Promoting America’s Entrepreneurial Spirit
In today’s markup, the Judiciary Committee unanimously approved two amendments to reinforce the entrepreneurial spirit that has reinforce the country’s entrepreneurial spirit. Leahy2, which permanently authorized the EB-5 program, and Whitehouse1, which helps participants in startup accelerators obtain INVEST visas, will take concrete steps to strengthen our economy. Both amendments will help spur innovation and enable America to continue as the world’s economic leader.
Boosting Our Economy
Senator Leahy’s amendment to permanently authorize and further strengthen the EB-5 Regional Center Program will be a boon to the economy. The United States Citizenship and Immigration Services (USCIS), the agency that administers the EB-5 program, estimates that the EB-5 Regional Center Program has created tens of thousands of American jobs and has attracted more than $1 billion in investment in communities across the United States since 2006.
Senator Whitehouse’s amendment providing INVEST visas for participants in startup accelerators will also create jobs and reinvigorate the nation’s entrepreneurial spirit. Accelerators such as Y Combinator, TechStars, Betaspring, and many others, have helped launch hundreds of successful companies across this country, creating numerous American jobs in the process. Many participants in these programs come from other nations, but were educated at American universities and this amendment will help keep their businesses in this country.
Immigration Reform Is Necessary to Spur Innovation and Make Our Economy Stronger
Douglas Holtz-Eakin, President, American Action Forum, has said: “Immigration reform represents an economic policy opportunity. It is an opportunity for the United States to dictate to the evolution of its future population… It will dictate the labor force participation and the effort exerted in our economy. It will have strong influences on the entrepreneurship and small business creation… [I]t will increase the productivity growth in the US economy, the fundamental building block of higher standards of living, and generate larger economic growth numbers than we have seen in recent years.”
The Bottom Line: The Comprehensive Immigration Reform bill help keep America at the forefront of global innovation and competition.
Research by the Partnership for a New American Economy showed that immigrants are more than twice as likely to start a business in the U.S. as non-immigrants. In 2011, immigrants started 28 percent of all new business while only accounting for 13 percent of the U.S. population. [PNAE, 8/1/12]
David Carle: 202-224-3693
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