Press Release from Sen. John Kerry's OfficeKerry-Lugar Visa Bill Will Create Jobs in America
FOR IMMEDIATE RELEASE: February 24, 2010
CONTACT: DC Press
Office, 202-224-4159
WASHINGTON, D.C. – Senators John Kerry
(D-Mass.) and Richard Lugar (R-Ind.), the Chairman and Ranking Member of
the Senate Foreign Relations Committee, today introduced legislation to
drive job creation and increase America’s global competiveness by
helping immigrant entrepreneurs secure visas to the United States.
The
StartUp Visa Act of 2010 will allow an immigrant entrepreneur to
receive a two year visa if he or she can show that a qualified U.S.
investor is willing to dedicate a significant sum – a minimum of
$250,000 – to the immigrant’s startup venture.
“Global
competition for talent and investment grows more intense daily and the
United States must step up or be left behind,” said Sen. Kerry.
“Everywhere Dick Lugar and I travel for the Foreign Relations Committee,
we see firsthand the entrepreneurial spirit driving the economies of
our competitors. Creating a new magnet for innovations and innovators
to come to the United States and create jobs here will offer our economy
a double shot in the arm – robust job creation at home and
reaffirmation that we’re the world’s best place to do business.”
“Our
country should strive to attract to the United States the most talented
and highly skilled entrepreneurs. We should channel the power of
innovative thinkers from around the world and American investors towards
creating jobs and encouraging economic growth and future prosperity,”
said Ranking Member Lugar.
The StartUp Visa Act of 2010 would
amend immigration law to create a new EB-6 category for immigrant
entrepreneurs, drawing from existing visas under the EB-5 category,
which permits foreign nationals who invest at least $1 million into the
U.S., and thereby create ten jobs, to obtain a green card. After
proving that he or she has secured initial investment capital and if,
after two years, the immigrant entrepreneur can show that he or she has
generated at least five full-time jobs in the United States, attracted
$1 million in additional investment capital or achieved $1 million in
revenue, then he or she would receive permanent legal resident status.
More than 160 venture capitalists from across the country have
endorsed the senators’ proposal. To download a copy of their letter of
support
click here.