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Polis’ EB-5 Visa Reforms Included in House Comprehensive Immigration Reform Bill
Congressman Jared Polis (D-CO) announced that his initiatives to reform the EB-5 Visa program, making it easier for foreign entrepreneurs to invest in the U.S. and create jobs for American workers, have been included in the Comprehensive Immigration Reform for America's Security and Prosperity Act of 2009 (CIR ASAP) introduced today.
“As we prepare to retool our nation’s immigration system, it is essential that we make our immigration policy work for us, not against us,” said Polis, an original co-sponsor of CIR ASAP. “The EB-5 visa program has already created thousands of jobs throughout the country, and is a perfect example of how the legislation we introduced today can and will create high-wage jobs, grow businesses, and rebuild our economy.”
One of five categories of employer-sponsored visas, the EB-5 program provides visas to foreign investors or entrepreneurs who invest at least $1 million ($500,000 in economically disadvantaged areas) and create ten full-time jobs (5 in economically disadvantaged areas).
Polis’ EB-5 Visa reforms—H.R. 4259, the Employment Benefit Act of 2009—introduced last week, would streamline and speed-up the EB-5 visa application process; permanently reauthorize and expand the pilot Regional Center Program in economically disadvantaged areas; and create the “Start-up Visa” for entrepreneurs who have received venture capital investment.
More information on Polis’ Employment Benefit Act is available at http://polis.house.gov/UploadedFiles/HR_4259_Employment_Benefit_Act_Summary.pdf
“Immigration reform is good for our families, our national security, and our economy and in order for it to succeed, it needs to be comprehensive and based on common sense,” said Polis. “With our economy hemorrhaging jobs and companies to our foreign competitors, it only makes sense to encourage business-savvy innovators to bring their good ideas and much-needed investment to some of the hardest hit areas of the American economy.”