,,ii #aafth ,,congress #ast ,session ,s4 #bggh ,,in ,,the ,,senate ,,of ,,the ,,united ,,states ,november #e1 #bjai,mr4 ,rounds 7for himself1 ,mr4 ,graham1 and ,mr4 ,cornyn7 introduced the following bill2 which was read twice and referred to the ,committee on the ,judiciary ,a ,,bill ,to reform the ,,eb-#e ,immigrant ,investor ,program1 and for other purposes4 #a4 ,short title2 table of contents 7a7 ,short title ,this ,act may be cited as the ,immigrant ,investor ,program ,reform ,act4 7b7 ,table of contents ,the table of contents for this ,act is as follows3 ,sec4 #a4 ,short title2 table of contents4,sec4 #b4 ,invest in ,american job creation4,sec4 #c4 ,transparency4,sec4 #d4 ,treatment of period for purposes of naturalization4,sec4 #e4 ,concurrent filing of ,,eb-#e petitions and applications for adjustment of status4,sec4 #f4 ,parole status for petitioners and dependents awaiting availability of an immigrant visa4 #b4 ,invest in ,american job creation 7a7 ,in general ,section #bjc7;b77#e7 of the ,immigration and ,nationality ,act 7#h ,u4,s4,c4 #aaec7;b77#e77 is amended to read as follows3 7#e7 ,employment creation 7,a7 ,in general ,visas shall be made available1 in a number not to exceed #g4a percent of such worldwide level1 to qualified immigrants seeking to enter the ,united ,states for the purpose of investing in a new commercial enterprise1 directly or in a new commercial enterprise associated with a regional center under subparagraph 7,b7-- 7i7 in which such alien has invested or1 is actively in the process of investing1 capital in an amount not less than the amount specified in subparagraph 7,d72 and 7ii7 that will benefit the ,united ,states economy and create full-time employment for not fewer than #aj ,united ,states citizens or aliens lawfully admitted for permanent residence or other immigrants lawfully authorized to be employed in the ,united ,states 7other than the immigrant and the immigrant's spouse1 sons1 or daughters74 7,b7 ,regional center program ,visas made available under subparagraph 7,a7 shall be made available through ,september #cj1 #bjbe1 to qualified immigrants pooling their investments with #a or more additional qualified immigrants in a new commercial enterprise associated with a regional center in the ,united ,states that 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 7,c7 ,reservation for targeted employment areas 7i7 ,in general ,of the number of visas allocated under subparagraph 7,a71 #cj percent shall be reserved in each fiscal year before fiscal year #bjbf for qualified immigrants who invest in a new commercial enterprise in a targeted employment area1 of which #ej percent shall be reserved for rural areas4 7ii7 ,unused visas ,at the end of each fiscal year1 any unused visa numbers that were reserved under this subparagraph shall be made generally available in the next fiscal year to immigrants who have filed applications for classification as an immigrant investor under subparagraph 7,a74 7,d7 ,amount of capital required 7i7 ,in general ,except as otherwise provided in this subparagraph1 the amount of capital required under subparagraph 7,a7 shall be #a1ajj1jjj4 7ii7 ,minimum investment for targeted employment areas ,subject to clause 7iii71 the amount of capital required under subparagraph 7,a7 in the case of a targeted employment area shall be #a1jjj1jjj4 7iii7 ,program improvement fee ,each immigrant investor shall pay1 to the ,treasury of the ,united ,states1 a program improvement fee of #ej1jjj in conjunction with each ,i-#ebf petition submitted under this paragraph after the date of the enactment of the ,immigrant ,investor ,program ,reform ,act4 7iv7 ,adjustment of required capital 7,i7 ,automatic adjustment ,beginning on ,october #a1 #bjbb and every #c years thereafter1 the qualifying investment amounts under clauses 7i7 and 7ii7 shall be automatically adjusted based on the cumulative annual percentage change in the unadjusted ,all ,items ,consumer ,price ,index for ,all ,urban ,consumers 7,,cpi-,u7 for the ,u4,s4 ,city ,average reported by the ,bureau of ,labor ,statistics compared to such amounts in ,september #bjai4 ,the qualifying investment amount will be rounded down to the nearest #ajj1jjj4 7,,ii7 ,notice of adjustment 7aa7 ,in general ,immediately after each adjustment under subclause 7,i71 the ,secretary of ,homeland ,security shall publish a technical amendment in the ,federal ,register that includes the amounts set forth in clauses 7i7 and 7ii71 as adjusted by subclause 7,i74 7bb7 ,applicability ,any petition for classification of an alien as an immigrant investor under this paragraph that is filed on or after ,october #a in the year an automatic adjustment to the minimum qualifying investment amount occurs under subclause 7,i7 shall be subject to such adjusted amount4 7,e7 ,regional center program 7i7 ,processing 7,i7 ,in general ,in processing petitions under section #bjd7;a77#a77;,h7 for classification under this paragraph1 the ,secretary of ,homeland ,security-- 7aa7 may process petitions in a manner and order established by the ,secretary2 and 7bb7 shall deem such petitions to include records previously filed with the ,secretary under subparagraph 7,f7 if the alien petitioner certifies that such records are incorporated by reference into the alien's petition4 7,,ii7 ,priority ,in processing applications for designation as a regional center1 amendments1 specific investment offerings1 and annual certifications submitted under this paragraph1 the ,secretary may give priority1 upon the payment of a #ej1jjj premium processing fee1 to such applications and certifications1 notwithstanding other pending applications or petitions filed under other employment-based visa categories4 7,,iii7 ,premium processing of eb-#e regional center applications 7aa7 ,in general ,an entity seeking designation as an ,,eb-#e regional center or an amendment of a previously approved regional center may1 upon the payment of a #ej1jjj premium processing fee1 request that the ,secretary process the application within #abj days4 7bb7 ,response to premium processing request ,if the ,secretary cannot render a final decision on the application or petition for which premium processing was requested1 as evidenced by an approval notice or denial notice1 the ,secretary shall refund the premium processing fee4 7,,iv7 ,expedited processing of targeted employment area petitions ,a petition relating to a project in a targeted employment area1 including individual investor petitions1 will be subject to expedited review without payment of an additional premium processing fee4 7ii7 ,establishment of regional centers ,a regional center shall operate within a defined1 contiguous1 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-- 7,i7 demonstrate that the pooled investment will have a significant economic impact on such geographic area2 7,,ii7 include reasonable predictions1 supported by economically and statistically valid forecasting tools1 concerning-- 7aa7 the amount of investment that will be pooled2 7bb7 the types of commercial enterprises that will receive such investments2 7cc7 the details of the jobs that will be created directly or indirectly as a result of such investments2 and 7dd7 other positive economic effects such investments will have2 and 7,,iii7 include a description of the policies and procedures that are reasonably designed to ensure program compliance2 and 7,,iv7 include a description of the policies and procedures in place that are reasonably designed to monitor new commercial enterprises1 third-party promoters 7including migration agents71 and any affiliated job-creating entity to ensure compliance with-- 7aa7 all applicable laws1 regulations1 and executive orders of the ,united ,states1 including immigration laws1 criminal laws1 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 reside4 7iii7 ,job creation 7,i7 ,in general ,in determining compliance with subparagraph 7,a77ii71 the ,secretary of ,homeland ,security shall permit aliens seeking admission based on an investment in a new commercial enterprise associated with a regional center 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 subparagraph 7,a77ii72 and 7bb7 consistent with this subparagraph1 jobs estimated to have been created indirectly through revenues generated from increased exports1 improved regional productivity1 job creation1 and increased domestic capital investment resulting from the program4 7iv7 ,amendments ,the ,secretary of ,homeland ,security shall-- 7,i7 require regional centers to provide #abj days advance notice to the ,secretary of significant proposed changes to their organizational structure1 ownership1 or administration1 including the sale of such centers or other arrangements in which individuals not previously subject to the requirements under subparagraph 7,h7 become involved with the regional center1 before any such proposed changes may take effect unless exigent circumstances are present in which case the regional center shall provide notice to the ,secretary not later than #e business days after such change2 and 7,,ii7 notwithstanding the pendency of a determination described in subclause 7,,ii71 adjudicate business plans under subparagraph 7,f7 and petitions under section #bjd7;a77#a77;,h74 7v7 ,sanctions 7,i7 ,violations ,the ,secretary shall sanction a regional center1 in accordance with subclause 7,,ii71 if-- 7aa7 the regional center fails to submit an annual statement1 attestation1 certification1 or other information required under this paragraph2 7bb7 the regional center fails to pay the fee required under subparagraph 7,j77ii7 within #cj days after the date on which such fee is due or1 after being fined1 fails to pay the fine within #ij days after the date on which such fine is due2 7cc7 the ,secretary determines that the regional center knowingly submitted1 or caused to be submitted1 a statement1 attestation1 certification1 or any other information under this paragraph that contained an untrue statement of material fact or omitted to state a material fact necessary in order to make the statement1 attestation1 certification or provision of information1 in light of the circumstances under which they were made1 not misleading2 7dd7 the ,secretary determines a person involved with the regional center1 an associated new commercial enterprise1 or any affiliated job-creating entity was knowingly involved by the regional center in violation of subparagraph 7,h72 or 7ee7 the ,secretary determines that the regional center is otherwise conducting itself in a manner inconsistent with its designation1 including-- 7,,aa7 conduct that fails to demonstrate that the regional center is operating reliably or with integrity2 7,,bb7 failure to promote economic growth in compliance with this paragraph2 or 7,,cc7 any willful1 undisclosed1 and material deviation by new commercial enterprises from any filed business plan for such commercial enterprises4 7,,ii7 ,authorized sanctions ,the ,secretary shall establish a graduated set of sanctions based on the severity of the violations referred to in subclause 7,i71 including #a or more of the following3 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 job-creating entities1 which-- 7,,aa7 may not be paid from any of such alien investor's capital investments2 and 7,,bb7 shall be deposited into the ,,eb-#e ,integrity ,fund established under subparagraph 7,j77i74 7bb7 ,temporary suspension from participation in the regional center program1 which may be lifted by the ,secretary if the individual or entity cures the alleged violation after being provided such an opportunity by the ,secretary4 7cc7 ,permanent bar from program participation for #a or more individuals or entities associated with the regional center or new commercial enterprise or affiliated job-creating entity4 7dd7 ,termination of the regional center designation4 7,f7 ,application for approval of an investment in a commercial enterprise 7i7 ,in general ,the director of a regional center shall file an application with the ,secretary of ,homeland ,security for each investment offering through an associated commercial enterprise4 ,an alien may not file a petition for classification under this paragraph by reason of investment in such offering until after such application has been approved4 7ii7 ,contents ,each application submitted under clause 7i7 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 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 for 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 used or to be used in connection with the offering as of the time of the filing1 which shall contain references1 as appropriate1 to-- 7aa7 any investment risks associated with the new commercial enterprise and the affiliated job-creating entity2 7bb7 any conflicts of interest that exist or may arise among the regional center1 new commercial enterprise1 job-creating entity1 or the principals1 attorneys1 or individuals responsible for recruitment or promotion of such entities2 7cc7 any pending litigation or bankruptcy1 or adverse judgments or bankruptcy orders issued during the most recent #aj-year period1 in the ,united ,states or abroad1 affecting the regional center1 new commercial enterprise1 any affiliated job-creating entity1 or any other enterprise in which any principal of the aforementioned entities held majority ownership at the time2 and 7dd7 7,,aa7 any fees1 ongoing interest1 or other compensation paid or to be paid by regional center or new commercial enterprise to agents1 finders1 or broker dealers involved in the offering2 7,,bb7 a description of the services performed1 or which 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 and 7,v7 a description of the policies and procedures1 including those related to internal and external due diligence1 reasonably designed to cause the regional center1 new commercial enterprise1 and any affiliated job-creating entity1 their agents1 employees1 advisors1 and attorneys1 and any persons in active concert or participation with the regional center1 new commercial enterprise1 or any affiliated job-creating entity 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 securities4 7iii7 ,effect of approval of an application for an investment in a regional center's commercial enterprise ,the approval of an application under this subparagraph 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 filed under section #baf;,a by the same immigrants1 except in the case of-- 7,i7 fraud2 7,,ii7 misrepresentation2 7,,iii7 criminal misuse2 7,,iv7 a threat to public safety or national security2 7,v7 a material change that affects eligibility2 7,,vi7 other evidence affecting program eligibility that was not disclosed by the applicant during the adjudication process2 or 7,,vii7 a material mistake of law or fact in the prior adjudication4 7iv7 ,site visits ,the ,secretary shall-- 7,i7 perform site visits to regional centers2 and 7,,ii7 perform at least #a site visit to each new commercial enterprise or affiliated job-creating entity1 which shall include a review for evidence of direct job creation in accordance with subparagraph 7,e77iii77,i74 7,g7 ,regional center annual statements 7i7 ,in general ,the director of each regional center designated under subparagraph 7,e7 shall annually submit a statement1 in a manner prescribed by the ,secretary of ,homeland ,security1 which includes-- 7,i7 a certification stating that the regional center1 any associated new commercial enterprises1 and any affiliated job-creating entity 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 that the regional center is in compliance with subparagraph 7,k72 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 any associated new commercial enterprises1 or any job-creating entities2 7,v7 an accounting of all foreign investor capital invested in the regional center1 new commercial enterprise1 or affiliated 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 any affiliated 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 the account requirements under subparagraph 7,d7 have been met2 7dd7 evidence that #ajj percent of the capital described in item 7aa7 has been committed to each capital investment project2 7ee7 detailed evidence of the progress made toward the completion of each capital investment project2 7ff7 an accounting of the aggregate direct jobs created or preserved2 7gg7 an accounting of 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 any associated new commercial enterprises1 any job-creating entities or any promoter1 finder1 broker-dealer or other entity engaged by any such entity to locate individual investors2 7hh7 any documentation referred to in subparagraph 7,f77i77,,iv7 if there has been a material change during the preceding fiscal year2 and 7ii7 a certification by the regional center that such statements are accurate2 and 7,,vii7 a description of the regional center's policies and procedures that are designed to enable the regional center1 any associated new commercial enterprises1 and any job-creating entities to comply with applicable ,federal and ,state labor laws4 7ii7 ,amendment of annual statements ,the ,secretary-- 7,i7 shall require each regional center to amend or supplement the annual statement required under clause 7i7 if the ,secretary determines that such statement is deficient2 and 7,,ii7 may require the regional center to amend or supplement such annual statement if the ,secretary determines that such an amendment or supplement is appropriate4 7iii7 ,record keeping 7,i7 ,in general ,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 affiliated job-creating entity that was 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 ,availability ,all of the books1 ledgers1 records1 and other documentation described in subclause 7,i7 shall be made available to the ,secretary upon request4 7iv7 ,verifications by securities and exchange commission ,the certifications required under clause 7i7 shall be verified by the ,securities and ,exchange ,commission4 7,h7 ,bona fides of persons involved with the eb-#e program 7i7 ,in general ,no person may be a person involved with a regional center1 new commercial enterprise1 or affiliated job-creating entity who-- 7,i7 has been found by a court of competent jurisdiction1 or any final order of the ,securities and ,exchange ,commission1 or a ,state securities regulator to have committed-- 7aa7 a criminal or civil offense involving fraud or deceit within the previous #aj years2 7bb7 a civil offense involving fraud or deceit that resulted in a liability in excess of #a1jjj1jjj2 or 7cc7 a crime for which the person was convicted and was sentenced to a term of imprisonment of more than #a year2 7,,ii7 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 who performs similar functions71 a ,state authority that supervises or examines banks1 savings associations1 or credit unions1 a ,state insurance commission 7or an agency of or officer of a ,state who performs 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 deceptive1 or negligent 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 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 ,act 7#ba ,u4,s4,c4 #hjb772 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 activity2 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 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 otherwise been publicly disciplined for conduct related to fraud or deceit by any bar association or other self-regulating professional association of which the person is or was a member2 or 7,v7 is debarred from participation in the program under this paragraph pursuant to subparagraph 7,s74 7ii7 ,foreign involvement in the eb-#e program 7,i7 ,lawful status required ,an individual may not be involved with a regional center unless the individual-- 7aa7 is a national of the ,united ,states2 or 7bb7 has been lawfully admitted for permanent residence and is not the subject of removal proceedings4 7,,ii7 ,foreign governments 7aa7 ,in general ,except as provided in item 7bb71 no agency1 official1 or other similar entity or representative of a foreign government may provide capital to1 or be directly or indirectly involved with the ownership or administration of1 a regional center1 a new commercial enterprise1 or affiliated job-creating entity4 7bb7 ,exception ,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 ,review of transactions ,any transaction involving a regional center1 new commercial enterprise1 or affiliated job-creating entity that is a covered transaction 7as defined in section #gba7;a77#d7 of the ,defense ,production ,act of #aiej 7#ej ,u4,s4,c4 #defe7;a77#d777 is subject to review by the ,committee on ,foreign ,investment in the ,united ,states4 7,,iv7 ,rulemaking ,not later than #ahj days after the date of the enactment of the ,immigrant ,investor ,program ,reform ,act1 the ,secretary of ,homeland ,security1 in consultation with the ,secretary of the ,treasury and the ,secretary of ,commerce1 shall issue regulations implementing subclauses 7,i7 and 7,,ii74 7iii7 ,information required 7,i7 ,in general ,beginning on the date of the enactment of the ,immigrant ,investor ,program ,reform ,act1 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 new commercial enterprise1 and any affiliated job-creating entity1 and persons involved with such entities1 to determine whether such entities are in compliance with clauses 7i7 and 7ii74 7,,ii7 ,effect of noncompliance ,the ,secretary1 after the completion of the background checks described in subclause 7,i71 shall notify a regional center1 new commercial enterprise1 or affiliated job-creating entity whether any individual involved with such entities is not in compliance with clause 7i7 or 7ii74 ,if the regional center1 new commercial enterprise1 or affiliated job-creating entity fails to discontinue the prohibited individual's involvement with such entity within #cj days after receiving a notification under this subclause1 the regional center1 new commercial enterprise1 or affiliated job-creating entity shall be deemed to have knowledge that such person is in violation of clause 7i7 or 7ii74 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 sold 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 such regulation4 ,subclause 7,i7 may not be construed to modify any existing regulations or interpretations of the ,securities and ,exchange ,commission related to the application of section #ae of the ,securities ,exchange ,act of #aicd 7#ae ,u4,s4,c4 #gho7 to foreign broker 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 a regional center amendment unless the regional center certifies that the regional center is in compliance with1 and has policies and procedures 7including those related to internal and external due diligence7 reasonably designed to confirm1 as applicable1 that the regional center1 any associated new commercial enterprises1 any job-creating entities1 and all persons involved with such entities 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 center1 any associated new commercial enterprises1 any job-creating entities1 or persons involved with such entities4 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 the regional center1 any associated new commercial enterprises1 any job-creating entities1 and all persons involved with such entities2 7bb7 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 the offer1 purchase1 or sale of securities was conducted1 the issuer of securities was located1 or 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 discovered1 during the previous fiscal year1 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 center1 any associated new commercial enterprises1 any job-creating entities1 and all persons involved with such entities are currently in compliance4 7,,iv7 ,due diligence investigation ,any certification provided by a certifier under this clause with respect to an entity in which the certifier is not in a position of substantive authority shall be made to the best of the certifier's knowledge after 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 to securities made by the regional center1 any associated new commercial enterprises1 any job-creating entities1 and all persons involved with such entities 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 creation of such records1 data1 or information1 which shall be made available to the ,secretary upon request2 and 7,,iii7 make the records1 data1 and information described in subclause 7,,ii7 available to the ,secretary upon request4 7iv7 ,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 ,april #a1 #bjbj1 and on ,january #a of each year thereafter1 the ,secretary of ,homeland ,security shall-- 7aa7 except as provided in item 7bb71 collect a fee of #bj1jjj from each regional center designated under subparagraph 7,e72 7bb7 collect a fee of #aj1jjj from each regional center designated under subparagraph 7,e7 that is a not-for-profit regional center1 or has #bj or fewer total investors in the preceding fiscal year in its new commercial enterprises2 and 7cc7 deposit the fees collected pursuant to items 7aa7 and 7bb7 into the ,fund4 7,,ii7 ,petition fee ,beginning on ,april #a1 #bjbj1 the ,secretary shall collect a fee of #a1jjj with each petition filed under section #bjd7;a77#a77;,h7 for classification under subparagraph 7,e7 and deposit each fee collected under this subclause into the ,fund4 7,,iii7 ,increases ,the ,secretary may prescribe such regulations as may be necessary to increase the dollar amounts under this clause to ensure that the ,fund is sufficient to carry out the purposes set forth in clause 7iii74 ,increases under this subclause may not exceed #ajj percent in any #ab-month period4 7iii7 ,permissible uses of fund ,the ,secretary of ,homeland ,security shall-- 7,i7 use not less than #a_/c of the amounts deposited into the ,fund to conduct audits and site visits 7with or without notice72 7,,ii7 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 the compliance of alien investors with subparagraph 7,l72 7,,iii7 use amounts deposited into the ,fund as the ,secretary determines to be necessary1 including to monitor compliance with the requirements under this paragraph2 7,,iv7 use amounts deposited into the ,fund to conduct interviews of the owners1 officers1 directors1 managers1 partners1 agents1 employees1 promoters1 and attorneys of regional centers1 new commercial enterprises1 and job-creating entities2 and 7,v7 use amounts deposited into the ,fund-- 7aa7 to detect and investigate fraud or other crimes2 and 7bb7 to determine whether regional centers1 new commercial enterprises1 any job-creating entities1 and alien investors 7and their alien spouses and alien children7 comply with the immigration laws4 7iv7 ,report ,the ,secretary of ,homeland ,security 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 of a regional center1 any new commercial enterprise1 or any affiliated job-creating entity shall comply with the rules and standards prescribed by the ,secretary of ,homeland ,security and any applicable ,federal or ,state securities laws1 to oversee promotion of any offering of securities related to the immigrant investor program under this paragraph1 including-- 7,i7 registration with ,u4,s4 ,citizenship and ,immigration ,services1 which-- 7aa7 may be limited to identifying and contact information of such promoter and confirmation of the existence of the written agreement required under clause 7iii72 7bb7 may not include any requirement that ,u4,s4 ,citizenship and ,immigration ,services approve the registration of such promoter2 and 7cc7 may permit the list of such registered promoters to be made publicly available2 7,,ii7 certification by each promoter that such promoter is not ineligible under subparagraph 7,h77i72 7,,iii7 guidelines for accurately representing the visa process to foreign investors2 and 7,,iv7 permissible fee arrangements1 if applicable4 7ii7 ,compliance ,each regional center1 new commercial enterprise1 and affiliated job-creating entity shall maintain a written agreement between or among such entities and each direct or third-party promoter operating on behalf of such entities or associated issuer that outlines the rules and standards prescribed under clause 7i74 7iii7 ,disclosure ,each petition filed under section #bjd7;a77#a77;,h7 shall include a disclosure by the regional center1 new commercial enterprise1 or affiliated job-creating entity1 as applicable1 acknowledged by the investor1 that reflects all fees1 ongoing interest1 and other compensation paid or to be paid to any person 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 amounts 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 including-- 7aa7 foreign business registration records1 if applicable2 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 returns including income1 franchise1 property 7whether real1 personal1 or intangible71 or any other tax returns of any kind1 filed during the past #g years1 or another period to be determined by the ,secretary to ensure that the investment is obtained from a lawful source of funds1 with any taxing jurisdiction in or outside the ,united ,states by or on behalf of the alien investor1 if applicable2 and 7cc7 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 involving possible monetary judgments against the alien investor from any court in or outside the ,united ,states2 and 7,,iii7 the identity of all persons who transfer into the ,united ,states1 on behalf of the investor-- 7aa7 any funds that are used to meet the capital requirement under subparagraph 7,a72 and 7bb7 any funds that are used to pay administrative costs and fees associated with the alien's investment4 7iii7 ,gift and loan restrictions 7,i7 ,in general ,gifted and borrowed funds may not be counted toward the minimum capital investment requirement under subparagraph 7,c7 unless such funds-- 7aa7 were gifted or loaned to the alien investor in good faith2 and 7bb7 were not gifted or loaned to circumvent any limitations imposed on permissible sources of capital under this subparagraph4 7,,ii7 ,records requirement ,if a significant portion of the capital invested under subparagraph 7,a7 was gifted or loaned to the alien investor1 the ,secretary shall require that the alien investor's petition under this paragraph includes the records described in subclauses 7,i7 and 7,,ii7 of clause 7ii7 from the donor or1 if other than a bank1 the lender4 7,m7 ,petition for classification as an immigrant investor 7i7 ,filing ,an alien seeking classification as an immigrant investor under this paragraph shall file a petition with the ,secretary of ,homeland ,security1 with the appropriate filing fees 7including the ,,eb-#e ,fraud ,prevention and ,detection ,fee required under section #bhf7w77#c771 and with such evidence as the ,secretary shall prescribe4 ,the approval of a petition for classification as an immigrant investor under this paragraph does not1 by itself1 establish that the alien is entitled to immigrant status4 7ii7 ,treatment of children ,a child of an alien investor on the date on which a petition is filed under clause 7i7 shall continue to be considered a child until the removal of the conditional basis of the child's lawful permanent resident status unless-- 7,i7 the petition on which the child's status is based is revoked2 or 7,,ii7 the child's lawful permanent resident status is otherwise terminated4 7iii7 ,decisions 7,i7 ,withholding adjudication ,the ,secretary of ,homeland ,security may suspend adjudication of any petition for classification under this paragraph until all background and security checks and any national security or law enforcement investigation relating to such application or the alien seeking classification is completed4 7,,ii7 ,denials and revocations 7aa7 ,notice of denial or revocation ,the ,secretary shall provide an alien investor with a notice of the ,secretary's denial of a petition or revocation of an approved petition under this subparagraph4 7bb7 ,denial for fraud1 misrepresentation1 and criminal misuse ,the ,secretary shall deny a petition for classification of an alien as an immigrant investor under this paragraph if the ,secretary determines that the petition was predicated on or involved fraud1 deceit1 intentional material misrepresentation1 or criminal misuse4 7cc7 ,national security or public safety ,the ,secretary may deny a petition or revoke an approved petition under this section if the ,secretary determines that approval of such a petition would be contrary to the national interests of the ,united ,states for reasons relating to national security or public safety4 7,,iii7 ,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,n7 ,threats to the national interest ,the ,secretary of ,homeland ,security shall deny or revoke the approval of a petition1 application1 certification1 or benefit under this paragraph1 including the documents described in subclause 7,,ii71 if the ,secretary determines1 in the ,secretary's unreviewable 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 7,o7 ,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 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 of ,homeland ,security 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 any other habeas corpus provision1 and sections #acfa and #afea of such title1 no court shall have jurisdiction to review a determination under this subparagraph 7,o77i77,,iii7 until the regional center1 its associated entities1 or the alien investor has exhausted all administrative appeals4 7,p7 ,treatment of investors if a regional center has been terminated 7i7 ,in general ,upon termination or debarment1 as applicable1 from the program under this paragraph of a regional center1 new commercial enterprise1 or affiliated job-creating entity under this paragraph1 and except as provided in clauses 7iii7 and 7vi7 of subparagraph 7,s71 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 affiliated job-creating entity shall remain valid or continue to be authorized1 as applicable1 in accordance with this subparagraph4 7ii7 ,new regional center or investment ,the conditional permanent resident status of an alien described in clause 7i7 shall be terminated on the date that is #ahj days after the termination from the program under this paragraph of a regional center1 a new commercial enterprise1 or a job-creating entity unless-- 7,i7 if a regional center was terminated-- 7aa7 the new commercial enterprise is associated with an approved regional center2 7bb7 the alien makes a qualifying investment in another commercial enterprise associated with an approved regional center2 or 7cc7 the alien makes a qualifying investment in another commercial enterprise under this paragraph not associated with a regional center2 or 7,,ii7 if a new commercial enterprise or affiliated job-creating entity was debarred1 the alien invests in another commercial enterprise associated with an approved regional center4 7iii7 ,removal of conditions ,aliens described in subclause 7,i77bb71 7,i77cc71 or 7,,ii7 of clause 7ii7 who have obtained conditional permanent residence before making the subsequent investment 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 7,q7 ,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,m77iv77,,ii71 if the ,secretary determines that such petition1 application1 or benefit was predicated on or involved fraud1 deceit1 intentional material misrepresentation1 or other criminal activity4 7ii7 ,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 immigrant7 as of the date of such determination4 7,r7 ,debarment 7i7 ,suspension or termination ,a regional center1 new commercial enterprise1 affiliated job-creating entity or any person involved with any such entity may be suspended or terminated from participating in the program under this paragraph-- 7,i7 for failing to comply with subparagraphs 7,g71 7,h71 7,i71 or 7,j72 7,,ii7 for fraud1 intentional material misrepresentation1 or criminal misuse2 7,,iii7 for reasons related to public safety or national security2 or 7,,iv7 for engaging in any activity described in paragraph 7#b7 or 7#c7 of section #bab7;a74 7ii7 ,direct or third-party promoters ,if the ,secretary determines that a direct or third-party promoter has violated subparagraph 7,k77i71 the ,secretary shall suspend or permanently bar such individual from participation in the immigrant investor program under this paragraph4 7iii7 ,temporary or permanent bars ,any person1 including an immigrant investor1 who the ,secretary determines1 by a preponderance of the evidence1 was a knowing or negligent participant in the conduct that led to the suspension or termination under clause 7i7 or 7ii7 may be temporarily or permanently barred from future participation in the immigrant investor program under this paragraph4 7iv7 ,effect of debarment ,a person who is suspended1 terminated1 or barred under this subparagraph-- 7,i7 may not serve as a basis for eligibility for any application1 petition1 or other benefit request under this paragraph2 7,,ii7 may not file an application1 petition1 or other benefit request under this paragraph2 7,,iii7 may not be involved with any regional center1 new commercial enterprise or any affiliated job-creating entity2 and 7,,iv7 may not have any authority1 connection1 or other form of association with the offer1 sale1 purchase or promotion of any securities offered by an entity described in subclause 7,,iii7 in connection with the immigrant investor program under this paragraph4 7v7 ,denial or revocation ,subject to subparagraph 7,p71 the ,secretary may deny or revoke any pending or approved application1 petition1 or other benefit request under this paragraph in connection with the suspension1 termination1 or bar of any person under this subparagraph that was filed by the suspended1 terminated1 or barred person or relies on such person for eligibility4 7vi7 ,termination of status ,if the ,secretary has reason to believe an alien was a knowing participant in the conduct that led to a suspension or termination under this subparagraph1 the ,secretary shall-- 7,i7 notify the alien of such belief2 and 7,,ii7 subject to section #baf;,a7b77#b71 terminate the permanent resident status of the alien 7and the alien's spouse and child7 as of the date of such determination4 7,s7 ,conflict of interest ,an individual may not contract to provide services as a loan monitor for a business or project with which the individual was associated while employed by a regional center4 7,t7 ,definitions ,in this paragraph3 7i7 ,affiliated job-creating entity ,the term affiliated job-creating entity means any organization that-- 7,i7 is 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,e72 and 7,,ii7 is responsible for the creation of jobs to satisfy the requirement under subparagraph 7,a77ii74 7ii7 ,capital ,the term capital-- 7,i7 means cash 7including the cash proceeds of indebtedness that are fully secured by the petitioner's assets7 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 such capital is invested under this paragraph2 and 7,,iii7 does not include assets directly or indirectly acquired by unlawful means1 including any cash proceeds of indebtedness secured by such assets4 7iii7 ,certifier ,the term certifier means a person providing a certification for any entity under this paragraph who is in a position of substantive authority for the management or operations of the entity1 including a principal executive officer or a principal financial officer1 with knowledge of such entity's policies and procedures related to compliance with the requirements under this paragraph4 7iv7 ,full-time employment ,the term full-time employment means employment in a position that requires at least #ce hours of service per week at any time1 regardless of who fills the position4 7v7 ,new commercial enterprise ,the term new commercial enterprise means any for-profit organization formed in the ,united ,states within #e years after the earlier of the application for approval of an investment or the submission of a petition under this paragraph1 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 7vi7 ,persons involved with a regional center1 new commercial enterprise1 or affiliated job-creating entity ,the term persons involved with respect to a regional center1 a new commercial enterprise1 or any affiliated job-creating entity means a person directly or indirectly in a position of substantive authority to make operational or managerial decisions over or to legally bind such entities4 ,a person may be in a position of substantive authority if the person serves as the principal1 representative1 administrator1 owner1 officer1 board member1 manager1 executive1 or general partner of the regional center1 new commercial enterprise1 or affiliated job-creating entity1 respectively4 7vii7 ,rural area ,the term rural area means any area that1 based on the most recent decennial census of the ,united ,states-- 7,i7 is outside of the boundary of any city or town with a population of #bj1jjj or more people2 and 7,,ii7 7aa7 is outside of a metropolitan statistical area2 or 7bb7 is within any census tract that is greater than #ajj square miles in area and has a population density of fewer than #ajj people per square mile4 7viii7 ,targeted employment area ,the term targeted employment area means-- 7,i7 a qualified opportunity zone 7as designated under section #adjj,z-#a of the ,internal ,revenue ,code of #aihf2 7,,ii7 a rural area2 or 7,,iii7 an area within the geographic boundaries of any military installation that was closed before the filing of an application for classification as an immigrant investor under this paragraph1 based upon a recommendation by a ,defense ,base ,closure and ,realignment ,commission4 4 7b7 ,effective dates 7#a7 ,in general ,except as provided in paragraph 7#b71 the amendment made by subsection 7a71 shall take effect on the date that is #ij days after the date of the enactment of this ,act4 7#b7 ,exceptions ,subparagraphs 7,e77iv7 and 7,l7 of section #bjc7;b77#e7 of the ,immigration and ,nationality ,act 7#h ,u4,s4,c4 #aaec7;b77#e77 shall not apply to a petition that-- 7,a7 was filed by an alien investor under such section #bjc7;b77#e7 before the date of the enactment of this ,act2 or 7,b7 is filed under section #baf;,a of such ,act 7#h ,u4,s4,c4 #aahf;b7 if the underlying petition filed under section #bjc7;b77#e7 of such ,act was filed before the date of the enactment of this ,act4 7c7 ,,gao report ,not later than ,december #ca1 #bjba1 the ,comptroller ,general of the ,united ,states shall submit a report to the ,committee on the ,judiciary of the ,senate and the ,committee on the ,judiciary of the ,house of ,representatives that describes-- 7#a7 the economic benefits of the regional center program established under section #bjc7;b77#e7 of the ,immigration and ,nationality ,act 7#h ,u4,s4,c4 #aaec7;b77#e771 including the steps taken by ,u4,s4 ,citizenship and ,immigration ,services to verify job creation2 7#b7 the extent to which ,u4,s4 ,citizenship and ,immigration ,services ensures compliance by regional center participants with their obligations under the immigrant investor program2 7#c7 the extent to which ,u4,s4 ,citizenship and ,immigration ,services has maintained records of regional centers and associated commercial enterprises1 including annual statements and certifications2 7#d7 the steps taken by ,u4,s4 ,citizenship and ,immigration ,services to verify the source of funds1 as required under section #bjc7;b77#e77,l7 of the ,immigration and ,nationality ,act1 as added by subsection 7a72 7#e7 the extent to which ,u4,s4 ,citizenship and ,immigration ,services collaborates with other ,federal and law enforcement agencies1 particularly to detect illegal activity and threats to national security related to the regional center program2 7#f7 the extent to which ,u4,s4 ,citizenship and ,immigration ,services has prevented fraud and abuse in regional center activities1 including the designation of targeted employment areas in areas that otherwise have high employment2 7#g7 the extent to which ,u4,s4 ,citizenship and ,immigration ,services has used its authority to sanction1 suspend1 bar1 or terminate regional centers or individuals affiliated with regional centers2 7#h7 the steps taken to oversee direct and third-party promoters under section #bjc7;b77#e77,k7 of the ,immigration and ,nationality ,act1 as added by subsection 7a72 7#i7 the extent to which employees of the ,department of ,homeland ,security have complied with the ethical standards and transparency requirements set forth in section #c2 and 7#aj7 the amounts expended from the ,,eb-#e ,integrity ,fund established under section #bjc7;b77#e77;,j7 of the ,immigration and ,nationality ,act1 as added by subsection 7a74 7d7 ,inspector ,general report ,not later than ,december #ca1 #bjba1 the ,inspector ,general of the ,intelligence ,community1 in coordination with the ,inspector ,general of the ,department of ,homeland ,security and after consultation with relevant ,federal agencies1 including ,u4,s4 ,immigration and ,customs ,enforcement1 shall submit a report to the ,committee on the ,judiciary of the ,senate and the ,committee on the ,judiciary of the ,house of ,representatives regarding the immigrant visa program set forth in section #bjc7;b77#e7 of the ,immigration and ,nationality ,act1 as amended by subsection 7a7 that describes-- 7#a7 the vulnerabilities within the program that may undermine the national security of the ,united ,states2 7#b7 the actual or potential use of the program to facilitate export of sensitive technology2 7#c7 the actual or potential use of the program to facilitate economic espionage2 7#d7 the actual or potential use of the program by foreign government agents2 and 7#e7 the actual or potential use of the program to facilitate terrorist activity1 including funding terrorist activity or laundering terrorist funds4 7e7 ,review of job creation methodologies ,not later than #a year after the date of the enactment of this ,act1 the ,secretary of ,homeland ,security1 in consultation with the ,bureau of ,economic ,analysis of the ,department of ,commerce1 or another component within the ,department of ,commerce1 as determined by the ,secretary of ,commerce1 shall issue regulations to determine economically and statistically valid general economic methodologies that comply with section #bjc7;b77#e77;,a77ii7 of the ,immigration and ,nationality ,act1 as amended by subsection 7a74 7f7 ,department of ,homeland ,security report ,not later than #ah months after the date of the enactment of this ,act1 and annually thereafter1 the ,secretary of ,homeland ,security shall submit a report to ,congress regarding-- 7#a7 the geographic location and types of completed and pending capital investment projects within the scope of business plans 7whether approved or waiting approval7 submitted pursuant to section #bjc7;b77#e77;,f7 of the ,immigration and ,nationality ,act1 as added by subsection 7a72 and 7#b7 the amount of foreign investments raised and expected to be raised to finance projects referred to in paragraph 7#a74 #c4 ,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 ,act1 as amended by section #b4 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 described in section #bjc7;b77#e7 of the ,immigration and ,nationality ,act1 as amended by section #b1 the standard processing of an application1 petition1 or benefit for-- 7,a7 a regional center2 7,b7 a new commercial enterprise2 7,c7 an affiliated job-creating entity2 or 7,d7 any person or entity associated with such regional center1 new commercial enterprise1 or affiliated job-creating entity2 and 7#b7 meeting or communicating with persons associated with the entities described 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 ,act1 as amended by section #b1 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 and 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 the ,immigration and ,nationality ,act1 as amended by section #b1 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 defense7-- 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 ,secretary of ,homeland ,security1 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 ,case-specific communication with persons or entities that are not part of the ,department of ,homeland ,security may not be considered in the adjudication of an application or petition under section #bjc7;b77#e7 of the ,immigration and ,nationality ,act1 as amended by section #b1 unless the communication is included in the record of proceeding of the case4 7#b7 ,waiver ,the ,secretary of ,homeland ,security may waive the application of 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 ,act1 as amended by section #b2 or 7,b7 seeking non-case-specific information 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 ,act1 as amended by section #b1 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 non-case-specific information 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 ,center of ,u4,s4 ,citizenship and ,immigration ,services1 or any successor to that ,center2 or 7iii7 the ,customer ,service and ,public ,engagement ,directorate1 the ,immigrant ,investor ,program ,office1 or any successor agencies4 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 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 ,act1 as amended by section #b2 or 7,,ii7 the ,ombudsman from resolving problems regarding such immigrant investor program 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-- 7aa7 the date1 time1 and subject of the communication2 and 7bb7 the identity of the ,department of ,homeland ,security official1 if any1 to whom the inquiry was forwarded2 7,,ii7 with respect to written communications described in subsection 7c77#a7-- 7aa7 the date on which such communication was received2 7bb7 the identities of the sender and addressee2 and 7cc7 the subject of such communication2 and 7,,iii7 with respect to oral communications described in subsection 7c77#b7-- 7aa7 the date on which such communication occurred2 7bb7 the participants in the conversation or meeting2 and 7cc7 the subject of such 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 ,if1 as a result of a communication with an official of the ,department of ,homeland ,security1 a person or entity inquiring about a specific case or 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 received generally applicable and non-case-specific information 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 website1 not later than #cj days after the communication of such information to such person or entity1 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 establish1 in addition to any criminal or civil penalties that may be imposed1 a graduated set of sanctions based on the severity of the violation referred to in paragraph 7#a71 which may include written reprimand1 suspension1 demotion1 or removal4 7g7 ,rule of construction ,nothing in this section may be construed to modify any law1 regulation1 or policy regarding the handling or disclosure of classified information4 7h7 ,no creation of 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 #d4 ,treatment of period for purposes of naturalization ,section #baf;,a7e7 of the ,immigration and ,nationality ,act 7#h ,u4,s4,c4 #aahf;b7e77 is amended to read as follows3 7e7 ,treatment of period for purposes of naturalization ,for purposes of title ,,iii1 an alien who is in the ,united ,states as a lawful permanent resident on a conditional basis under this section1 upon favorable determination and removal of the conditional basis of the alien's lawful permanent resident status under subsection 7c77#c77;,b71 shall be considered to have been admitted as an alien lawfully admitted to the ,united ,states for permanent residence4 4 #e4 ,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 7k7-- 7,a7 in the matter preceding paragraph 7#a71 by striking or 7#c7 and inserting 7#c71 or 7#e72 and 7,b7 in paragraph 7#a71 by adding and at the end2 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 #f4 ,parole status for petitioners and dependents awaiting availability of an immigrant visa 7a7 ,authorization ,section #bab7;d77#e7 of the ,immigration and ,nationality ,act 7#h ,u4,s4,c4 #aahb7;d77#e77 is amended-- 7#a7 in subparagraph 7,a71 by striking ,the ,attorney ,general may1 except as provided in subparagraph 7,b7 or in section #bad7;f71 in his discretion parole into the ,united ,states temporarily under such conditions as he may prescribe only on a case-by-case basis and inserting ,except as provided in subparagraph 7,c7 and section #bad7;f71 the ,secretary of ,homeland ,security may temporarily parole into the ,united ,states1 under such conditions as the ,secretary may prescribe1 on a case-by-case basis12 7#b7 by redesignating subparagraph 7,b7 as subparagraph 7,c72 and 7#c7 by inserting after subparagraph 7,a7 the following3 7,b7 ,the ,secretary of ,homeland ,security1 in the ,secretary's discretion1 may temporarily parole into the ,united ,states1 under such conditions as the ,secretary may prescribe1 any alien who is the beneficiary of a petition for immigrant status under section #bjc7;b77#e7 7including the spouse or child of such principal alien1 if eligible to receive a visa under section #bjc7;d77 if-- 7i7 such petition has been pending for at least #c years2 or 7ii7 7,i7 such petition has been approved2 7,,ii7 #c years or more have elapsed since the petition was filed2 and 7,,iii7 an immigrant visa is not immediately available to the alien because the total number of visas issued under section #bjc7;b77#e7 has reached the maximum number of visas that may be made available to immigrants of the ,state or area under section #bjc7;b74 4 7b7 ,employment authorization for alien investors 7#a7 ,in general ,the ,secretary of ,homeland ,security may-- 7,a7 authorize any alien described in section #bab7;d77#e77;,b7 of the ,immigration and ,nationality ,act1 as added by subsection 7a71 to engage in employment in the ,united ,states2 and 7,b7 provide the alien referred to in subparagraph 7,a7 with appropriate endorsement of the authorization under such subparagraph4 7#b7 ,fees 7,a7 ,in general ,the ,secretary may assess a fee for providing an employment authorization endorsement under paragraph 7#a7 in an amount equal to not more than the average cost incurred by the ,secretary in adjudicating applications for such endorsement4 ,the ,secretary may provide for the payment of such fees by installments4 7,b7 ,savings provision ,nothing in this paragraph may be construed-- 7i7 to require the ,secretary to charge fees for adjudication services provided to alien investors2 or 7ii7 to limit the authority of the ,secretary to set adjudication and naturalization fees4