Senate Republican Leader Bob Huff (R-Diamond Bar) is authoring new legislation that calls upon Congress to pass and the President to sign the bi-partisan Startup Act 3.0. All Senate Republicans will serve as joint authors of Senate Joint Resolution (SJR) 9 in a united effort to promote Startup Act 3.0, the strongest, most comprehensive jobs and high-skilled immigration reform bill on the table in Congress and the only proposal that creates the Entrepreneur Visa.
Recently re-introduced in the 113th Congress by U.S. Senators Jerry Moran (R-Kan.) and Mark Warner (D-Va.), along with Chris Coons (D-Del.) and Roy Blunt (R-Mo.), Startup Act 3.0 creates the Entrepreneur’s Visa for legal immigrants, so they can remain in the United States and launch businesses to create jobs.
“The Startup Act has the potential to add between 500,000 and 1.6 million new jobs for Americans over the next 10 years, according to a white paper recently released by the Ewing Marion Kauffman Foundation,” said Senator Huff. “California has one of the worst unemployment rates in the nation. The Startup Act brings jobs and opportunities that all Californians desperately need.”
The current U.S. policy of issuing H-1B visas left nearly 40,000 highly skilled immigrants out of luck after federal immigration authorities received too many applications. U.S. Citizenship and Immigration Services can only issue 85,000 H-1B visas every year. The agency was recently flooded with 124,000 applications in five days, forcing a lottery system that left some skilled immigrants shut out of the country.
Senator Huff’s resolution states: “The United States economy has been enriched by the innovative and entrepreneurial spirit of immigrants from around the world. Foreign nationals residing in the United States were named as inventors or co-inventors in one-quarter of all patent applications filed in 2006. Fifty-two percent of Silicon Valley startups between 1995 and 2005 were founded or cofounded by immigrants, generating $52 billion in revenues and employing 450,000 workers.”
“Businesses created by high-skilled immigrants have long been a source of jobs for all Californians,” said Senator Huff. “Unfortunately, our old and unworkable visa policies are hurting our state. In the past seven years, the national rate of startups by immigrants has dropped to 42 percent, according to scholars at Harvard and Duke Universities. The Startup Act changes this equation for the better.”
America’s success at importing high-skilled immigrants has not been lost on other countries. According to a report issued by the National Academy of Sciences, at least seven other countries have taken action since 2011 to attract and better support entrepreneurs. Countries like Canada, Chile and the United Kingdom are aggressively courting the world’s best and brightest entrepreneurs.
“If Congress and the President do not act soon, California risks losing to other countries the next generation of great entrepreneurs and the jobs they will create,” said Senator Huff.