose for which such fees were collected2 7gg7 any documentation referred to in subparagraph 7,f77i77,,iv7 if there has been a material change during the preceding fiscal year2 and 7hh7 a certification by the regional center that the information provided under items 7aa7 through 7gg7 is accurate1 to the best of the certifier's knowledge1 after a due diligence investigation2 and 7,,vii7 a description of the regional center's policies and procedures that are designed to enable the regional center to comply with applicable ,federal labor laws4 7ii7 ,amendment of annual statements ,the ,director-- 7,i7 shall require the regional center to amend or supplement an annual statement required under clause 7i7 if the ,director determines that such statement is deficient2 and 7,,ii7 may require the regional center to amend or supplement such annual statement if the ,director determines that such an amendment or supplement is appropriate4 7iii7 ,sanctions 7,i7 ,effect of violation ,the ,director shall sanction any regional center entity in accordance with subclause 7,,ii7 if the regional center fails to submit an annual statement or if the ,director determines that the regional center-- 7aa7 knowingly submitted or caused to be submitted a statement1 certification1 or any information submitted pursuant to this subparagraph that contained an untrue statement of material fact2 or 7bb7 is conducting itself in a manner inconsistent with its designation under subparagraph 7,e71 including any willful1 undisclosed1 and material deviation by new commercial enterprises from any filed business plan for such new commercial enterprises4 7,,ii7 ,authorized sanctions ,the ,director shall establish a graduated set of sanctions based on the severity of the violations referred to in subclause 7,i71 including-- 7aa7 fines equal to not more than #aj percent of the total capital invested by alien investors in the regional center's new commercial enterprises or associated job-creating entities1 the payment of which shall not in any circumstance utilize any of such alien investors' capital investments1 and which shall be deposited into the ,,eb-#e ,integrity ,fund established under subparagraph 7,j72 7bb7 temporary suspension from participation in the program described in subparagraph 7,e71 which may be lifted by the ,director if the individual or entity cures the alleged violation after being provided such an opportunity by the ,director2 7cc7 permanent bar from participation in the program described in subparagraph 7,e7 for #a or more individuals or business entities associated with the regional center1 new commercial enterprise1 or job-creating entity2 and 7dd7 termination of regional center designation4 7iv7 ,availability of annual statements to investors ,not later than #cj days after a request from an alien investor1 a regional center shall make available to such alien investor-- 7,i7 a copy of the filed annual statement2 and 7,,ii7 any amendments filed to such statement4 7,h7 ,bona fides of persons involved with regional center program 7i7 ,in general ,no person shall be permitted to be involved with any regional center1 new commercial enterprise1 or job-creating entity if-- 7,i7 the person has been found to have committed-- 7aa7 a criminal or civil violation involving fraud or deceit within the previous #aj years2 7bb7 a civil violation involving fraud or deceit that resulted in a liability in excess of #a1jjj1jjj2 or 7cc7 a crime for which the person was convicted and sentenced to a term of imprisonment of more than #a year2 7,,ii7 the person is subject to a final order1 for the duration of any penalty imposed by such order1 of a ,state securities commission 7or an agency or officer of a ,state performing similar functions71 a ,state authority that supervises or examines banks1 savings associations1 or credit unions1 a ,state insurance commission 7or an agency or officer of a ,state performing similar functions71 an appropriate ,federal banking agency1 the ,commodity ,futures ,trading ,commission1 the ,securities and ,exchange ,commission1 a financial self-regulatory organization recognized by the ,securities and ,exchange ,commission1 or the ,national ,credit ,union ,administration1 which is based on a violation of any law or regulation that-- 7aa7 prohibits fraudulent1 manipulative1 or deceptive conduct2 or 7bb7 bars the person from-- 7,,aa7 association with an entity regulated by such commission1 authority1 agency1 or officer2 7,,bb7 appearing before such commission1 authority1 agency1 or officer2 7,,cc7 engaging in the business of securities1 insurance1 or banking2 or 7,,dd7 engaging in savings association or credit union activities2 7,,iii7 the ,secretary determines that the person is engaged in1 has ever been engaged in1 or seeks to engage in-- 7aa7 any illicit trafficking in any controlled substance or in any listed chemical 7as defined in section #ajb of the ,controlled ,substances ,act72 7bb7 any activity relating to espionage1 sabotage1 or theft of intellectual property2 7cc7 any activity related to money laundering 7as described in section #aief or #aieg of title #ah1 ,united ,states ,code72 7dd7 any terrorist activity 7as defined in section #bab7;a77#c77;,b772 7ee7 any activity constituting or facilitating human trafficking or a human rights offense2 7ff7 any activity described in section #bab7;a77#c77;,e72 or 7gg7 the violation of any statute1 regulation1 or ,executive order regarding foreign financial transactions or foreign asset control2 or 7,,iv7 the person-- 7aa7 is1 or during the preceding #aj years has been1 included on the ,department of ,justice's ,list of ,currently ,disciplined ,practitioners2 or 7bb7 during the preceding #aj years1 has received a reprimand or has otherwise been publicly disciplined for conduct related to fraud or deceit by a ,state bar association of which the person is or was a member4 7ii7 ,foreign involvement in regional center program 7,i7 ,lawful status required ,a person may not be involved with a regional center unless the person is a national of the ,united ,states or an individual who has been lawfully admitted for permanent residence 7as such terms are defined in paragraphs 7#bj7 and 7#bb7 of section #aja7;a774 7,,ii7 ,foreign governments ,no agency1 official1 or other similar entity or representative of a foreign government entity may provide capital to1 or be directly or indirectly involved with the ownership or administration of1 a regional center1 a new commercial enterprise1 or a job-creating entity1 except that a foreign or domestic investment fund or other investment vehicle that is wholly or partially owned1 directly or indirectly1 by a bona fide foreign sovereign wealth fund or a foreign state-owned enterprise otherwise permitted to do business in the ,united ,states may be involved with the ownership1 but not the administration1 of a job-creating entity that is not an affiliated job-creating entity4 7,,iii7 ,rulemaking ,not later than #ahj days after the date of the enactment of the ,,eb-#e ,reform and ,integrity ,act of #bjai1 the ,secretary shall issue regulations implementing subparagraphs 7,i7 and 7,,ii74 7iii7 ,information required 7,i7 ,in general ,the ,secretary of ,homeland ,security shall require such attestations and information1 including the submission of fingerprints or other biometrics to the ,federal ,bureau of ,investigation1 and shall perform such criminal record checks and other background and database checks with respect to a regional center1 a new commercial enterprise1 and any affiliated job-creating entity1 and persons involved with such entities 7as described in clause 7v771 to determine whether such entities are in compliance with clauses 7i7 and 7ii74 7,,ii7 ,timing ,the ,secretary may-- 7aa7 require the information and attestations described in subclause 7,i7 from the entities referred to in subclause 7,i71 and any person involved with such entities1 at any time on or after the date of the enactment of the ,,eb-#e ,reform and ,integrity ,act of #bjai2 and 7bb7 perform such checks with respect to any job-creating entity and persons involved with such entity4 7iv7 ,termination 7,i7 ,in general ,the ,secretary shall suspend or terminate the designation of any regional center1 or the participation under the program of any new commercial enterprise or job-creating entity under this paragraph if the ,secretary determines that such entity-- 7aa7 knowingly involved a person with such entity in violation of clause 7i7 or 7ii72 7bb7 failed to provide an attestation or information requested by the ,secretary2 or 7cc7 knowingly provided any false attestation or information under clause 7iii74 7,,ii7 ,information 7aa7 ,notification ,the ,secretary1 after performing the criminal record checks and other background checks described in clause 7iii71 shall notify a regional center1 new commercial enterprise1 or job-creating entity whether any person involved with such entities is not in compliance with clause 7i7 or 7ii74 7bb7 ,effect of failure to respond ,if the regional center1 new commercial enterprise1 or job-creating entity fails to discontinue the prohibited person's involvement with the regional center1 new commercial enterprise1 or job-creating entity1 as applicable1 within #cj days after receiving such notification1 such entity shall be deemed to have knowledge under subclause 7,i77aa7 that the involvement of such person with the entity is in violation of clause 7i7 or 7ii74 7v7 ,persons involved with a regional center1 new commercial enterprise1 or job-creating entity ,for the purposes of this paragraph1 unless otherwise determined by the ,secretary of ,homeland ,security1 a person is involved with a regional center1 a new commercial enterprise1 any affiliated job-creating entity1 or another job-creating entity1 as applicable1 if the person is1 directly or indirectly1 an owner or in a position of substantive authority to make operational or managerial decisions over pooling1 securitization1 investment1 release1 acceptance1 or control or use of any funding that was procured under the program described in subparagraph 7,e74 ,an individual may be in a position of substantive authority if the person serves as a principal1 a representative1 an administrator1 an owner1 an officer1 a board member1 a manager1 an executive1 a general partner1 a fiduciary1 an agent1 or in a similar position at the regional center1 new commercial enterprise1 or job-creating entity1 respectively4 7,i7 ,compliance with securities laws 7i7 ,jurisdiction 7,i7 ,in general ,the ,united ,states has jurisdiction1 including subject matter jurisdiction1 over the purchase or sale of any security offered or sold1 or any investment advice provided1 by any regional center or any party associated with a regional center for purposes of the securities laws4 7,,ii7 ,compliance with regulation ,s ,for purposes of section #e of the ,securities ,act of #aicc 7#ae ,u4,s4,c4 #gg;e71 a regional center or any party associated with a regional center is not precluded from offering or selling a security pursuant to ,regulation ,s 7#ag ,c4,f4,r4 #bcj4ija et seq47 to the extent that such offering or selling otherwise complies with that regulation4 7,,iii7 ,savings provision ,subclause ,i is not intended to modify any existing rules or regulations of the ,securities and ,exchange ,commission related to the application of section #ae7;a7 of the ,securities and ,exchange ,act of #aicd 7#ae ,u4,s4,c4 #gho7a77 to foreign brokers or dealers4 7ii7 ,regional center certifications required 7,i7 ,initial certification ,the ,secretary of ,homeland ,security may not approve an application for regional center designation or regional center amendment unless the regional center certifies that1 to the best of the certifier's knowledge1 after a due diligence investigation1 the regional center is in compliance with and has policies and procedures 7such as those related to internal and external due diligence7 reasonably designed to confirm1 as applicable1 that all parties associated with the regional center are and will remain in compliance with the securities laws of the ,united ,states and of any ,state in which-- 7aa7 the offer1 purchase1 or sale of securities was conducted2 7bb7 the issuer of securities was located2 or 7cc7 the investment advice was provided by the regional center or parties associated with the regional center4 7,,ii7 ,reissue ,a regional center shall annually reissue a certification described in subclause 7,i71 in accordance with subparagraph 7,g71 to certify compliance with clause 7iii7 by stating that-- 7aa7 the certifier is in a position to have knowledge of the offers1 purchases1 and sales of securities or the provision of investment advice by parties associated with the regional center2 7bb7 to the best of the certifier's knowledge1 after a due diligence investigation1 all such offers1 purchases1 and sales of securities or the provision of investment advice complied with the securities laws of the ,united ,states and the securities laws of any ,state in which-- 7,,aa7 the offer1 purchase1 or sale of securities was conducted2 7,,bb7 the issuer of securities was located2 or 7,,cc7 the investment advice was provided2 and 7cc7 records1 data1 and information related to such offers1 purchases1 and sales have been maintained4 7,,iii7 ,effect of noncompliance ,if a regional center1 through its due diligence1 discovered during the previous fiscal year that the regional center or any party associated with the regional center was not in compliance with the securities laws of the ,united ,states or the securities laws of any ,state in which the securities activities were conducted by any party associated with the regional center1 the certifier shall-- 7aa7 describe the activities that led to noncompliance2 7bb7 describe the actions taken to remedy the noncompliance2 and 7cc7 certify that the regional center and all parties associated with the regional center are currently in compliance1 to the best of the certifier's knowledge1 after a due diligence investigation4 7iii7 ,oversight required ,each regional center shall-- 7,i7 monitor and supervise all offers1 purchases1 and sales of1 and investment advice relating to1 securities made by parties associated with the regional center to confirm compliance with the securities laws of the ,united ,states2 7,,ii7 maintain records1 data1 and information relating to all such offers1 purchases1 sales1 and investment advice during the #e-year period beginning on the date of their creation2 and 7,,iii7 make the records1 data1 and information described in subclause 7,,ii7 available to the ,secretary or to the ,securities and ,exchange ,commission upon request4 7iv7 ,suspension or termination ,in addition to any other authority provided to the ,secretary under this paragraph1 the ,secretary1 in the ,secretary's discretion1 may suspend or terminate the designation of any regional center or impose other sanctions against the regional center if the regional center1 or any parties associated with the regional center that the regional center knew or reasonably should have known-- 7,i7 are permanently or temporarily enjoined by order1 judgment1 or decree of any court of competent jurisdiction in connection with the offer1 purchase1 or sale of a security or the provision of investment advice2 7,,ii7 are subject to any final order of the ,securities and ,exchange ,commission or a ,state securities regulator that-- 7aa7 bars such person from association with an entity regulated by the ,securities and ,exchange ,commission or a ,state securities regulator2 or 7bb7 constitutes a final order based on a finding of an intentional violation or a violation related to fraud or deceit in connection with the offer1 purchase1 or sale of1 or investment advice relating to1 a security2 or 7,,iii7 submitted1 or caused to be submitted1 a certification described in clause 7ii7 that contained an untrue statement of a material fact or omitted to state a material fact necessary in order to make the statements made1 in light of the circumstances under which they were made1 not misleading4 7v7 ,defined term ,in this subparagraph1 the term parties associated with a regional center means-- 7,i7 the regional center2 7,,ii7 any new commercial enterprise or affiliated job-creating entity or issuer of securities associated with the regional center2 7,,iii7 the regional center's and new commercial enterprise's owners1 officers1 directors1 managers1 partners1 agents1 employees1 promoters and attorneys1 or similar position1 as determined by the ,secretary2 and 7,,iv7 any person under the control of the regional center1 new commercial enterprise1 or issuer of securities associated with the regional center who is responsible for the marketing1 offering1 or sale of any security offered in connection with the capital investment project4 7vi7 ,savings provision ,nothing in this subparagraph may be construed to impair or limit the authority of the ,securities and ,exchange ,commission under the ,federal securities laws or any ,state securities regulator under ,state securities laws4 7,j7 ,,eb-#e integrity fund 7i7 ,establishment ,there is established in the ,united ,states ,treasury a special fund1 which shall be known as the ,,eb-#e ,integrity ,fund 7referred to in this subparagraph as the ,fund74 ,amounts deposited into the ,fund shall be available to the ,secretary of ,homeland ,security until expended for the purposes set forth in clause 7iii74 7ii7 ,fees 7,i7 ,annual fee ,on ,october #a1 #bjbj1 and on ,october #a of each year thereafter1 the ,secretary of ,homeland ,security shall collect for the ,fund an annual fee-- 7aa7 except as provided in item 7bb71 of #bj1jjj from each regional center designated under subparagraph 7,e72 and 7bb7 of #aj1jjj from each such regional center with #bj or fewer total investors in the preceding fiscal year in its new commercial enterprises4 7,,ii7 ,petition fee ,beginning on ,october #a1 #bjbj1 the ,secretary shall collect a fee of #a1jjj for the ,fund with each petition filed under section #bjd7;a77#a77;,h7 for classification under subparagraph 7,e74 ,the fee under this subclause is in addition to the fee that the ,secretary is authorized to establish and collect for each petition to recover the costs of adjudication and naturalization services under section #bhf7m74 7,,iii7 ,increases ,the ,secretary may increase the amounts under this clause by prescribing such regulations as may be necessary to ensure that amounts in the ,fund are sufficient to carry out the purposes set forth in clause 7iii74 7iii7 ,permissible uses of fund ,the ,secretary shall-- 7,i7 use not less than #a_/c of the amounts deposited into the ,fund for investigations based outside of the ,united ,states1 including-- 7aa7 monitoring and investigating program-related events and promotional activities2 and 7bb7 ensuring an alien investor's compliance with subparagraph 7,l72 and 7,,ii7 use amounts deposited into the ,fund-- 7aa7 to detect and investigate fraud or other crimes2 7bb7 to determine whether regional centers1 new commercial enterprises1 job-creating entities1 and alien investors 7and their alien spouses and alien children7 comply with the immigration laws2 7cc7 to conduct audits and site visits2 and 7dd7 as the ,secretary determines to be necessary1 including monitoring compliance with the requirements under section #g of the ,,eb-#e ,reform and ,integrity ,act of #bjai4 7iv7 ,failure to pay fee ,the ,secretary of ,homeland ,security shall-- 7,i7 impose a reasonable penalty1 which shall be deposited into the ,fund1 if any regional center does not pay the fee required under clause 7ii7 within #cj days after the date on which such fee is due2 and 7,,ii7 terminate the designation of any regional center that does not pay the fee required under clause 7ii7 within #ij days after the date on which such fee is due4 7v7 ,report ,the ,secretary shall submit an annual report to the ,committee on the ,judiciary of the ,senate and the ,committee on the ,judiciary of the ,house of ,representatives that describes how amounts in the ,fund were expended during the previous fiscal year4 7,k7 ,direct and third-party promoters 7i7 ,rules and standards ,direct and third-party promoters 7including migration agents7 of a regional center1 any new commercial enterprise1 an affiliated job-creating entity1 or an issuer of securities intended to be offered to alien investors in connection with a particular capital investment project shall comply with the rules and standards prescribed by the ,secretary of ,homeland ,security and any applicable ,federal or ,state securities laws1 to oversee regional center promotion1 including-- 7,i7 registration with ,u4,s4 ,citizenship and ,immigration ,services1 which-- 7aa7 includes identifying and contact information for such promoter and confirmation of the existence of the written agreement required under clause 7iii72 and 7bb7 may be made publicly available at the discretion of the ,secretary2 7,,ii7 certification by each promoter that such promoter is not ineligible under subparagraph 7,h77i72 7,,iii7 guidelines for representing the visa process to foreign investors2 and 7,,iv7 guidelines describing permissible fee arrangements under applicable securities and immigration laws4 7ii7 ,effect of violation ,if the ,secretary determines that a direct or third-party promoter has violated clause 7i71 the ,secretary shall suspend or permanently bar such individual from participation in the program described in subparagraph 7,e74 7iii7 ,compliance ,each regional center shall maintain a written agreement outlining the rules and standards prescribed under clause 7i7 between-- 7,i7 the regional center1 the new commercial enterprise1 any affiliated job-creating entity1 or any issuer of securities intended to be offered to alien investors in connection with a particular capital investment project2 and 7,,ii7 each direct or third-party promoter operating on behalf of such entity or issuer4 7iv7 ,disclosure ,each petition filed under section #bjd7;a77#a77;,h7 shall include a disclosure1 signed by the investor1 that reflects all fees1 ongoing interest1 and other compensation paid to any person that the regional center or new commercial enterprise knows has received1 or will receive1 in connection with the investment1 including compensation to agents1 finders1 or broker dealers involved in the offering1 to the extent not already specifically identified in the business plan filed under subparagraph 7,f74 7,l7 ,source of funds 7i7 ,in general ,an alien investor shall demonstrate that the capital required under subparagraph 7,a7 and any funds used to pay administrative costs and fees associated with the alien's investment were obtained from a lawful source and through lawful means4 7ii7 ,required information ,the ,secretary of ,homeland ,security shall require that an alien investor's petition under this paragraph contain1 as applicable-- 7,i7 business and tax records1 or similar records1 including-- 7aa7 foreign business registration records2 7bb7 corporate or partnership tax returns 7or tax returns of any other entity in any form filed in any country or subdivision of such country71 and personal tax returns1 including income1 franchise1 property 7whether real1 personal1 or intangible71 or any other tax returns of any kind1 filed during the past #g years 7or another period to be determined by the ,secretary to ensure that the investment is obtained from a lawful source of funds7 with any taxing jurisdiction within or outside the ,united ,states by or on behalf of the alien investor2 and 7cc7 any other evidence identifying any other source of capital or administrative fees2 7,,ii7 evidence related to monetary judgments against the alien investor1 including certified copies of any judgments1 and evidence of all pending governmental civil or criminal actions1 governmental administrative proceedings1 and any private civil actions 7pending or otherwise7 involving possible monetary judgments against the alien investor from any court within or outside the ,united ,states2 and 7,,iii7 the identity of all persons who transfer into the ,united ,states1 on behalf of the investor1 any funds that are used to meet the capital requirement under subparagraph 7,a74 7,m7 ,treatment of good faith investors following program noncompliance 7i7 ,termination or debarment of ,,eb-#e entity ,except as provided in clause 7v71 upon the termination or debarment1 as applicable1 from the program under this paragraph of a regional center1 a new commercial enterprise1 or a job-creating entity1 an otherwise qualified petition under section #bjd7;a77#a77;,h7 or the conditional permanent residence of an alien who has been admitted to the ,united ,states pursuant to section #baf;,a7a77#a7 based on an investment in a terminated regional center1 new commercial enterprise1 or job-creating entity shall remain valid or continue to be authorized1 as applicable1 consistent with this subparagraph4 7ii7 ,new regional center or investment ,the petition under section #bjd7;a77#a77;,h7 of an alien described in clause 7i7 and the conditional permanent resident status of an alien described in clause 7i7 shall be terminated #ahj days after the termination from the program under this paragraph of a regional center1 a new commercial enterprise1 or a job-creating entity 7but not sooner than #ahj days after the date of the enactment of the ,,eb-#e ,reform and ,integrity ,act of #bjai7 unless-- 7,i7 in the case of the termination of a regional center-- 7aa7 the new commercial enterprise associates with an approved regional center1 regardless of the approved geographical boundaries of such regional center's designation2 or 7bb7 such alien makes a qualifying investment in another new commercial enterprise2 or 7,,ii7 in the case of the debarment of a new commercial enterprise or job-creating entity1 such alien invests in another new commercial enterprise4 7iii7 ,removal of conditions ,aliens described in subclauses 7,i77bb7 and 7,,ii7 of clause 7ii7 shall be eligible to have their conditions removed pursuant to section #baf;,a beginning on the date that is #b years after the date of the subsequent investment4 7iv7 ,in case of enforcement action ,except as provided in clause 7v71 if the ,secretary of ,homeland ,security1 the ,attorney ,general1 or the ,securities and ,exchange ,commission files1 in any ,united ,states ,district ,court1 a criminal or civil enforcement action containing allegations that a regional center1 a new commercial enterprise1 a job-creating entity1 or any person involved with any of the foregoing entities1 committed fraud which affected an alien's investment capital under subparagraph 7,a71 or if a ,state authority or agency files such an action in a ,state court-- 7,i7 for all related petitions for classification under section #bjc7;b77#e7 and petitions for removal of conditions described in section #baf;,a-- 7aa7 the ,secretary may hold such petitions in abeyance unless ordered to take action by the ,united ,states ,district ,court overseeing such action1 if applicable2 and 7bb7 the ,united ,states ,district ,court overseeing such action1 if applicable1 may enter an order extending any deadlines applicable under this paragraph and to prevent age-out of derivative beneficiaries2 7,,ii7 the alien investor may-- 7aa7 petition to amend the alien's underlying petition for classification under section #bjc7;b77#e77;,e7 or the petition for removal of conditions described in section #baf;,a7c71 including amendments to the business plan1 without such facts underlying the amendment being deemed a material change2 and 7bb7 retain the immigrant visa priority date related to the original petition2 and 7,,iii7 any funds obtained or recovered by an alien investor1 directly or indirectly1 from claims against third parties1 including insurance proceeds1 or any additional investment capital provided by the alien after the enforcement action described in clause 7iv7 is filed1 may be deemed to be such alien's investment capital for the purposes of subparagraph 7,a7 if such investment otherwise complies with the requirements under this paragraph and under section #baf;,a4 7v7 ,exception ,if the ,secretary has reason to believe that an alien was a knowing participant in the conduct that led to the termination of a regional center1 new commercial enterprise1 or job-creating entity described in clause 7i71 or was a knowing participant in the alleged wrongdoing that led to an enforcement action described in clause 7iv7-- 7,i7 the alien shall not be accorded any benefit under this subparagraph2 and 7,,ii7 the ,secretary shall-- 7aa7 notify the alien of such belief2 and 7bb7 subject to section #baf;,a7b77#b71 deny or initiate proceedings to revoke the approval of such alien's petition1 application1 or benefit 7and that of any spouse or child1 if applicable7 described in this paragraph4 7,n7 ,threats to the national interest 7i7 ,denial or revocation ,the ,secretary of ,homeland ,security shall deny or revoke the approval of a petition1 application1 or benefit described in this paragraph1 including the documents described in clause 7ii71 if the ,secretary determines1 in the ,secretary's discretion1 that the approval of such petition1 application1 or benefit is contrary to the national interest of the ,united ,states for reasons relating to threats to public safety or national security4 7ii7 ,documents ,the documents described in this clause are-- 7,i7 a certification1 designation1 or amendment to the designation of a regional center2 7,,ii7 a petition seeking classification of an alien as an alien investor under this paragraph2 7,,iii7 a petition to remove conditions under section #baf;,a2 7,,iv7 an application for approval of a business plan in a new commercial enterprise under subparagraph 7,f72 or 7,v7 a temporary ,green ,card granting conditional permanent resident status that was issued to an alien pursuant to section #baf;,a4 7iii7 ,debarment ,if a regional center1 new commercial enterprise1 or job-creating entity has its designation or participation in the program under this paragraph terminated for reasons relating to public safety or national security1 any person associated with such regional center1 new commercial enterprise1 or job-creating entity1 including an alien investor1 shall be permanently barred from future participation in the program under this paragraph if the ,secretary of ,homeland ,security1 in the ,secretary's discretion1 determines1 by a preponderance of the evidence1 that such person was a knowing participant in the conduct that led to the termination4 7iv7 ,notice ,if the ,secretary of ,homeland ,security determines that the approval of a petition1 application1 or benefit described in this paragraph should be denied or revoked pursuant to clause 7i71 the ,secretary shall-- 7,i7 notify the relevant individual1 regional center1 or commercial entity of such determination2 and 7,,ii7 deny or revoke such petition1 application1 or benefit or terminate the permanent resident status of the alien 7and the alien spouse and alien children of such immigrant71 as of the date of such determination4 7v7 ,judicial review ,notwithstanding any other provision of law 7statutory or nonstatutory71 including section #bbda of title #bh1 ,united ,states ,code1 or any other habeas corpus provision1 and sections #acfa and #afea of such title1 no court shall have jurisdiction to review a denial or revocation under this subparagraph4 ,nothing in this clause may be construed as precluding review of constitutional claims or questions of law raised upon a petition for review filed with an appropriate court of appeals in accordance with section #bdb4 7,o7 ,fraud1 misrepresentation1 and criminal misuse 7i7 ,denial or revocation ,the ,secretary of ,homeland ,security shall deny or revoke the approval of a petition1 application1 or benefit described in this paragraph1 including the documents described in subparagraph 7,n77ii71 if the ,secretary determines1 in the ,secretary's discretion1 that such petition1 application1 or benefit was predicated on or involved fraud1 deceit1 intentional material misrepresentation1 or criminal misuse4 7ii7 ,debarment ,if a regional center1 new commercial enterprise1 or job-creating entity has its designation or participation in the program under this paragraph terminated for reasons relating to fraud1 intentional material misrepresentation1 or criminal misuse1 any person associated with such regional center1 new commercial enterprise1 or job-creating entity1 including an alien investor1 shall be permanently barred from future participation in the program if the ,secretary determines1 in the ,secretary's discretion1 by a preponderance of the evidence1 that such person was a knowing participant in the conduct that led to the termination4 7iii7 ,notice ,if the ,secretary determines that the approval of a petition1 application1 or benefit described in this paragraph should be denied or revoked pursuant to clause 7i71 the ,secretary shall-- 7,i7 notify the relevant individual1 regional center1 or commercial entity of such determination2 and 7,,ii7 deny or revoke such petition1 application1 or benefit or terminate the permanent resident status of the alien 7and the alien spouse and alien children of such immigrant71 in accordance with clause 7i71 as of the date of such determination4 7,p7 ,administrative appellate review 7i7 ,in general ,the ,director of ,u4,s4 ,citizenship and ,immigration ,services shall provide an opportunity for an administrative appellate review by the ,administrative ,appeals ,office of ,u4,s4 ,citizenship and ,immigration ,services of any determination made under this paragraph1 including-- 7,i7 an application for regional center designation or regional center amendment2 7,,ii7 an application for approval of a business plan filed under subparagraph 7,f72 7,,iii7 a petition by an alien investor for status as an immigrant under this paragraph2 7,,iv7 the termination or suspension of any benefit accorded under this paragraph2 and 7,v7 any sanction imposed by the ,secretary under this paragraph4 7ii7 ,judicial review ,subject to section #bdb7;a77#b71 and notwithstanding any other provision of law 7statutory or nonstatutory71 including section #bbda of title #bh1 ,united ,states ,code1 or any other habeas corpus provision1 and sections #acfa and #afea of such title1 no court shall have jurisdiction to review a determination under this paragraph until the regional center1 its associated entities1 or the alien investor has exhausted all administrative appeals4 7,q7 ,fund administration 7i7 ,in general ,each new commercial enterprise shall deposit and maintain the capital investment of each alien investor in a separate account1 including amounts held in escrow4 7ii7 ,use of funds ,amounts in a separate account may only-- 7,i7 be transferred to another separate account or a job-creating entity2 7,,ii7 otherwise be deployed into the capital investment project for which the funds were intended2 or 7,,iii7 be transferred to the alien investor who contributed the funds as a refund of that investor's capital investment1 if otherwise permitted under this paragraph4 7iii7 ,deployment of funds into an affiliated job-creating entity ,if amounts are transferred to an affiliated job-creating entity pursuant to clause 7ii77,i7-- 7,i7 the affiliated job-creating entity shall maintain such amounts in a separate account until they are deployed into the capital investment project for which they were intended2 and 7,,ii7 not later than #cj days after such amounts are deployed pursuant to subclause 7,i71 the affiliated job-creating entity shall provide written notice to the fund administrator retained pursuant to clause 7iv7 that a construction consultant or other individual authorized by the ,secretary has verified that such amounts have been deployed into the project4 7iv7 ,fund administrator ,except as provided in clause 7v71 the new commercial enterprise shall retain a fund administrator to fulfill the requirements under this subparagraph4 ,the fund administrator shall-- 7,i7 be independent of1 and not directly related to1 the new commercial enterprise1 the regional center associated with the new commercial enterprise1 the job-creating entity1 or any of the principals or managers of such entities2 7,,ii7 be licensed1 active1 and in good standing as-- 7aa7 a certified public accountant2 7bb7 an attorney2 7cc7 a broker-dealer or investment adviser registered with the ,securities and ,exchange ,commission2 or 7dd7 an individual or company that otherwise meets such requirements as may be established by the ,secretary2 7,,iii7 monitor and track any transfer of amounts from the separate account2 7,,iv7 serve as a cosignatory on all separate accounts2 7,v7 before any transfer of amounts from a separate account-- 7aa7 verify that the transfer complies with all governing documents1 including organizational1 operational1 and investment documents2 and 7bb7 approve such transfer with a written or electronic signature2 and 7,,vi7 periodically provide each alien investor with information about the activity of the account in which the investor's capital investment is held1 including-- 7aa7 the name and location of the bank or financial institution at which the account is maintained2 7bb7 the history of the account2 and 7cc7 any additional information required by the ,secretary4 7v7 ,waiver ,the ,secretary of ,homeland ,security1 after consultation with the ,securities and ,exchange ,commission1 may waive the requirements under clause 7iv7 for any new commercial enterprise or affiliated job-creating entity that is controlled by or under common control of an investment adviser or broker-dealer that is registered with the ,securities and ,exchange ,commission if the ,secretary1 in the ,secretary's discretion1 determines that the ,securities and ,exchange ,commission provides comparable protections and transparency for alien investors as the protections and transparency provided under clause 7iv74 7vi7 ,defined term ,in this subparagraph1 the term separate account means an account that-- 7,i7 is maintained in the ,united ,states by a new commercial enterprise at a federally regulated bank or at another financial institution 7as defined in section #bj of title #ah1 ,united ,states ,code7 in the ,united ,states2 7,,ii7 is insured2 7,,iii7 is maintained by the job-creating entity1 except as provided in paragraph 7#f72 and 7,,iv7 contains only the pooled investment funds of alien investors in a new commercial enterprise with respect to a single capital investment project4 4 #c4 ,conditional permanent resident status for alien investors1 spouses1 and children 7a7 ,in general ,section #baf;,a of the ,immigration and ,nationality ,act 7#h ,u4,s4,c4 #aahf;b7 is amended-- 7#a7 by striking ,attorney ,general each place such term appears 7except in subsection 7d77#b77;,c77 and inserting ,secretary of ,homeland ,security2 7#b7 by striking entrepreneur each place such term appears and inserting investor2 7#c7 in subsection 7a71 by amending paragraph 7#a7 to read as follows3 7#a7 ,conditional basis for status 7,a7 ,in general ,except as provided in subparagraph 7,b71 an alien investor1 alien spouse1 and alien child shall be considered1 at the time of obtaining status as an alien lawfully admitted for permanent residence1 to have obtained such status on a conditional basis subject to the provisions of this section4 7,b7 ,exception ,an alien investor 7and his or her alien spouse or alien child7 whose petition under subsection 7f7 is approved before the alien investor is lawfully admitted for permanent residence shall be granted the status of an alien lawfully admitted for permanent residence without conditions4 2 7#d7 in subsection 7b7-- 7,a7 in the subsection heading1 by striking entrepreneurship and inserting investment2 and 7,b7 by amending paragraph 7#a77;,b7 to read as follows3 7,b7 the alien did not invest the requisite capital2 or 2 7#e7 in subsection 7c7-- 7,a7 in the subsection heading1 by striking of timely petition and interview2 7,b7 in paragraph 7#a7-- 7i7 in the matter preceding subparagraph 7,a71 by striking ,in order and inserting ,except as provided in paragraph 7#c77;,d71 in order2 7ii7 in subparagraph 7,a7-- 7,i7 by striking must and inserting shall2 and 7,,ii7 by striking 1 and and inserting a semicolon2 7iii7 in subparagraph 7,b7-- 7,i7 by striking must and inserting shall2 7,,ii7 by striking ,service and inserting ,department of ,homeland ,security2 and 7,,iii7 by striking the period at the end and inserting 2 and2 and 7iv7 by adding at the end the following3 7,c7 the ,secretary shall have performed a site visit to the relevant corporate office or business location described in section #bjc7;b77#e77;,f77iv74 2 and 7,c7 in paragraph 7#c7-- 7i7 in subparagraph 7,a71 in the undesignated matter following clause 7ii71 by striking the before such filing2 and 7ii7 by amending subparagraph 7,b7 to read as follows3 7,b7 ,removal or extension of conditional basis 7i7 ,in general ,except as provided in clause 7ii71 if the ,secretary determines that the facts and information contained in a petition submitted under paragraph 7#a77;,a7 are true1 including demonstrating that the alien complied with subsection 7d77#a77;,b77i71 the ,secretary shall-- 7,i7 notify the alien involved of such determination2 and 7,,ii7 remove the conditional basis of the alien's status effective as of the second anniversary of the alien's lawful admission for permanent residence4 7ii7 ,exception ,if the petition demonstrates that the facts and information are true and that the alien is in compliance with subsection 7d77#a77;,b77ii7-- 7,i7 the ,secretary1 in the ,secretary's discretion1 may provide a #a-time1 #a-year extension of the alien's conditional status2 and 7,,ii7 7aa7 if the alien files a petition not later than #cj days after the third anniversary of the alien's lawful admission for permanent residence demonstrating that the alien complied with subsection 7d77#a77;,b77i71 the ,secretary shall remove the conditional basis of the alien's status effective as of such third anniversary2 or 7bb7 if the alien does not file the petition described in item 7aa71 the conditional status shall terminate at the end of such additional year4 2 7#f7 in subsection 7d7-- 7,a7 in paragraph 7#a7-- 7i7 by amending subparagraph 7,a7 to read as follows3 7,a7 invested the requisite capital2 2 7ii7 by redesignating subparagraph 7,b7 as subparagraph 7,c72 and 7iii7 by inserting after subparagraph 7,a7 the following3 7,b7 7i7 created the employment required under section #bjc7;b77#e77;,a77ii72 or 7ii7 is actively in the process of creating the employment required under section #bjc7;b77#e77;,a77ii7 and will create such employment before the third anniversary of the alien's lawful admission for permanent residence1 provided that such alien's capital will remain invested during such time2 and 2 7,b7 in paragraph 7#b71 by amending subparagraph 7,a7 to read as follows3 7,a7 ,ninety-day period before second anniversary 7i7 ,in general ,except as provided in clause 7ii7 and subparagraph 7,b71 a petition under subsection 7c77#a77;,a7 shall be filed during the #ij-;day period immediately preceding the second anniversary of the alien investor's lawful admission for permanent residence4 7ii7 ,exception ,aliens described in subclauses 7,i77bb7 and 7,,ii7 of section #bjc7;b77#e77,m77ii7 shall file a petition under subsection 7c77#a77;,a7 during the #ij-;day period before the second anniversary of the subsequent investment4 2 and 7,c7 in paragraph 7#c7-- 7i7 by striking ,the interview and inserting the following3 7,a7 ,in general ,the interview 2 7ii7 by striking ,service and inserting ,department of ,homeland ,security2 and 7iii7 by striking the last sentence and inserting the following3 7,b7 ,waiver ,the ,secretary of ,homeland ,security1 in the ,secretary's discretion1 may waive the deadline for an interview under subsection 7c77#a77;,b7 or the requirement for such an interview according to criteria developed by ,u4,s4 ,citizenship and ,immigration ,services1 in consultation with its ,fraud ,detection and ,national ,security ,directorate and ,u4,s4 ,immigration and ,customs ,enforcement1 provided that such criteria do not include a reduction of case processing times or the allocation of adjudicatory resources4 ,a waiver may not be granted under this subparagraph if the alien to be interviewed-- 7i7 invested in a regional center1 new commercial enterprise1 or job-creating entity that was sanctioned under section #bjc7;b77#e72 or 7ii7 is in a class of aliens determined by the ,secretary to be threats to public safety or national security4 2 7#g7 by redesignating subsection 7f7 as subsection 7g72 7#h7 by inserting after subsection 7e7 the following3 7f7 ,petition from qualified alien investor ,an alien investor who invested the requisite capital and created the employment required under section #bjc7;b77#e77;,a77ii7 at least #bd months before admission1 and is otherwise conforming to the requirements under section #bjc7;b77#e71 may file a petition1 before admission for permanent residence1 to be considered1 at the time of obtaining status of an alien lawfully admitted for permanent residence1 to obtain such status without conditions4 2 and 7#i7 in subsection 7g77#c71 as redesignated1 by striking a limited partnership and inserting any entity formed for the purpose of doing for-profit business4 7b7 ,effective dates 7#a7 ,in general ,except as provided under paragraph 7#b71 the amendments made by subsection 7a7 shall take effect on the date of the enactment of this ,act4 7#b7 ,exceptions 7,a7 ,site visits ,the amendment made by subsection 7a77#e77;,b77iv7 shall take effect not later than #b years after the date of the enactment of this ,act4 7,b7 ,petition beneficiaries ,the amendments made by subsection 7a7 shall not apply to the beneficiary of a petition that is filed under section #baf;,a of the ,immigration and ,nationality ,act 7#h ,u4,s4,c4 #aahf;b7 if the underlying petition filed under section #bjc7;b77#e7 of such ,act 7#h ,u4,s4,c4 #aaec7;b77#e77 was approved before the date of the enactment of this ,act4 #d4 ,,eb-#e visa reforms 7a7 ,definitions ,section #bjc7;b77#e77;,d7 of the ,immigration and ,nationality ,act 7#h ,u4,s4,c4 #aaec7;b77#e77;,d77 is amended to read as follows3 7,d7 ,definitions ,in this paragraph3 7i7 ,affiliated job-creating entity ,the term affiliated job-creating entity means any job-creating entity that is controlled1 managed1 or owned by any of the people involved with the regional center or new commercial enterprise under section #bjc7;b77#e77;,h77v74 7ii7 ,capital ,the term capital-- 7,i7 means cash and all real1 personal1 or mixed tangible assets owned and controlled by the alien investor1 or held in trust for the benefit of the alien and to which the alien has unrestricted access2 7,,ii7 shall be valued at fair market value in ,united ,states dollars1 in accordance with ,generally ,accepted ,accounting ,principles or other standard accounting practice adopted by the ,securities and ,exchange ,commission1 at the time it is invested under this paragraph2 and 7,,iii7 shall not include assets acquired1 directly or indirectly1 by unlawful means1 including any cash proceeds of indebtedness secured by such assets4 7iii7 ,certifier ,the term certifier means a person in a position of substantive authority for the management or operations of a regional center1 new commercial enterprise1 affiliated job-creating entity1 or issuer of securities1 such as a principal executive officer or principal financial officer1 with knowledge of such entities' policies and procedures related to compliance with the requirements under this paragraph4 7iv7 ,job-creating entity ,the term job-creating entity means any organization formed in the ,united ,states for the ongoing conduct of lawful business1 including a partnership 7whether limited or general71 corporation1 limited liability company1 or other entity that receives1 or is established to receive1 capital investment from alien investors or a new commercial enterprise under the regional center program described in subparagraph 7,e7 and which is responsible for creating jobs to satisfy the requirement under subparagraph 7,a77ii74 7v7 ,new commercial enterprise ,the term new commercial enterprise means any for-profit organization formed in the ,united ,states for the ongoing conduct of lawful business1 including a partnership 7whether limited or general71 corporation1 limited liability company1 or other entity that receives1 or is established to receive1 capital investment from investors under this paragraph4 4 7b7 ,age determination for children of alien investors ,section #bjc7;h7 of the ,immigration and ,nationality ,act 7#h ,u4,s4,c4 #aaec7;h77 is amended by adding at the end the following3 7#e7 ,age determination for children of alien investors ,an alien who has reached #ba years of age and has been admitted under subsection 7d7 as a lawful permanent resident on a conditional basis as the child of an alien lawfully admitted for permanent residence under subsection 7b77#e71 whose lawful permanent resident status on a conditional basis is terminated under section #baf;,a or subsection 7b77#e77,m71 shall continue to be considered a child of the principal alien for the purpose of a subsequent immigrant petition by such alien under subsection 7b77#e7 if the alien remains unmarried and the subsequent petition is filed by the principal alien not later than #a year after the termination of conditional lawful permanent resident status4 ,no alien shall be considered a child under this paragraph with respect to more than #a petition filed after the alien reaches #ba years of age4 4 7c7 ,enhanced pay scale for certain ,federal employees administering the employment creation program ,the ,secretary of ,homeland ,security may establish1 fix the compensation of1 and appoint individuals to designated critical1 technical1 and professional positions needed to administer sections #bjc7;b77#e7 and #baf;,a of the ,immigration and ,nationality ,act 7#h ,u4,s4,c4 #aaec7;b77#e7 and #aahf;b74 7d7 ,concurrent filing of ,,eb-#e petitions and applications for adjustment of status ,section #bde of the ,immigration and ,nationality ,act 7#h ,u4,s4,c4 #abee7 is amended-- 7#a7 in subsection 7k71 in the matter preceding paragraph 7#a71 by striking or 7#c7 and inserting 7#c71 or 7#e72 and 7#b7 by adding at the end the following3 7n7 ,if the approval of a petition for classification under section #bjc7;b77#e7 would make a visa immediately available to the alien beneficiary1 the alien beneficiary's application for adjustment of status under this section shall be considered to be properly filed whether the application is submitted concurrently with1 or subsequent to1 the visa petition4 4 7e7 ,type of investment ,section #bjc7;b77#e77;,a7 of the ,immigration and ,nationality ,act 7#h ,u4,s4,c4 #aaec7;b77#e77;,a771 as amended by subsection 7a77#b71 is further amended-- 7#a7 in clause 7i71 by striking 7,c71 and and inserting 7,c7 and which is expected to remain invested for not less than #b years2 and2 and 7#b7 in clause 7ii7-- 7,a7 by striking and create and inserting by creating2 and 7,b7 by inserting 1 ,united ,states nationals1 after citizens4 7f7 ,required checks ,section #bjc7;b77#e7 of the ,immigration and ,nationality ,act1 as amended by this section and section #b1 is further amended by adding at the end the following3 7,r7 ,required checks ,any petition filed by an alien under section #bjd7;a77#a77;,h7 may not be approved under this paragraph unless the ,secretary of ,homeland ,security has searched for the alien and any associated employer of such alien on the ,specially ,designated ,nationals ,list of the ,department of the ,treasury ,office of ,foreign ,assets ,control4 4 7g7 ,conforming changes ,section #bja7;d77#a7 of the ,immigration and ,nationality ,act 7#h ,u4,s4,c4 #aaea7;d77#a77 is amended-- 7#a7 in subparagraph 7,a71 by striking the comma and inserting a semicolon2 7#b7 in subparagraph 7,b71 by striking the period at the end and inserting 2 plus2 and 7#c7 by adding at the end the following3 7,c7 the number of unused visas computed under section #bjc7;b77#e77;,b77i77,,ii7 7which shall be allocated pursuant to such section74 4 7h7 ,effective date ,the amendments made by this section shall take effect on the date of the enactment of this ,act4 #e4 ,procedure for granting immigrant status 7a7 ,filing order and eligibility ,section #bjd7;a77#a77;,h7 of the ,immigration and ,nationality ,act 7#h ,u4,s4,c4 #aaed7;a77#a77;,h77 is amended to read as follows3 7,h7 7i7 ,any alien seeking classification under section #bjc7;b77#e7 may file a petition for such classification with the ,secretary of ,homeland ,security4 ,an alien seeking to pool his or her investment with #a or more additional aliens seeking classification under section #bjc7;b77#e7 shall file for such classification in accordance with section #bjc7;b77#e77;,e74 ,an alien petitioning for classification under section #bjc7;b77#e77;,e7 may file a petition with the ,secretary after filing an application for approval of an investment under section #bjc7;b77#e77;,f74 7ii7 ,a petitioner described in clause 7i7 shall establish eligibility at the time he or she files a petition for classification under section #bjc7;b77#e74 ,a petitioner who was eligible for such classification at the time of such filing shall be deemed eligible for such classification at the time such petition is adjudicated4 4 7b7 ,effective dates 7#a7 ,in general ,the amendment made by subsection 7a7 shall take effect on the date of the enactment of this ,act4 7#b7 ,applicability to petitions 7,a7 ,filing ,clause 7i7 of section #bjd7;a77#a77;,h7 of the ,immigration and ,nationality ,act1 as added by subsection 7a71 shall apply to any petition for classification pursuant to section #bjc7;b77#e77;,e7 of such ,act 7#h ,u4,s4,c4 #aaec7;b77#e77;,e77 that is filed with the ,secretary of ,homeland ,security on or after the date of the enactment of this ,act4 7,b7 ,eligibility ,clause 7ii7 of section #bjd7;a77#a77;,h7 of such ,act1 as added by subsection 7a71 shall apply to any petition for classification pursuant to section #bjc7;b77#e77;,e7 of such ,act 7#h ,u4,s4,c4 #aaec7;b77#e77;,e77 that is filed with the ,secretary of ,homeland ,security at any time4 #f4 ,timely processing 7a7 ,fee study ,not later than #a year after the date of the enactment of this ,act1 the ,director of ,u4,s4 ,citizenship and ,immigration ,services shall complete a study of fees charged in the administration of the program described in sections #bjc7;b77#e7 and #baf;,a of the ,immigration and ,nationality ,act 7#h ,u4,s4,c4 #aaec7;b77#e7 and #aahf;b74 7b7 ,adjustment of fees ,to achieve efficient processing ,notwithstanding section #bhf7m7 of the ,immigration and ,nationality ,act 7#h ,u4,s4,c4 #acef7m771 and except as provided under subsection 7c71 the ,director1 not later than #fj days after the completion of the study under subsection 7a71 shall set fees for services provided under sections #bjc7;b77#e7 and #baf;,a of such ,act at a level sufficient to ensure the full recovery only of the costs of providing such services1 including the cost of attaining the goal of completing adjudications1 on average1 not later than-- 7#a7 #ahj days after receiving a proposal for the establishment of a regional center described in section #bjc7;b77#e77;,e7 of such ,act2 7#b7 #ahj days after receiving an application for approval of an investment in a new commercial enterprise described in section #bjc7;b77#e77;,f7 of such ,act2 7#c7 #ij days after receiving an application for approval of an investment in a new commercial enterprise described in section #bjc7;b77#e77;,f7 of such ,act that is located in a rural area or a priority urban investment area 7as such terms are defined in section #bjc7;b77#e77;,d7 of such ,act1 as amended by section #d7;c772 7#d7 #bdj days after receiving a petition from an alien desiring to be classified under section #bjc7;b77#e77;,e72 7#e7 #abj days after receiving a petition from an alien desiring to be classified under section #bjc7;b77#e77;,e7 with respect to an investment in a rural area or a priority urban investment area 7as such terms are defined in section #bjc7;b77#e77;,d7 of such ,act72 and 7#f7 #bdj days after receiving a petition from an alien for removal of conditions described in section #baf;,a7c74 7c7 ,additional fees ,fees in excess of the fee levels described in subsection 7b7 may be charged only-- 7#a7 in an amount that is equal to the amount paid by all other classes of fee-paying applicants for immigration-related benefits1 to contribute to the coverage or reduction of the costs of processing or adjudicating classes of immigration benefit applications that ,congress1 or the ,secretary of ,homeland ,security in the case of asylum applications1 has authorized to be processed or adjudicated at no cost or at a reduced cost to the applicant2 and 7#b7 in an amount that is not greater than #a percent of the fee for filing a petition under section #bjc7;b77#e7 of the ,immigration and ,nationality ,act 7#h ,u4,s4,c4 #aaec7;b77#e771 to make improvements to the information technology systems used by the ,secretary of ,homeland ,security to process1 adjudicate1 and archive applications and petitions under such section1 including the conversion to electronic format of documents filed by petitioners and applicants for benefits under such section4 7d7 ,exemption from ,paperwork ,reduction ,act ,during the #a-year period beginning on the date of the enactment of this ,act1 the requirements under chapter #ce of title #dd1 ,united ,states ,code1 shall not apply to any collection of information required under this ,act1 any amendment made by this ,act1 or any rule promulgated by the ,secretary of ,homeland ,security to implement this ,act or the amendments made by this ,act1 to the extent that the ,secretary determines that compliance with such requirements would impede the expeditious implementation of this ,act or the amendments made by this ,act4 7e7 ,rule of construction regarding adjudication delays ,nothing in this ,act may be construed to limit the authority of the ,secretary of ,homeland ,security to suspend the adjudication of any application or petition under section #bjc7;b77#e7 or #baf;,a of the ,immigration and ,nationality ,act 7#h ,u4,s4,c4 #aaec7;b77#e7 and #aahf;b7 pending the completion of a national security or law enforcement investigation relating to such application or petition4 7f7 ,rule of construction regarding modification of fees ,nothing in this section may be construed to require any modification of fees before the completion of-- 7#a7 the fee study described in subsection 7a72 or 7#b7 regulations promulgated by the ,secretary of ,homeland ,security1 in accordance with subchapter ,,ii of chapter #e and chapter #g of title #e1 ,united ,states ,code 7commonly known as the ,administrative ,procedure ,act71 to carry out subsections 7b7 and 7c74 #g4 ,transparency 7a7 ,in general ,employees of the ,department of ,homeland ,security1 including the ,secretary of ,homeland ,security1 the ,secretary's counselors1 the ,assistant ,secretary for the ,private ,sector1 the ,director of ,u4,s4 ,citizenship and ,immigration ,services1 counselors to such ,director1 and the ,chief of ,immigrant ,investor ,programs at ,u4,s4 ,citizenship and ,immigration ,services1 shall act impartially and may not give preferential treatment to any entity1 organization1 or individual in connection with any aspect of the immigrant visa program described in section #bjc7;b77#e7 of the ,immigration and ,nationality ,act 7#h ,u4,s4,c4 #aaec7;b77#e774 7b7 ,improper activities ,activities that constitute preferential treatment under subsection 7a7 shall include-- 7#a7 working on1 or in any way attempting to influence1 in a manner not available to or accorded to all other petitioners1 applicants1 and seekers of benefits under the immigrant visa program referred to in subsection 7a71 the standard processing of an application1 petition1 or benefit for-- 7,a7 a regional center2 7,b7 a new commercial enterprise2 7,c7 a job-creating entity2 or 7,d7 any person or entity associated with such regional center1 new commercial enterprise1 or job-creating entity2 and 7#b7 meeting or communicating with persons associated with the entities listed in paragraph 7#a71 at the request of such persons1 in a manner not available to or accorded to all other petitioners1 applicants1 and seekers of benefits under such immigrant visa program4 7c7 ,reporting of communications 7#a7 ,written communication ,employees of the ,department of ,homeland ,security1 including the officials listed in subsection 7a71 shall include1 in the record of proceeding for a case under section #bjc7;b77#e7 of the ,immigration and ,nationality ,act 7#h ,u4,s4,c4 #aaec7;b77#e771 actual or electronic copies of all case-specific written communication1 including emails from government and private accounts1 with non-,department persons or entities advocating for regional center applications or individual petitions under such section that are pending on or after the date of the enactment of this ,act 7other than routine communications with other agencies of the ,federal ,government regarding the case1 including communications involving background checks and litigation defense74 7#b7 ,oral communication ,if substantive oral communication1 including telephonic communication1 virtual communication1 or in-person meetings1 takes place between officials of the ,department of ,homeland ,security and non-,department persons or entities advocating for regional center applications or individual petitions under section #bjc7;b77#e7 of such ,act that are pending on or after the date of the enactment of this ,act 7except communications exempted under paragraph 7#a77-- 7,a7 the conversation shall be recorded2 or 7,b7 detailed minutes of the session shall be taken and included in the record of proceeding4 7#c7 ,notification 7,a7 ,in general ,if the ,secretary1 in the course of written or oral communication described in this subsection1 receives evidence about a specific case from anyone other than an affected party or his or her representative 7excluding ,federal ,government or law enforcement sources71 such information may not be made part of the record of proceeding and may not be considered in adjudicative proceedings unless-- 7i7 the affected party has been given notice of such evidence2 and 7ii7 if such evidence is derogatory1 the affected party has been given an opportunity to respond to the evidence4 7,b7 ,information from law enforcement1 intelligence agencies1 or confidential sources 7i7 ,law enforcement or intelligence agencies ,evidence received from law enforcement or intelligence agencies may not be made part of the record of proceeding without the consent of the relevant agency or law enforcement entity4 7ii7 ,whistleblowers1 confidential sources1 or intelligence agencies ,evidence received from whistleblowers1 other confidential sources1 or the intelligence community that is included in the record of proceeding and considered in adjudicative proceedings shall be handled in a manner that does not reveal the identity of the whistleblower or confidential source1 or reveal classified information4 7d7 ,consideration of evidence 7#a7 ,in general ,no case-specific communication with persons or entities that are not part of the ,department of ,homeland ,security may be considered in the adjudication of an application or petition under section #bjc7;b77#e7 of the ,immigration and ,nationality ,act 7#h ,u4,s4,c4 #aaec7;b77#e77 unless the communication is included in the record of proceeding of the case4 7#b7 ,waiver ,the ,secretary of ,homeland ,security may waive the requirement under paragraph 7#a7 only in the interests of national security or for investigative or law enforcement purposes4 7e7 ,channels of communication 7#a7 ,email address or equivalent ,the ,director of ,u4,s4 ,citizenship and ,immigration ,services shall maintain an email account 7or equivalent means of communication7 for persons or entities-- 7,a7 with inquiries regarding specific petitions or applications under the immigrant visa program described in section #bjc7;b77#e7 of the ,immigration and ,nationality ,act 7#h ,u4,s4,c4 #aaec7;b77#e772 or 7,b7 seeking information that is not case-specific about the immigrant visa program described in such section #bjc7;b77#e74 7#b7 ,communication only through appropriate channels or offices 7,a7 ,announcement of appropriate channels of communication ,not later than #dj days after the date of the enactment of this ,act1 the ,director of ,u4,s4 ,citizenship and ,immigration ,services shall announce that the only channels or offices by which industry stakeholders1 petitioners1 applicants1 and seekers of benefits under the immigrant visa program described in section #bjc7;b77#e7 of the ,immigration and ,nationality ,act 7#h ,u4,s4,c4 #aaec7;b77#e77 may communicate with the ,department of ,homeland ,security regarding specific cases under such section 7except for communication made by applicants and petitioners pursuant to regular adjudicatory procedures71 or information that is not case-specific about the visa program applicable to certain cases under such section1 are through-- 7i7 the email address or equivalent channel described in paragraph 7#a72 7ii7 the ,national ,customer ,service ,center1 or any successor to such ,center2 or 7iii7 the ,office of ,public ,engagement1 ,immigrant ,investor ,program ,office1 including the ,stakeholder ,engagement ,branch1 or any successors to those ,offices or that ,branch4 7,b7 ,direction of incoming communications 7i7 ,in general ,employees of the ,department of ,homeland ,security shall direct communications described in subparagraph 7,a7 to the channels of communication or offices listed in clauses 7i7 through 7iii7 of subparagraph 7,a74 7ii7 ,rule of construction ,nothing in this subparagraph may be construed to prevent-- 7,i7 any person from communicating with the ,ombudsman of ,u4,s4 ,citizenship and ,immigration ,services regarding the immigrant investor program under section #bjc7;b77#e7 of the ,immigration and ,nationality ,act 7#h ,u4,s4,c4 #aaec7;b77#e772 or 7,,ii7 the ,ombudsman from resolving problems regarding such immigrant investor program pursuant to the authority granted under section #deb of the ,homeland ,security ,act of #bjjb 7#f ,u4,s4,c4 #bgb74 7,c7 ,log 7i7 ,in general ,the ,director of ,u4,s4 ,citizenship and ,immigration ,services shall maintain a written or electronic log of-- 7,i7 all communications described in subparagraph 7,a7 and communications from ,members of ,congress1 which shall reference the date1 time1 and subject of the communication1 and the identity of the ,department official1 if any1 to whom the inquiry was forwarded2 7,,ii7 with respect to written communications described in subsection 7c77#a71 the date on which the communication was received1 the identities of the sender and addressee1 and the subject of the communication2 and 7,,iii7 with respect to oral communications described in subsection 7c77#b71 the date on which the communication occurred1 the participants in the conversation or meeting1 and the subject of the communication4 7ii7 ,transparency ,the log of communications described in clause 7i7 shall be made publicly available in accordance with section #eeb of title #e1 ,united ,states ,code 7commonly known as the ,freedom of ,information ,act74 7#c7 ,publication of information ,not later than #cj days after a person or entity inquiring about a specific case or generally about the immigrant visa program described in section #bjc7;b77#e7 of the ,immigration and ,nationality ,act 7#h ,u4,s4,c4 #aaec7;b77#e77 receives1 as a result of a communication with an official of the ,department of ,homeland ,security1 generally applicable information that is not case-specific about program requirements or administration that has not been made publicly available by the ,department1 the ,director of ,u4,s4 ,citizenship and ,immigration ,services shall publish such information on the ,u4,s4 ,citizenship and ,immigration ,services website as an update to the relevant ,frequently ,asked ,questions page or by some other comparable mechanism4 7f7 ,penalty 7#a7 ,in general ,any person who intentionally violates the prohibition on preferential treatment under this section or intentionally violates the reporting requirements under subsection 7c7 shall be disciplined in accordance with paragraph 7#b74 7#b7 ,sanctions ,not later than #ij days after the date of the enactment of this ,act1 the ,secretary of ,homeland ,security shall establish a graduated set of sanctions based on the severity of the violation referred to in paragraph 7#a71 which may include1 in addition to any criminal or civil penalties that may be imposed1 written reprimand1 suspension1 demotion1 or removal4 7g7 ,rule of construction regarding classified information ,nothing in this section may be construed to modify any law1 regulation1 or policy regarding the handling or disclosure of classified information4 7h7 ,rule of construction regarding private right of action ,nothing in this section may be construed to create or authorize a private right of action to challenge a decision of an employee of the ,department of ,homeland ,security4 7i7 ,effective date ,this section1 and the amendments made by this section1 shall take effect on the date of the enactment of this ,act4