According to a report by the U.S. Sing Tao Daily, members of the U.S. House Judiciary Subcommittee on Immigration and Border Security expressed support for two visa programs related to job creation during a hearing on Wednesday (the 14th).
The report, citing the Capitol Hill news website The Hill, noted that the two programs supported by lawmakers are the EB-5 investment visa program and the start-up visa program. The former is designed to attract foreign investment to the United States and is set to expire in 2012. The latter, proposed by California Democratic Representative Zoe Lofgren, aims to encourage entrepreneurs to start businesses in the United States.
The EB-5 visa program allows 10,000 immigrants to obtain permanent residency annually, provided they invest between $500,000 and $1 million to establish a new company in the U.S. while creating at least 10 full-time jobs.
Representative Elton Gallegly, a California Republican and Chairman of the Subcommittee on Immigration Policy and Enforcement, praised the EB-5 visa program but noted that it has been underutilized. He believes the program has the potential to create more jobs. House Judiciary Committee Chairman Lamar Smith also expressed appreciation for the program. The Texas Republican pointed out that job creation is Congress's top priority and that the investment visa program plays an important role in achieving this goal.
The start-up visa program proposed by Lofgren would grant conditional residency to immigrants who attract investment to start a business. If their business is successful within two years, they would be eligible to become permanent residents. Lofgren noted that unlike the EB-5 program, which attracts wealthy immigrant investors, her proposal would attract immigrant entrepreneurs with significant intellectual capital. She cited a research report stating that 40% of venture-backed, publicly traded high-tech companies were founded by immigrants.
However, Republicans expressed cautious support for the start-up visa program. Gallegly stated that he is not yet ready to endorse the program but believes the proposal deserves serious consideration by Congress. Smith indicated that attracting foreign entrepreneurs would benefit Americans, but he expressed concerns that the program could lead to fraud and abuse.
