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White House Is Planning To Let More Foreign Entrepreneurs Work In the US (recode.net)
Peter Hudson writes from a report via Recode: "After failing to get Congress to pass a 'startup visa' as part of broad immigration reform, the Obama administration is moving ahead with an alternative that would allow overseas entrepreneurs to live in the U.S. for up to five years to help build a company," reports Recode. "Already speaking out in favor of the new rules is PayPal co-founder Max Levchin: 'I believe that the most promising entrepreneurs from around the world should have the same opportunity I had -- the chance to deliver on their potential, here in America.' Levchin moved to the U.S. from the Soviet Union in 1991." There are three conditions that need to be met in order to be eligible to work in the U.S. under the new rule: the foreigner would have to own at least 15 percent of a U.S.-based startup, the foreigner would need to have a central role in the startup's operations, and the startup would need to have "potential for rapid business growth and job creation." The third requirement could be met by having at least $100,000 in government grants or $345,000 invested from U.S. venture investors. "Under [the International Entrepreneur Rule (PDF)] being formally proposed on Friday, the Department of Homeland Security would be empowered to use its existing authority to allow entrepreneurs to legally work in the country for two years, possibly followed by a one-time three-year extension," reports Recode. "While the public will have 45 days to comment, the rules aren't subject to congressional approval."
That's some beyond Andrew Jackson level action there.
This United States is a government of separate powers. Congress, the opposite of progress, makes the laws. The Supreme Court, usually by not doing anything, judges the laws. And the President? That's just a certain civil servant in the bureaucracy that implements the laws. Lots of responsibility and has to approve anything coming out of Congress. But Congress can still override him if they can quit bickering for 10 minutes about the plushness of their revolving doors.
People need to stop thinking the US President is some kind of King who makes, judges and tasks the laws of the land. The first person who needs to remember this basic civics lesson is the President himself.
Stop writing laws through treaties and directives. The next administration may not be so kind to your interests once you are an ex-President.
But as long as I'm fantasizing about a working government I might as well ask that Congress stop passing laws written by lobbyists and the ultra rich to protect their money.
anyone who voluntarily moves to the US to found a company must be out of his mind.
As opposed to where else, Mr. Wizard? I can't think of a better, easier place to start a business in the entire world than in the US.
I don't respond to AC's.
Exactly. People who haven't lived and worked in at least a couple of other countries don't realize how much better the opportunities to start something are here compared to most of the world... even with all the crap going on.
Never underestimate the bandwidth of a 747 filled with CD-ROMs.