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Trump Plans To Dismantle Obama-Era 'Startup Visa' (arstechnica.com)
An anonymous reader quotes a report from Ars Technica: A regulation from the Obama administration that would have allowed foreign-born entrepreneurs who raise investor cash to build their startups in the U.S. won't be allowed to go into effect. The Department of Homeland Security will file an official notice to delay the International Entrepreneur Rule for eight months. The intention is to eliminate the rule entirely, according to sources briefed on the matter who spoke to The Wall Street Journal. The decision isn't final, and a DHS spokesperson told the WSJ that the department "cannot speculate" on the outcome of the review. The International Entrepreneur Rule, signed by former President Obama days before he left office in January, doesn't offer a visa but rather a type of "parole" that would allow immigrants to stay in the U.S. temporarily as long as they meet certain requirements. In order to qualify, a foreign entrepreneur has to raise at least $250,000 from well-known U.S. investors. The rule grants a stay in the U.S. of 30 months, which can be extended for an additional 30 months. Founders can't apply for a green card during that time. DHS has estimated about 3,000 entrepreneurs would qualify under the rule.
Setting aside your complaints of racism, one reason why some of us would like to eliminate H-1B and replace it with something else is because the rules behind H-1B creates some onerous requirements that resemble indentured servitude.
When you receive an H-1B visa, you must be sponsored by a company, and that creates a situation where if you lose your job, you may also lose your apartment, your friends, and everything you own that you can't carry on the airplane as you are shipped back "home." This puts H-1B holders at a significant disadvantage during salary negotiations, since their status (including the path towards citizenship or green card status) can effectively be held hostage by the sponsoring corporation.
Further, there is a cap on how long someone on an H-1B can stay in the United States. After that period, it's not uncommon for people (usually computer programmers and systems analysts) to return back to the country where they originally came from--but retain their jobs via telecommuting, but at a lower salary (on the theory the cost of living is cheaper). This contributes to off-shoring of jobs.
Personally I would rather see this system replaced with one which greatly simplifies the process of gaining a green card (permanent residency). This would prevent many of the abuses of the H-1B program, as a permanent resident doesn't have to rely on a corporate sponsor to stay. Just as I'd like to see the path to citizenship greatly simplified as well.
Obviously inflated? This idiocy again?
You think investors, their attorneys, their accountants, wouldn't be able to tell if the property is "obviously inflated?"
You pretend you're insightful but don't realize you just insulted 1000s of Chinese investors (who are not necessarily stupid), their attorneys and their accountants.
Hmmm. If I was a prog this would the time I would yell: RACIST
If you're scared of your govt then you need to further restrict its powers
Vote 3rd Party in 2016 and beyond
This scheme in fact involves creating US jobs
No, this is just another avenue to smuggle foreigners into the country. The plan that this will be used for creating jobs is really far fetched. Anyone who can show $250K (do they even need to show it?) is allowed to to invite anyone they please for 5 years. The cover that the money will be used to start a business is really hard to prove or verify. Also, who is going to invest into a business of a foreign tourist with a temp visa?