Bill Aims To Bring Foreign Talent To US

Senate Foreign Relations Committee Chairman John Kerry (D-MA) and ranking member Richard Lugar (R-IN) introduced legislation Wednesday that would allow immigrants who want to start a US business to obtain a two-year visa.

The bill would provide immigrant entrepreneurs US visas if they can show qualified US investors will pour at least $250,000 into the entrepreneurs' startup businesses. "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," Sen Kerry said in a statement. The legislation would create a new EB-6 visa category and would allow these entrepreneurs after two years to obtain legal resident status if they can show that they have generated at least five full-time U.S. jobs, attracted $1 million in additional capital investment or generated $1 million in revenue. The proposal is modeled on the existing EB5 visa, which allows foreigners who invest at least $1 million in the United States and create 10 jobs to obtain a green card.