,i #aadth ,,congress #ast ,session ,h4 ,r4 #ccgj ,,in ,,the ,,house ,,of ,,representatives ,july #bi1 #bjae ,ms4 ,lofgren 7for herself and ,mr4 ,gutirrez7 introduced the following bill2 which was referred to the ,committee on the ,judiciary1 and in addition to the ,committees on ,education and the ,workforce and ,rules1 for a period to be subsequently determined by the ,speaker1 in each case for consideration of such provisions as fall within the jurisdiction of the committee concerned ,a ,,bill ,to amend the ,immigration and ,nationality ,act to promote innovation1 investment1 and research in the ,united ,states1 and for other purposes4 #a4 ,short title ,this ,act may be cited as-- 7#a7 the ,entrepreneurial ,businesses ,creating ,jobs ,act of #bjae2 or 7#b7 the ,,eb-,,jobs ,act of #bjae4 ,i ,promoting ,entrepreneurship and ,innovation #aja4 ,entrepreneurs who establish businesses and create jobs in the ,united ,states 7a7 ,startup business and job creation visas ,section #bjc7;b7 of the ,immigration and ,nationality ,act 7#h ,u4,s4,c4 #aaec7;b77 is amended-- 7#a7 by redesignating paragraph 7#f7 as paragraph 7#h72 and 7#b7 by inserting after paragraph 7#e7 the following3 7#f7 ,startup entrepreneurs 7,a7 ,in general ,visas shall be made available1 notwithstanding subsection 7a77#b7 or 7d7 of section #bja or the matter preceding paragraph 7#a7 of this subsection1 to qualified immigrants who are described in subparagraph 7,b7 or 7,c74 7,b7 ,venture capital-backed start-up entrepreneurs ,an alien is described in this subparagraph if the alien intends to found and actively engage in the management or operations of a new commercial enterprise 7which may include any entity formed for the purpose of doing for-profit business7 in the ,united ,states-- 7i7 with respect to which the alien has completed an investment agreement requiring an investment in the enterprise in an amount not less than-- 7,i7 #ejj1jjj on the part of-- 7aa7 a qualified venture capital fund whose investment adviser is a qualified venture capital entity2 7bb7 #a or more angel investors 7of which at least #a such investor is a qualified super angel investor providing #ajj1jjj of the required investment72 or 7cc7 a qualified business entity2 or 7,,ii7 #ajj1jjj through a qualified seed accelerator2 and 7ii7 which will benefit the ,united ,states economy1 and1 for purposes of this clause a commercial enterprise shall only be considered to benefit the ,united ,states economy if1 during the #b-year period beginning on the date on which the alien obtains status pursuant to a visa issued under this paragraph1 it will-- 7,i7 create permanent full-time employment for at least #e ,united ,states workers2 7,,ii7 raise not less than an additional #b1jjj1jjj in capital investment2 7,,iii7 generate not less than #a1jjj1jjj in revenue2 or 7,,iv7 create permanent full-time employment for at least #c ,united ,states workers who are each paid an annual salary in an amount of not less than #ajj1jjj4 7,c7 ,self-sponsored startup entrepreneurs ,an alien is described in this subparagraph if-- 7i7 the alien has founded and is actively engaging in the management and operations of a new commercial enterprise 7which may include any entity formed for the purpose of doing for-profit business7 in the ,united ,states2 7ii7 the enterprise has created permanent full-time employment for at least #c ,united ,states workers2 and 7iii7 by not later than the end of the #b-year period beginning on the date on which the alien obtains status pursuant to a visa issued under this paragraph the enterprise will create permanent full-time employment for a total of-- 7,i7 at least #aj ,united ,states workers 7which total may include the employment described in clause 7ii772 or 7,,ii7 at least #g ,united ,states workers 7which may include the employment described in clause 7ii77 who are each paid an annual salary in an amount not less than #ajj1jjj4 7,d7 ,inflation adjustment ,effective for the third fiscal year that begins more than #f months after the date of the enactment of this paragraph1 and every third fiscal year thereafter1 the monetary amounts described in subparagraphs 7,b7 and 7,c7 shall be increased by the percentage 7if any7 by which the ,consumer ,price ,index for the month of ,june preceding the date on which such increase takes effect exceeds the ,consumer ,price ,index for the same month of the calendar year #c years prior4 ,an increase described in the preceding sentence shall apply to aliens filing petitions under section #bjd7;a77#a77;,h7 on or after the date on which the increase takes effect4 ,for purposes of this clause1 the term ,consumer ,price ,index means the ,consumer ,price ,index for all urban consumers published by the ,department of ,labor4 7,e7 ,definitions ,for purposes of this paragraph3 7i7 ,permanent full-time employment ,the term permanent full-time employment means employment in a position that requires at least #ce hours of service per week at any time1 regardless of who fills the position1 and which is expected to last for at least two years4 ,such employment may be satisfied on a full-time equivalent basis by calculating the number of full-time employees who could have been employed if the reported number of hours worked by part-time employees had been worked by full-time employees4 ,full-time equivalent employment shall be calculated by dividing the part-time hours paid by the standard number of hours for full-time employees4 7ii7 ,investment ,the term investment does not include investing any assets acquired1 directly or indirectly1 by unlawful means4 7iii7 ,investment adviser ,the term investment adviser has the meaning given such term under section #bjb7;a77#aa7 of the ,investment ,advisers ,act of #aidj 7#ae ,u4,s4,c4 #hj;b-#b7;a77#aa774 7iv7 ,qualified business entity ,the term qualified business entity means1 with respect to a qualified immigrant1 an entity that-- 7,i7 has been operating for a period beginning on a date that is not less than #b years before the date of the petition for classification under this paragraph2 7,,ii7 employs not fewer than #aj ,united ,states workers in the ,united ,states2 and 7,,iii7 has employed the alien for not less than #a year on the date of the petition for classification under this paragraph4 7v7 ,qualified seed accelerator ,the term qualified seed accelerator means1 with respect to a qualified immigrant1 an entity that-- 7,i7 is based in the ,united ,states2 7,,ii7 has a majority of ownership and control that is held by individuals who are ,united ,states citizens or aliens lawfully admitted to the ,united ,states for permanent residence2 7,,iii7 has been operating for a period of at least #b years before the date of the petition for classification under this paragraph2 and 7,,iv7 before the date of the petition for classification under this paragraph1 has made at least-- 7aa7 #e seed investments in startup businesses that are each valued at not less than #ajj1jjj1jjj2 or 7bb7 #bj seed investments in startup businesses that are together valued at not less than #aej1jjj1jjj4 7vi7 ,qualified super angel investor ,the term qualified super angel investor means1 with respect to a qualified immigrant1 an individual who-- 7,i7 is an accredited investor 7as defined in section #bcj4eja7;a7 of title #ag1 ,code of ,federal ,regulations 7as in effect on ,april #a1 #bjaj772 7,,ii7 is a ,united ,states citizen or an alien lawfully admitted to the ,united ,states for permanent residence2 and 7,,iii7 has made at least-- 7aa7 #b equity investments of not less than #ej1jjj in each of the #c years before the date of the petition for classification under this paragraph2 or 7bb7 #ae equity investments with a total investment of not less than #bej1jjj during the #c-year period preceding the date of the petition for classification under this paragraph4 7vii7 ,qualified venture capital entity ,the term qualified venture capital entity means1 with respect to a qualified immigrant1 an entity that-- 7,i7 serves as an investment adviser to a venture capital fund that is making an investment under this paragraph2 7,,ii7 has its primary office location or principal place of business in the ,united ,states2 7,,iii7 has a majority of ownership and control that is held by individuals who are ,united ,states citizens or aliens lawfully admitted to the ,united ,states for permanent residence2 7,,iv7 has been advising one or more venture capital funds for a period of at least #b years before the date of the petition for classification under this paragraph2 and 7,v7 advises one or more venture capital funds that have made at least-- 7aa7 #b investments of not less than #ejj1jjj in each of the #b years before the date of the petition for classification under this paragraph2 or 7bb7 #ae investments with a total investment of not less than #c1jjj1jjj during the #c-year period preceding the date of the petition for classification under this paragraph4 7viii7 ,venture capital fund ,the term venture capital fund means an entity-- 7,i7 that is classified as a venture capital operating company under section #beaj4c-aja7;d7 of title #bi1 ,code of ,federal ,regulations 7as in effect on ,january #a1 #bjae71 or has management rights in its portfolio companies to the extent required by such section if the venture capital fund were classified as a venture capital operating company2 7,,ii7 has capital commitments of not less than #aj1jjj1jjj2 and 7,,iii7 in which the majority of ownership and control of the general partner or managing members is held by individuals who are ,united ,states citizens or aliens lawfully admitted to the ,united ,states for permanent residence4 7ix7 ,seed investment ,the term seed investment means an investment in which a seed accelerator makes an investment into a startup business that is valued at less than #aj million at the time of the investment in exchange for at least #d percent of the equity in the startup businesses4 7x7 ,united states worker ,the term ,united ,states worker means an employee 7other than the immigrant or the immigrant's spouse1 son1 or daughter7 who is-- 7,i7 a citizen or national of the ,united ,states2 or 7,,ii7 an alien who is lawfully admitted for permanent residence1 is admitted as a refugee under section #bjg1 is granted asylum under section #bjh1 or is an immigrant otherwise authorized to be employed in the ,united ,states4 7,f7 ,delegation of certain eb-#f authority 7i7 ,in general ,the ,secretary of ,homeland ,security may delegate to the ,secretary of ,commerce authority and responsibility for determinations under sections #bjc7;b77#f7 and #baf;,a 7with respect to an alien entrepreneur who obtains status under section #bjc7;b77#f77 of the ,immigration and ,nationality ,act 7#h ,u4,s4,c4 #aaec7;b77#f7 and #aahf;b71 including determining whether an alien has met employment creation requirements4 7ii7 ,regulations ,the ,secretary of ,homeland ,security and the ,secretary of ,commerce may each adopt such rules and regulations as are necessary to carry out the delegation authorized under clause 7i71 including regulations governing the eligibility criteria for obtaining benefits pursuant to this paragraph4 7iii7 ,use of fees ,adjudication fees described in section #bhf7m7 of the ,immigration and ,nationality ,act 7#h ,u4,s4,c4 #acef7m77 shall remain available until expended to reimburse the ,secretary of ,commerce for the costs of any determinations made by the ,secretary of ,commerce under clause 7i74 7#g7 ,treaty investors ,visas shall be made available1 notwithstanding subsection 7a77#b7 or 7d7 of section #bja or the matter preceding paragraph 7#a7 of this subsection1 to qualified immigrants who have been issued a visa or otherwise provided nonimmigrant status under section #aja7;a77#ae77;,e77ii7 7not including alien employees of the treaty investor71 maintained that status for a minimum of #aj years1 and created full-time employment for at least #e ,united ,states workers for a minimum of #aj years4 4 7b7 ,procedure for granting immigrant status ,section #bjd7;a77#a77;,h7 of the ,immigration and ,nationality ,act 7#h ,u4,s4,c4 #aaed7;a77#a77;,h77 is amended by striking section #bjc7;b77#e7 and inserting paragraph 7#e71 7#f71 or 7#g7 of section #bjc7;b74 7c7 ,conditional permanent resident status ,section #baf;,a of the ,immigration and ,nationality ,act 7#h ,u4,s4,c4 #aahf;b7 is amended-- 7#a7 by striking ,attorney ,general each place such term appears and inserting ,secretary of ,homeland ,security2 7#b7 in subsection 7b77#a7-- 7,a7 in subparagraph 7,a71 by striking investment and inserting investment or engagement2 7,b7 by amending subparagraph 7,b7 to read as follows3 7,b7 the requisite investment or engagement was not made2 or 2 and 7,c7 in subparagraph 7,c71 by striking section #bjc7;b77#e7 and inserting paragraph 7#e7 or 7#f7 of section #bjc7;b71 as applicable2 7#c7 in subsection 7d77#a7-- 7,a7 in the matter preceding subparagraph 7,a71 by striking the alien2 7,b7 by amending subparagraph 7,a7 to read as follows3 7,a7 the requisite investment or engagement was made2 and 2 and 7,c7 in subparagraph 7,b71 by striking section #bjc7;b77#e7 and inserting paragraph 7#e7 or 7#f7 of section #bjc7;b71 as applicable2 and 7#d7 in subsection 7f7-- 7,a7 in paragraph 7#a71 by striking section #bjc7;b77#e7 and inserting paragraph 7#e7 or 7#f7 of section #bjc7;b72 and 7,b7 in paragraph 7#c71 by striking a limited partnership and inserting any entity formed for the purpose of doing for-profit business4 7d7 ,cap exemption ,section #bja7;b77#a7 of the ,immigration and ,nationality ,act 7#h ,u4,s4,c4 #aaea7;b77#a771 is amended by adding at the end the following3 7,f7 ,aliens described in paragraph 7#f7 or 7#g7 of section #bjc7;b74 4 #ajb4 ,immigrant entrepreneurs and innovators present in the ,united ,states ,section #bde of the ,immigration and ,nationality ,act 7#h ,u4,s4,c4 #abee7 is amended by adding at the end the following3 7n7 ,immigrant entrepreneurs and innovators present in the united states ,an alien who is eligible to receive an immigrant visa under paragraph 7#f7 or 7#g7 of section #bjc7;b7 may adjust status pursuant to subsection 7a7 and notwithstanding paragraph 7#b71 7#g71 or 7#h7 of subsection 7c7 and paragraphs 7#f77;,a7 and 7#g7 of section #bab7;a71 if the alien was present in the ,united ,states on the date of the enactment of the ,,eb-,,jobs ,act of #bjae and has been continuously present since that date4 4 ,,ii ,promoting ,investment in the ,american ,economy #bja4 ,,eb-#e employment creation investor program 7a7 ,permanent authorization of ,,eb-#e employment creation regional center program ,section #bjc7;b77#e7 of the ,immigration and ,nationality ,act 7#h ,u4,s4,c4 #aaec7;b77#e77 is amended by adding at the end the following3 7,e7 ,set-aside for employment creation regional centers 7i7 ,in general ,of the visas otherwise available under this paragraph1 the ,secretary of ,state1 together with the ,secretary of ,homeland ,security1 shall set aside at least #e1jjj visas for a program involving regional centers designated by the ,secretary of ,homeland ,security1 on the basis of a general proposal1 for the promotion of economic growth1 including improved regional productivity1 job creation1 or increased domestic capital investment4 ,a regional center shall have jurisdiction over a specific geographic area1 which shall be described in the proposal and consistent with the purpose of concentrating pooled investment in defined economic zones4 ,the establishment of a regional center under this subparagraph may be based on general predictions1 contained in the proposal1 concerning the kinds of new commercial enterprises that will receive capital from aliens under this paragraph1 the jobs that will be created 7directly or indirectly7 as a result of such capital investments and the other positive economic effects such capital investments will have4 7ii7 ,methodologies ,in determining compliance with this subparagraph1 and notwithstanding requirements applicable to investors not involving regional centers1 the ,secretary of ,homeland ,security1 in consultation with the ,secretary of ,commerce1 shall recognize reasonable methodologies for determining the number of jobs created by a designated regional center1 including such jobs that are estimated to have been created indirectly through revenues generated from increased exports1 improved regional productivity1 or increased domestic capital investment resulting from the regional center4 ,the ,secretary may consider estimated job creation outside the geographic boundary of a designated regional center if such estimate is supported by substantial evidence and constitutes no more than #ej percent of the overall number of jobs estimated to be created by such regional center4 7iii7 ,preapproval of new commercial enterprises ,the ,secretary of ,homeland ,security shall establish a preapproval procedure that-- 7,i7 allows a regional center to apply to the ,secretary for approval of a particular investment offering through a new commercial enterprise before any alien files a petition for classification under this paragraph by reason of investment in the new commercial enterprise2 7,,ii7 in considering an application under subclause 7,i71 requires that the ,secretary make final decisions on all issues under this paragraph other than those issues unique to an individual investor in the new commercial enterprise2 and 7,,iii7 requires that the ,secretary eliminate the need for the repeated submission of documentation that is common to multiple petitions for classification under this paragraph through a regional center4 7iv7 ,fee for regional center designation ,in addition to any other fees authorized by law1 the ,secretary of ,homeland ,security shall impose a fee to apply for designation as an ,,eb-#e regional center under this paragraph4 ,fees collected under this paragraph shall be deposited in the ,treasury in accordance with section #bhf7y74 7v7 ,site visits ,the ,secretary shall perform site visits on a random basis of not less than #e percent of all approved regional center capital investment projects each fiscal year4 7,f7 ,regional center annual statements 7i7 ,in general ,each regional center designated under subparagraph 7,e7 shall annually submit1 to the ,director of ,united ,states ,citizenship and ,immigration ,services 7referred to in this subparagraph as the ,director71 in a manner prescribed by the ,secretary of ,homeland ,security1 statements1 including-- 7,i7 a description of any pending litigation or bankruptcy proceedings or litigation or bankruptcy proceedings resolved during the preceding fiscal year1 involving the regional center or an associated commercial enterprise2 7,,ii7 an accounting of all foreign investor money invested in the regional center or its associated commercial enterprises2 and 7,,iii7 for each associated commercial enterprise-- 7aa7 an accounting of the aggregate capital invested in the associated commercial enterprise by immigrants under subparagraph 7,e7 for each capital investment project being undertaken by the associated commercial enterprise2 7bb7 a description of how such capital is being used to execute each capital investment project in the approved business plan2 7cc7 evidence that #ajj percent of such capital has been irrevocably committed to each capital investment project2 7dd7 detailed evidence of the progress made toward the completion of the capital investment project2 7ee7 an accounting of the aggregate direct and indirect jobs created or preserved2 7ff7 for all fees collected from alien entrepreneurs by any party in connection with the associated commercial enterprise1 including administrative1 loan monitoring1 or loan management fees-- 7,,aa7 a description of all fees collected2 7,,bb7 a list of the entities that received such fees2 and 7,,cc7 the purpose for which such fees were collected2 and 7gg7 a certification by the regional center that such statements are accurate4 7ii7 ,associated commercial enterprise ,for purposes of this paragraph1 the term associated commercial enterprise means any for-profit entity that associates with a regional center and receives1 or is established to receive1 capital investment under the regional center program described in subparagraph 7,e74 7iii7 ,amendment of annual statements ,if the ,director determines that an annual statement submitted pursuant to clause 7i7 is deficient1 the ,director may require the regional center to amend or supplement such annual statement4 7iv7 ,sanctions 7,i7 ,effect of violation ,if a regional center fails to submit an annual statement or if the ,director determines-- 7aa7 that a statement submitted pursuant to this subparagraph is materially inaccurate or insufficient2 or 7bb7 that the regional center is conducting itself in a manner inconsistent with its designation1 the ,director may sanction the violating entity or individual under subclause 7,,ii74 7,,ii7 ,authorized sanctions ,the ,director shall establish a graduated set of sanctions for violations referred to in subclause 7,i71 including-- 7aa7 fines equal to not more than #e percent of the total capital invested by immigrant investors in the commercial enterprise1 the payment of which shall not in any circumstance utilize any of such alien entrepreneurs' capital investment2 7bb7 temporary suspension from participation in the program described in subparagraph 7,e71 which may be lifted by the ,director if the individual or entity cures the alleged violation after being provided such an opportunity by the ,director2 7cc7 permanent bar from program participation for #a or more individuals involved with the regional center2 and 7dd7 termination of regional center status4 7,g7 ,bona fides of persons involved with regional centers or associated commercial enterprises 7i7 ,in general ,no person shall be permitted by any regional center or associated commercial enterprise to be involved with the regional center or associated commercial enterprise if the ,secretary of ,homeland ,security-- 7,i7 determines such person has been found liable within the previous #e years for any criminal or civil violation of any law relating to fraud or deceit1 or at any time if such violation involved a criminal conviction with a term of imprisonment of at least #a year or a criminal or civil violation of any law or agency regulation in connection with the purchase or sale of a security2 or 7,,ii7 knows or has reasonable cause to believe that the person is engaged in1 has ever been engaged in1 or seeks to engage in any-- 7aa7 illicit trafficking in any controlled substance2 7bb7 activity relating to espionage or sabotage2 7cc7 activity related to money laundering 7as described in section #aief or #aieg of title #ah1 ,united ,states ,code72 7dd7 terrorist activity 7as defined in clauses 7iii7 and 7iv7 of section #bab7;a77#c77;,b772 7ee7 human trafficking or human rights offense2 or 7ff7 violation of any statute1 regulation1 or ,executive order regarding foreign financial transactions or foreign asset control4 7ii7 ,persons involved with a regional center or associated commercial enterprise ,for the purposes of this paragraph1 a person is considered to be involved with a regional center or an associated commercial enterprise if he or she is the principal1 representative1 administrator1 owner1 officer1 board member1 manager1 executive1 general partner1 fiduciary1 marketer1 promoter1 director1 or other similar position of substantial authority for the operations1 management1 or promotion of the regional center or associated commercial enterprise1 respectively4 7iii7 ,status of regional center principals 7,i7 ,lawful status required ,no person may be directly or indirectly involved with a regional center unless the person is a national of the ,united ,states or an individual who has been lawfully admitted for permanent residence4 7,,ii7 ,foreign governments ,no foreign government entity may be directly or indirectly associated with the ownership or administration of a regional center4 7iv7 ,information required ,the ,secretary shall require such attestations and information1 including the submission of fingerprints to the ,federal ,bureau of ,investigation1 and shall perform such criminal record checks and other background checks with respect to a regional center1 and persons involved in a regional center or associated commercial enterprise1 as described in clause 7i71 as the ,secretary considers appropriate to determine whether the regional center or associated commercial enterprise is in compliance with clause 7i74 ,the ,secretary may require the information and attestations described in this clause from such regional center or associated commercial enterprise1 and any person involved in the regional center or associated commercial enterprise1 at any time on or after the date of the enactment of the ,,eb-,,jobs ,act of #bjae4 7v7 ,certification ,a regional center must provide a certification on an annual basis that it remains in compliance with clauses 7i7 and 7iii74 7vi7 ,termination ,the ,secretary shall terminate any regional center from the program that fails to provide a certification as required under clause 7v74 ,the ,secretary may terminate any regional center from the program under this paragraph if he or she determines that-- 7,i7 the regional center or associated commercial enterprise has violated clause 7i72 7,,ii7 the regional center is in violation of clause 7iii72 7,,iii7 the regional center or associated commercial enterprise or any person involved with the regional center or associated commercial enterprise has provided any false attestation or information under clause 7iv72 or 7,,iv7 the regional center or associated commercial enterprise or any person involved with the regional center or associated commercial enterprise fails to provide an attestation or information requested by the ,secretary under clause 7iv74 7,h7 ,regional center compliance with securities laws 7i7 ,certification required ,the ,secretary of ,homeland ,security shall not approve an application for regional center designation or regional center amendment that does not certify that the regional center and1 to the best knowledge of the applicant1 all parties to the regional center are in1 and will maintain1 compliance with the securities laws of the ,united ,states4 7ii7 ,monitoring and supervision ,in furtherance of the certification described in clause 7i71 the regional center shall be required to monitor and supervise all offers and sales of securities which are made by associated commercial enterprises to ensure compliance with the securities laws of the ,united ,states1 and to maintain records1 data1 and information relating to all such offers and sales of securities4 7iii7 ,termination or suspension ,the ,secretary shall terminate the designation of any regional center that does not provide the certification described in clause 7i7 on an annual basis4 ,in addition to any other authority provided to the ,secretary regarding the regional center program described in subparagraph 7,e71 the ,secretary may1 in the ,secretary's unreviewable discretion1 suspend or terminate the designation of any regional center if he or she determines that the regional center or any party to the regional center-- 7,i7 is permanently or temporarily enjoined by order1 judgment1 or decree of any court of competent jurisdiction in connection with the offer1 purchase1 or sale of a security2 7,,ii7 is subject to any final order of the ,securities and ,exchange ,commission that-- 7aa7 bars such person from association with an entity regulated by the ,securities and ,exchange ,commission2 or 7bb7 constitutes a final order based on violations in connection with the offer1 purchase1 or sale of a security2 or 7,,iii7 knowingly submitted or caused to be submitted a certification described in clause 7i7 that contained an untrue statement of a material fact or omitted to state a material fact necessary in order to make the statements made1 in the light of the circumstances under which they were made1 not misleading4 7iv7 ,savings provision ,nothing in this subparagraph may be construed to impair or limit the authority of the ,securities and ,exchange ,commission under the ,federal securities laws4 7v7 ,defined term ,for the purpose of this subparagraph1 the term party to the regional center means-- 7,i7 the regional center or associated commercial enterprise2 7,,ii7 the regional center or associated commercial enterprise's owners1 officers1 directors1 managers1 partners1 agents1 employees1 promoters1 and attorneys2 and 7,,iii7 any person in active concert or participation with the regional center or associated commercial enterprise or directly or indirectly controlling1 controlled by1 or under common control with the regional center or associated commercial enterprise4 7,i7 ,fraud1 misrepresentation1 criminal misuse1 and threats to national security ,if the ,secretary of ,homeland ,security determines that participation of the regional center in the program is contrary to the national interest of the ,united ,states1 poses a threat to national security1 or that the regional center or any person involved with the regional center is engaged or seeks to engage in any criminal or civil violation of any law relating to fraud1 deceit1 misrepresentation1 or criminal misuse1 the ,secretary may-- 7i7 deny or revoke an approval of a regional center designation2 7ii7 terminate an approved regional center designation2 7iii7 deny or revoke a preapproval under section #bjc7;b77#e77;,e77iii7 of the ,immigration and ,nationality ,act2 7iv7 deny or revoke a petition seeking classification of an alien as an alien investor under this paragraph2 or 7v7 deny a petition to remove conditions under section #baf;,a4 7,j7 ,delegation of certain ,,eb-#e authority 7i7 ,in general ,the ,secretary of ,homeland ,security may delegate to the ,secretary of ,commerce authority and responsibility for determinations under sections #bjc7;b77#e7 and #baf;,a 7with respect to an alien entrepreneur who obtains status under section #bjc7;b77#e77 of the ,immigration and ,nationality ,act 7#h ,u4,s4,c4 #aaec7;b77#e7 and #aahf;a71 including determining whether an alien has met employment creation requirements4 7ii7 ,regulations ,the ,secretary of ,homeland ,security and the ,secretary of ,commerce may each adopt such rules and regulations as are necessary to carry out the delegation authorized under clause 7i71 including regulations governing the eligibility criteria for obtaining benefits pursuant to this subsection4 7iii7 ,use of fees ,adjudication fees described in section #bhf7m7 of the ,immigration and ,nationality ,act 7#h ,u4,s4,c4 #acef7m77 shall remain available until expended to reimburse the ,secretary of ,commerce for the costs of any determinations made by the ,secretary of ,commerce under clause 7i74 4 7b7 ,targeted employment areas ,section #bjc7;b77#e77;,b7 of the ,immigration and ,nationality ,act 7#h ,u4,s4,c4 #aaec7;b77#e77;,b77 is amended as follows3 7#a7 ,set aside visas ,in clause 7i71 to read as follows3 7i7 7,i7 ,not less than #b1jjj of the visas made available under this paragraph in each fiscal year shall be reserved for qualified immigrants who invest in a new commercial enterprise described in subparagraph 7,a7 which will create employment in an area described in clause 7ii77,i74 7,,ii7 ,not less than #d1jjj of the visas made available under this paragraph in each fiscal year shall be reserved for qualified immigrants who invest in a new commercial enterprise described in subparagraph 7,a7 which will create employment in an area described in clause 7ii77,,ii74 7,,iii7 ,not less than #b1jjj of the visas made available under this paragraph in each fiscal year shall be reserved for qualified immigrants who invest in a new commercial enterprise described in subparagraph 7,a7 which will create employment in an area described in subclause 7,,iii71 7,,iv71 or 7,v7 of clause 7ii74 7,,iv7 ,notwithstanding section #bjc7;b77#a71 any visa number made available by subclause 7,i71 7,,ii71 or 7,,iii71 and which has not been used at the end of the fiscal year in which it was made available1 will remain available for qualified immigrants as described in each respective subclause4 4 7#b7 ,targeted employment area defined ,in clause 7ii71 to read as follows3 7ii7 ,targeted employment area defined ,in this paragraph1 the term targeted employment area means-- 7,i7 a rural area2 7,,ii7 an area that has experienced high unemployment 7of at least #aej percent of the national average rate7 within the preceding #ab months2 7,,iii7 a county that has had a #bj percent or more decrease in population since #aigj2 7,,iv7 an area that is within the boundaries established for purposes of a ,state or ,federal economic development incentive program1 including areas defined as ,enterprise ,zones1 ,renewal ,communities and ,empowerment ,zones2 or 7,v7 an area within the geographic boundaries of any military installation closed pursuant to a base closure law 7as defined in section #aja7;a77#ag7 of title #aj1 ,united ,states ,code74 4 7#c7 ,rural area defined ,in clause 7iii71 by striking within a metropolitan statistical area or4 7#d7 ,area that has experienced high unemployment defined ,by adding after clause 7iii7 the following3 7iv7 ,area that has experienced high unemployment ,the term area that has experienced high unemployment means an area1 comprising of one or more contiguous census tracts within one ,core ,based ,statistical ,area1 that has an unemployment rate that is at least #aej percent of the national average unemployment rate1 using the most recent census data available4 4 7#e7 ,effect of prior determination ,by adding at the end the following3 7v7 ,effect of prior determination ,in a case in which a geographic area is determined under clause 7ii7 to be a targeted employment area1 such determination shall remain in effect during the #e-year period beginning on the date of the determination for purposes of any alien seeking a visa reserved under this subparagraph4 4 7c7 ,calculating job creation ,section #bjc7;b77#e77;,d7 of such ,act 7#h ,u4,s4,c4 #aaec7;b77#e77;,d77 is amended to read as follows3 7,d7 ,permanent full-time employment ,in this paragraph1 the term permanent full-time employment means employment in a position that requires at least #ce hours of service per week at any time1 regardless of who fills the position and which is expected to last for at least two years4 ,such employment may be satisfied on a full-time equivalent basis by calculating the number of full-time employees that could have been employed if the reported number of hours worked by part-time employees had been worked by full-time employees4 ,full-time equivalent employment shall be calculated by dividing the part-time hours paid by the standard number of hours for full-time employees4 4 7d7 ,capital ,section #bjc7;b77#e77;,c7 of the ,immigration and ,nationality ,act 7#h ,u4,s4,c4 #aaec7;b77#e77;,c77 is amended by adding at the end the following3 7iv7 ,capital defined ,for purposes of this paragraph1 the term capital does not include any assets acquired1 directly or indirectly1 by unlawful means4 7v7 ,inflation adjustment 7,i7 ,initial adjustment ,effective for the first fiscal year that begins more than #f months after the date of the enactment of this subclause1 the amount specified in the first sentence of clause 7i7 shall be #b1jjj1jjj4 ,an increase described in the preceding sentence shall apply to aliens filing petitions under section #bjd7;a77#a77;,h7 on or after the date on which the increase takes effect1 unless the petition is filed by reason of an investment in a new commercial enterprise for which a preapproval under section #bjc7;b77#e77;,e77iii7 was filed before the date the increase takes effect4 7,,ii7 ,subsequent adjustments ,the amount described in subclause 7,i7 7as of the last increase to such amount7 shall be increased every third year by the percentage 7if any7 by which the ,consumer ,price ,index for the month of ,june preceding the date on which such increase takes effect exceeds the ,consumer ,price ,index for the same month of the calendar year #c years prior4 ,an increase described in the preceding sentence shall apply to aliens filing petitions under section #bjd7;a77#a77;,h7 on or after the date on which the increase takes effect1 unless the petition is filed by reason of an investment in a new commercial enterprise for which a preapproval under section #bjc7;b77#e77;,e77iii7 was filed before the date the increase takes effect4 7,,iii7 ,definition ,for purposes of this clause1 the term ,consumer ,price ,index means the ,consumer ,price ,index for all urban consumers published by the ,department of ,labor4 4 7e7 ,type of investment ,section #bjc7;b77#e77;,a7 of the ,immigration and ,nationality ,act 7#h ,u4,s4,c4 #aaec7;b77#e77;,a771 is amended as follows3 7#a7 ,any for-profit entity can be a new commercial enterprise ,in the matter preceding clause 7i71 by striking including a limited partnership and inserting which may include any entity formed for the purpose of doing for-profit business4 7#b7 ,length of investment defined ,in clause 7i71 by inserting and which is expected to remain invested for not less than #b years after 7,c714 7#c7 ,job creation benefits the economy ,by amending clause 7ii7 to read as follows3 7ii7 which will benefit the ,united ,states economy4 ,a commercial enterprise will only be considered to benefit the ,united ,states economy if it will create permanent full-time employment for at least #aj ,united ,states workers4 ,for the purposes of this paragraph1 the term ,united ,states worker means-- 7,i7 an employee 7other than the immigrant or the immigrant's spouse1 son1 or daughter7 who is a citizen or national of the ,united ,states2 or 7,,ii7 is an alien who is lawfully admitted for permanent residence1 is admitted as a refugee under section #bjg1 is granted asylum under section #bjh1 or is otherwise authorized to be employed in the ,united ,states4 4 7f7 ,extension ,subparagraph 7,a7 of section #baf;,a7d77#b7 of the ,immigration and ,nationality ,act 7#h ,u4,s4,c4 #aahf;b7d77#b77;,a77 is amended by adding at the end the following3 ,the fourth anniversary shall be substituted for the second anniversary in applying the preceding sentence if the petitioner provides an explanation for the delay in filing the petition that is based on circumstances outside of the petitioner's control1 and demonstrates that such circumstances will be able to be resolved by the fourth anniversary44 7g7 ,study 7#a7 ,in general ,the ,secretary of ,homeland ,security1 in appropriate consultation with the ,secretary of ,commerce and other interested parties1 shall conduct a study concerning-- 7,a7 current job creation counting methodology and initial projections under section #bjc7;b77#e7 of the ,immigration and ,nationality ,act 7#h ,u4,s4,c4 #aaec7;b77#e772 and 7,b7 how to best promote the employment creation program described in such section overseas to potential immigrant investors4 7#b7 ,report ,the ,secretary of ,homeland ,security shall submit a report to the ,committee on the ,judiciary of the ,house of ,representatives and the ,committee on the ,judiciary of the ,senate not later than #a year after the date of the enactment of this ,act containing the results of the study conducted under paragraph 7#a74 7h7 ,annual site visit report ,beginning on the date that is one year after the enactment of this ,act1 and every year thereafter1 the ,secretary of ,homeland ,security shall submit a report to the ,committee on the ,judiciary of the ,house of ,representatives and the ,committee on the ,judiciary of the ,senate on the site visits conducted pursuant to section #bjc7;b77#e77;,e77v71 including the number and locations of site visits conducted and the number and type of sanctions1 if any1 resulting from those site visits4 7i7 ,biennial report ,beginning on the date that is one year after the date of the enactment of this ,act1 and every #b years thereafter1 the ,secretary of ,homeland ,security shall submit a report to the ,committee on the ,judiciary of the ,house of ,representatives and the ,committee on the ,judiciary of the ,senate that measures the economic impact of the regional center program described in section #bjc7;b77#e77;,e7 of the ,immigration and ,nationality ,act 7#h ,u4,s4,c4 #aaec7;b77#e77;,e771 including-- 7#a7 foreign and domestic capital investment2 7#b7 the number of jobs directly and indirectly created2 7#c7 any other economic benefits related to foreign investment under such program2 and 7#d7 the number of petitions under such section approved or denied for each regional center4 7j7 ,rulemaking ,not later than #abj days after the date of the enactment of this ,act1 the ,secretary of ,homeland ,security shall prescribe regulations to implement the amendments made by this section4 #bjb4 ,concurrent filing2 adjustment of status ,section #bde of the ,immigration and ,nationality ,act 7#h ,u4,s4,c4 #abee7 is amended-- 7#a7 in subsection 7k71 in the matter preceding paragraph 7#a71 by striking 7#a71 7#b71 or 7#c7 and inserting 7#a71 7#b71 7#c71 7#e71 7#f71 or 7#g72 and 7#b7 by adding at the end the following3 7n7 ,if1 at the time a petition is filed under section #bjd for classification under paragraph 7#e71 7#f71 or 7#g7 of section #bjc7;b71 approval of the petition would make a visa immediately available to the alien beneficiary1 the alien beneficiary's adjustment application under this section shall be considered to be properly filed whether the application is submitted concurrently with1 or subsequent to1 the visa petition4 4 #bjc4 ,fees2 premium processing 7a7 ,establishment of account2 use of fees ,section #bhf of the ,immigration and ,nationality ,act 7#h ,u4,s4,c4 #acef71 as amended by this ,act1 is further amended by adding at the end the following3 7y7 ,immigrant entrepreneur account 7#a7 ,in general ,there is established in the general fund of the ,treasury a separate account1 which shall be known as the ,immigrant ,entrepreneur ,account4 ,notwithstanding any other provision of law1 there shall be deposited as offsetting receipts into the account all fees collected in connection with paragraph 7#e7 or 7#f7 of section #bjc7;b7 of this ,act1 section #baf;,a of this ,act1 or section #faj7;b7 of the ,departments of ,commerce1 ,justice1 and ,state1 the ,judiciary1 and ,related ,agencies ,appropriations ,act1 #aiic 7#h ,u4,s4,c4 #aaec note74 7#b7 ,use of fees ,fees collected under this section may only be used by the ,secretary of ,homeland ,security to administer and operate the employment creation program described in paragraph 7#e7 or 7#f7 of section #bjc7;b74 4 7b7 ,premium processing ,section #bhf7u7 of the ,immigration and ,nationality ,act 7#h ,u4,s4,c4 #acef7u77 is amended by adding at the end the following3 ,in the case of a petition filed under section #bjd7;a77#a77;,h7 for classification under paragraph 7#e7 of section #bjc7;b7 and which was granted a preapproval under section #bjc7;b77#e77;,e77iii71 the ,secretary shall provide premium processing services for a fee set at #e1jjj and shall be deposited as offsetting receipts in the ,immigrant ,entrepreneur ,account established under subsection 7y74 ,the ,secretary may adjust this fee according to the ,consumer ,price ,index44 #bjd4 ,contingent increase in visa number availability ,section #bjc7;b77#e7 of the ,immigration and ,nationality ,act 7#h ,u4,s4,c4 #aaec7;b77#e771 as amended by this ,act1 is further amended by adding at the end the following3 7,k7 ,increase in visa number availability ,in the event all visas made available under subparagraph 7,a7 have been made available to qualified immigrants in a fiscal year1 an additional #aj1jjj visas shall be made available to qualified immigrants as described in subparagraph 7,a7 for that fiscal year1 unless a joint resolution as described below is enacted4 7i7 ,for purposes of this subparagraph1 the term joint resolution means only a joint resolution introduced in the period beginning on the date on which all visas made available under subparagraph 7,a7 have been made available to qualified immigrants in a fiscal year and ending #fj days thereafter 7excluding days either ,house of ,congress is adjourned for more than #c days during a session of ,congress71 the matter after the resolving clause of which is as follows3 ,that ,congress finds that an increase in visa number availability for qualified immigrants under section #bjc7;b77#e7 is not needed and that additional visas provided in subparagraph 7,k7 of that section will not take effect44 7ii7 ,a joint resolution described in clause 7i7 shall be referred to the ,committee on the ,judiciary in each ,house of ,congress4 7iii7 ,in the ,senate1 if the ,committee on the ,judiciary has not reported such joint resolution as described in clause 7i7 7or an identical joint resolution7 at the end of #ae session days after the date of introduction of the joint resolution1 such committee may be discharged from further consideration of such joint resolution upon a petition supported in writing by #cj ,members of the ,senate1 and such joint resolution shall be placed on the calendar4 7iv7 7,i7 ,in the ,senate1 when the ,committee on the ,judiciary has reported1 or when such committee is discharged 7under clause 7iii77 from further consideration of a joint resolution described in clause 7i71 it is at any time thereafter in order 7even though a previous motion to the same effect has been disagreed to7 for a motion to proceed to the consideration of the joint resolution1 and all points of order against the joint resolution 7and against consideration of the joint resolution7 are waived4 ,the motion is not subject to amendment1 or to a motion to postpone1 or to a motion to proceed to the consideration of other business4 ,a motion to reconsider the vote by which the motion is agreed to or disagreed to shall not be in order4 ,if a motion to proceed to the consideration of the joint resolution is agreed to1 the joint resolution shall remain the unfinished business of the ,senate until disposed of4 7,,ii7 ,in the ,senate1 debate on the joint resolution1 and on all debatable motions and appeals in connection therewith1 shall be limited to not more than #aj hours1 which shall be divided equally between those favoring and those opposing the joint resolution4 ,a motion to further limit debate is in order and not debatable4 ,an amendment to1 or a motion to postpone1 or a motion to proceed to the consideration of other business1 or a motion to recommit the joint resolution is not in order4 7,,iii7 ,in the ,senate1 immediately following the conclusion of the debate on a joint resolution described in clause 7i71 and a single quorum call at the conclusion of the debate if requested in accordance with the rules of the ,senate1 the vote on final passage of the joint resolution shall occur4 7,,iv7 ,appeals from the decisions of the ,chair relating to the application of the rules of the ,senate to the procedure relating to a joint resolution described in clause 7i7 shall be decided without debate4 7v7 ,in the ,house of ,representatives1 if the ,committee on the ,judiciary has not reported a joint resolution as described in clause 7i7 to the ,house at the end of #ae legislative days after its introduction1 such committee shall be discharged from further consideration of the joint resolution1 and it shall be placed on the appropriate calendar4 ,on the second and fourth ,thursdays of each month it shall be in order at any time for the ,speaker to recognize a ,member who favors passage of a joint resolution that has appeared on the calendar for at least #e legislative days to call up that joint resolution for immediate consideration in the ,house without intervention of any point of order4 ,when so called up such joint resolution shall be considered as read and shall be debatable for #a hour equally divided and controlled by the proponent and an opponent1 and the previous question shall be considered as ordered to its passage without intervening motion4 ,it shall not be in order to reconsider the vote on passage4 ,if a vote on final passage of the joint resolution has not been taken by the third ,thursday on which the ,speaker may recognize a ,member under this subsection1 such vote shall be taken on that day4 7vi7 ,if1 before the passage by one ,house of a joint resolution of that ,house described in clause 7i71 that ,house receives from the other ,house a joint resolution described in clause 7i71 then the following procedures shall apply3 7,i7 ,the joint resolution of the other ,house shall not be referred to a committee4 7,,ii7 ,with respect to a joint resolution described in clause 7i7 of the ,house receiving the joint resolution-- 7aa7 the procedure in that ,house shall be the same as if no joint resolution had been received from the other ,house2 but 7bb7 the vote on final passage shall be on the joint resolution of the other ,house4 7vii7 7,i7 ,in addition to the opportunity for review otherwise provided under this subparagraph1 in the case that the date on which all visas made available under subparagraph 7,a7 have been made available to qualified immigrants occurs during the period beginning on the date occurring-- 7aa7 in the case of the ,senate1 #fj session days2 or 7bb7 in the case of the ,house of ,representatives1 #fj legislative days1 before the date the ,congress is scheduled to adjourn a session of ,congress through the date on which the same or succeeding ,congress first convenes its next session1 clauses 7i7 to 7vi7 shall apply in the succeeding session of ,congress4 7,,ii7 ,in applying clauses 7i7 to 7vi7 for purposes of such additional review1 the date described under clause 7vii7 shall be treated as though such date occurred-- 7aa7 in the case of the ,senate1 the #aeth session day2 or 7bb7 in the case of the ,house of ,representatives1 the #aeth legislative day1 after the succeeding session of ,congress first convenes4 4 ,,iii ,permanent ,authorization of ,conrad ,state #cj ,j-#a ,visa ,waiver ,program #cja4 ,permanent authorization of ,conrad ,state #cj ,j-#a visa waiver program ,section #bbj7;c7 of the ,immigration and ,nationality ,technical ,corrections ,act of #aiid 7#h ,u4,s4,c4 #aahb note7 is amended by striking and before ,september #cj1 #bjae4 ,,iv ,reauthorization of the ,e-,verify ,program and ,special ,immigrant ,nonminister ,religious ,worker ,program #dja4 ,reauthorization of the ,e-,verify ,program ,section #dja7;b7 of the ,illegal ,immigration ,reform and ,immigrant ,responsibility ,act of #aiif 7#h ,u4,s4,c4 #acbd;a note7 is amended by striking ,september #cj1 #bjae and inserting ,september #cj1 #bjbj4 #djb4 ,reauthorization of the ,special ,immigrant ,nonminister ,religious ,worker ,program ,section #aja7;a77#bg77;,c77ii7 of the ,immigration and ,nationality ,act 7#h ,u4,s4,c4 #aaja7;a77#bg77;,c77ii77 is amended-- 7#a7 in subclause 7,,ii71 by striking ,september #cj1 #bjae and inserting ,september #cj1 #bjbj2 and 7#b7 in subclause 7,,iii71 by striking ,september #cj1 #bjae and inserting ,september #cj1 #bjbj4