* 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.