Senators to introduce new startup-visas bill
By: Michelle Quinn February 13, 2013 04:19 AM EST |
Foreign-born entrepreneurs and foreign university graduates with advanced degrees in highly sought technical subjects now have a bill of their own — again.
On Wednesday, Sens. Jerry Moran (R-Kan.), Mark Warner (D-Va.) and Chris Coons (D-Del.) are introducing Startup Act 3.0, a renamed version of a bill they introduced last year. It would create new visas for up to 75,000 foreign-born entrepreneurs and 50,000 foreign graduates of U.S. universities with advanced degrees in science, technology, engineering and math.
“The economy continues to struggle,” Moran told POLITICO. “We should be doing everything we can to support economic growth and job creation.”
The bill comes at a time when Congress is beginning the difficult work of wrestling with the various aspects of immigration that include finding a path of legalization for the 11 million undocumented people in the United States, examining border security and meeting business needs for skilled workers.
The House Judiciary Committee held a hearing on the topic last week, and the Senate Judiciary Committee is hosting its own hearing Wednesday. Among those testifying will be Secretary of Homeland Security Janet Napolitano and Steve Case, co-founder of AOL and chairman and chief executive of Revolution, a venture firm based in Washington.
Last month, the business community applauded the introduction of the Immigration Innovation Act, or I-Squared, which would greatly expand the number of temporary work visas available, known as H-1Bs, and also make more work-based green cards available by exempting some categories. The legislation is sponsored by Sens. Orrin Hatch (R-Utah), Amy Klobuchar (D-Minn.), Marco Rubio (R-Fla), Coons and others. Warner is also a bill co-sponsor.
But the bill doesn’t include something startups and venture capitalists had hoped for — a special visa for those who want to stay in the U.S. and start businesses or who have an advanced STEM degree and want to work for a company.
The Startup Act addresses those needs. The visa for the 75,000 immigrant entrepreneurs who hold either an H-1B visa or a F-1 student visa would provide the economy a one-time talent injection. To qualify, a person has to show an investment of at least $100,000 and have a business that employs two full-time, non-family members.
The second visa is for up to 50,000 foreign students who graduated from U.S. universities with a master’s degree or higher in STEM fields. The recipients would hold the visa on a conditional status for five years and can become a permanent legal resident. The bill also eliminates the per-country cap on employment-based visas.
“I’m encouraged to see continued enthusiasm and momentum in Washington to support entrepreneurs,” said Case, who was on the President’s Council on Jobs and Competitiveness, which included some of the proposals of the bill in its recommendations.
The bill “will make it easier for the best and the brightest from across the globe to start businesses, innovate and create jobs right here in the United States,” Case said.
Moran added: “We’re going to do everything we can to champion the case that the American dream remains alive and well.”
Last year, the bill garnered six co-sponsors. Rubio was a co-sponsor last year and hasn’t decided whether to join the bill. A House version of the bill last year also garnered six co-sponsors.
Moran doesn’t necessarily see the Startup Act fitting in with a comprehensive immigration reform package. In fact, he said the longer the United States waits to act in terms of keeping and attracting entrepreneurs, the more other countries are doing to figure out how to lure talent to their nations.
“We don’t have time to let others get the competitive advantage on us,” he said.
But Warner says the Startup Act would complement the reforms in the I-Squared Act.
Unlike an H-1B visa, the visa in the Startup Act would be issued to the individual not an employer, which would give the individual more latitude, Warner said.
“The challenge is that people here on H1-Bs are almost like indentured servants,” he said. This bill would give them a chance to “build their own version of the American dream if they meet investor requirements and employee hiring requirements.”
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