Proposed Reform to Fuel Entrepreneurship

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In a bid to reduce the loss of talent and jobs to countries like Canada, Chile and the United Kingdom, a bipartisan group of U.S. senators, including Jerry Moran, R-Kan., Mark Warner, D-Va., Chris Coons, D-Del. and Roy Blunt, R-Mo., on Wednesday introduced a bill (The Startup Act 3.0) to grant up to 75,000 visas each year to immigrant startup entrepreneurs and 50,000 to students with advanced science and engineering degrees from American universities.

Immigrants already here on temporary work or student visas could stay permanently if they start a company that raises or invests at least $100,000 and has at least five full-time workers throughout its first three years. The bill would relieve Indian and Chinese temporary immigrants stuck in decade-long visa backlogs.