[Congressional Record Volume 156, Number 62 (Thursday, April 29, 2010)]
[Extensions of Remarks]
[Page E709]
From the Congressional Record Online through the Government Publishing Office [www.gpo.gov]




              INTRODUCTION OF THE STARTUP VISA ACT OF 2010

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                        HON. CAROLYN B. MALONEY

                              of new york

                    in the house of representatives

                        Thursday, April 29, 2010

  Mrs. MALONEY. Madam Speaker, today I am introducing the StartUp Visa 
Act of 2010, the companion bill to Senator John Kerry's bipartisan 
legislation of the same name, which he introduced with Senator Richard 
Lugar this past February.
  What do American household names such as Google, eBay and Proctor & 
Gamble have in common? They are all former start-ups founded by 
immigrants.
  In 2009, the percentage of U.S. residents creating new domestic 
companies fell to 8 percent from 12.4 percent in 2005. Over the same 
period, the percentage of residents in foreign countries creating new 
companies rose to 11 percent from 8.7 percent. Despite this trend, our 
current visa laws have made it unnecessarily difficult for immigrants 
to launch new companies in the United States. I am introducing the 
StartUp Visa Act of 2010 because the economic dynamism of foreign-born 
talent has always been a crucial factor in our country's growth, and we 
must take steps to enable it to continue. By allowing immigrant 
entrepreneurs greater access to American visas, we truly can drive 
American job creation and channel the power of innovation.
  Currently, the EB-5 category visa permits foreign nationals to obtain 
a green card if their efforts invest at least $1 million into the U.S. 
economy and create at least 10 jobs. This bill creates a new EB-6 visa 
for immigrant entrepreneurs. After proving that he or she has secured 
initial investment capital (totaling at least $250,000) and if, after 
two years, an 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 capitol or achieved $1 million in 
revenue, then he or she would receive permanent legal resident status.
  The entrepreneurial spirit is ingrained in our country's history and 
success. I believe that this legislation is a vital component of 
promoting our global competitiveness. We must ensure a strong 
foundation for foreign-born, highly-skilled talent to create American 
jobs and promote economic prosperity and this bill works toward that 
end.

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