The need for a jobs-oriented immigration policy is why we introduced the INVEST in America Act. The bill would allow foreign students who have graduated from American universities with STEM degrees to start a new business here and earn a green card by creating jobs for Americans and attracting investments.
Unlike current law and other proposals for immigrant entrepreneurs, our bill would give the founder of even the smallest startup with little more than an idea and a set of skills the opportunity to build a company in the U.S. and earn citizenship. Our bill would give entrepreneurs five years to build their companies by either creating five new jobs or investing $500,000, which can be investments made by venture capitalists, angel investors, the entrepreneur or reinvested profits.
President George W. Bush announced the American Competitiveness Initiative in his 2006 State of the Union address. The plan included immigration policies to attract and retain the best and the brightest highly skilled workers from around the world. Likewise, President Barack Obama recognized during his 2012 State of the Union speech that many come to this country “to study business and science and engineering, but as soon as they get their degree, we send them home to invent new products and create new jobs somewhere else.”
Our bill will make it easier for highly skilled entrepreneurs to build the next great company and to do it in America. Our universities are educating the next generation’s Steve Jobs; let’s make sure they build the next Apple — and the next iPhone — in the United States.
Rep. Adam Schiff is a California Democrat. Rep. Charles Bass is a New Hampshire Republican.
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