,,ii #aadth ,,congress #b;d ,session ,s4 #ceaj ,,in ,,the ,,senate ,,of ,,the ,,united ,,states ,december #f1 #bjaf ,mr4 ,flake introduced the following bill2 which was read twice and referred to the ,committee on the ,judiciary ,a ,,bill ,to facilitate the creation of ,american jobs by immigrant entrepreneurs4 #a4 ,short title ,this ,act may be cited as the ,attracting and ,retaining ,entrepreneurs ,act4 #b4 ,entrepreneur nonimmigrant visas 7a7 ,entrepreneur nonimmigrant category ,section #aja7;a77#ae7 of the ,immigration and ,nationality ,act 7#h ,u4,s4,c4 #aaja7;a77#ae77 is amended-- 7#a7 in subparagraph 7,u77iii71 by striking or at the end2 7#b7 in subparagraph 7,v77ii77,,ii71 by striking the period at the end and inserting 2 or2 and 7#c7 by adding at the end the following3 7,w7 in accordance with the definitions set forth in section #bjc7;b77#f77;,a71 a qualified entrepreneur who has demonstrated that1 during the #c-year period ending on the date on which the alien filed an initial petition for nonimmigrant status described in this subparagraph-- 7i7 a qualified venture capitalist1 a qualified angel investor1 a qualified government entity1 a qualified community development financial institution1 qualified startup accelerator1 or such other type of entity or investors1 as determined by the ,secretary1 or any combination of such entities or investors1 has made a qualified investment or combination of qualified investments of not less than #ajj1jjj in the alien's ,united ,states business entity2 or 7ii7 the alien's ,united ,states business entity-- 7,i7 has created not fewer than #c qualified jobs2 and 7,,ii7 during the #b-year period ending on such filing date has generated not less than #bej1jjj in annual revenue arising from business conducted in the ,united ,states4 4 7b7 ,admission of entrepreneur nonimmigrants ,section #bad of the ,immigration and ,nationality ,act 7#h ,u4,s4,c4 #aahd7 is amended-- 7#a7 in subsection 7b71 by striking 7other than and all that follows through such section7 and inserting 7other than a nonimmigrant described in subparagraph 7,h77i77b71 7,h77i77c71 7,l71 7,v71 or 7,w7 of section #aja7;a77#ae772 and 7#b7 by adding at the end the following3 7s7 ,entrepreneur nonimmigrant visas 7#a7 ,definitions ,the definitions set forth in section #bjc7;b77#f77;,a7 shall apply to this subsection4 7#b7 ,initial period of authorized admission ,the initial period of authorized status as a nonimmigrant described in section #aja7;a77#ae77,w7 shall be #c years4 7#c7 ,renewal of admission ,subject to paragraph 7#d71 the period of authorized nonimmigrant status described in paragraph 7#b7 may be renewed for additional #c-year periods if-- 7,a7 during the most recent #c-year period in which the alien was granted such status1 the alien's ,united ,states business entity created not fewer than #c qualified jobs2 and 7,b7 7i7 during such #c-year period1 a qualified venture capitalist1 a qualified angel investor1 a qualified government entity1 a qualified community development financial institution1 qualified startup accelerator1 or such other type of entity or investors1 as determined by the ,secretary1 or any combination of such entities or investors1 has made a qualified investment or combination of qualified investments of not less than #bej1jjj to the alien's ,united ,states business entity2 or 7ii7 during the #b-year period ending on the date on which the alien petitioned for an extension1 the alien's ,united ,states business entity has generated not less than #bej1jjj in annual revenue arising from business conducted within the ,united ,states4 7#d7 ,waiver of renewal requirements ,the ,secretary may renew an alien's status as a nonimmigrant described in section #aja7;a77#ae77,w7 for not more than #a year at a time1 up to an aggregate of #b years1 if the alien-- 7,a7 does not meet the criteria under paragraph 7#c72 and 7,b7 meets the criteria established by the ,secretary1 in consultation with the ,secretary of ,commerce1 for approving renewals under this subsection1 which shall include a determination that-- 7i7 the alien has made substantial progress in meeting such criteria2 and 7ii7 such renewal is economically beneficial to the ,united ,states4 7#e7 ,attestation ,the ,secretary shall require an alien seeking status as a nonimmigrant described in section #aja7;a77#ae77,w7 to attest1 under penalty of perjury1 that the alien meets the application criteria4 7#f7 ,w-#a visa fee ,in addition to processing fees1 the ,secretary shall collect a #a1jjj fee from each nonimmigrant admitted under section #aja7;a77#ae77,w74 4 #c4 ,entrepreneur immigrant 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#g72 and 7#b7 by inserting after paragraph 7#e7 the following3 7#f7 ,entrepreneur immigrants 7,a7 ,definitions ,in this paragraph and in sections #aja7;a77#ae77,w7 and #bad7s73 7i7 ,qualified angel investor ,the term qualified angel investor means an individual or organized group of individuals investing directly or through a legal entity-- 7,i7 each of whom is an accredited investor 7as defined in section #bcj4eja7;a7 of title #ag1 ,code of ,federal ,regulations1 or any similar successor regulation7 investing the funds owned by such individual or organized group in a qualified entrepreneur's ,united ,states business entity2 7,,ii7 7aa7 if an individual1 is a citizen of the ,united ,states or an alien lawfully admitted for permanent residence2 or 7bb7 if an organized group or legal entity1 a majority of the individuals investing through such group or entity are citizens of the ,united ,states or aliens lawfully admitted for permanent residence2 and 7,,iii7 each of whom in the previous #c years has made qualified investments totaling not less than #ej1jjj 7or such higher amount determined appropriate by the ,secretary7 in ,united ,states business entities that are less than #e years old4 7ii7 ,qualified community development financial institution ,the term qualified community development financial institution means an entity that has been certified by the ,,cdfi ,fund under section #ahje4bja #de;,d7c7 of title #ab1 ,code of ,federal ,regulations1 or any similar successor regulation4 7iii7 ,qualified entrepreneur ,the term qualified entrepreneur means an individual who-- 7,i7 has a significant ownership interest1 which need not constitute a majority interest1 in a ,united ,states business entity2 7,,ii7 is employed in a senior executive position at such entity2 7,,iii7 submits a business plan to ,u4,s4 ,citizenship and ,immigration ,services2 and 7,,iv7 had a substantial role in the founding or early-stage growth and development of such entity4 7iv7 ,qualified government entity ,the term qualified government entity means an agency or instrumentality of the ,united ,states or of a ,state1 local1 or tribal government4 7v7 ,qualified investment ,the term qualified investment-- 7,i7 means an investment in a qualified entrepreneur's ,united ,states business entity that is-- 7aa7 a purchase from such entity of equity or convertible debt issued by such entity2 7bb7 a secured loan2 7cc7 a convertible debt note2 7dd7 a public securities offering2 7ee7 a research and development award from a qualified government entity to the ,united ,states business entity2 7ff7 another investment determined appropriate by the ,secretary2 or 7gg7 a combination of any of the investments described in items 7aa7 through 7ff72 and 7,,ii7 does not include an investment from-- 7aa7 such qualified entrepreneur2 7bb7 the parents1 spouse1 son1 or daughter of such qualified entrepreneur2 or 7cc7 any corporation1 company1 association1 firm1 partnership1 society1 or joint stock company over which such qualified entrepreneur has a substantial ownership interest4 7vi7 ,qualified job ,the term qualified job means a full-time position at a ,united ,states business entity owned by a qualified entrepreneur that-- 7,i7 is located in the ,united ,states2 7,,ii7 has been filled for at least #b years by a ,united ,states citizen or legal permanent resident who is not the qualified entrepreneur or the spouse1 son1 or daughter of the qualified entrepreneur2 and 7,,iii7 is compensated at a wage level that is commensurate with similarly situated employees in comparable positions in the metropolitan statistical area of the employment4 7vii7 ,qualified startup accelerator ,the term qualified startup accelerator means a corporation1 company1 association1 firm1 partnership1 society1 or joint stock company that-- 7,i7 is organized under the laws of the ,united ,states or of any ,state and conducts business in the ,united ,states2 7,,ii7 in the ordinary course of business1 provides a program of training1 mentorship1 and logistical support to assist entrepreneurs in growing their businesses2 7,,iii7 is managed by individuals1 the majority of whom are citizens of the ,united ,states or aliens lawfully admitted for permanent residence2 7,,iv7 7aa7 regularly acquires an equity interest in companies that participate in its programs in which the majority of the capital so invested is committed from individuals who are ,united ,states citizens or aliens lawfully admitted for permanent residence1 or from entities organized under the laws of the ,united ,states or any ,state2 or 7bb7 is an entity that has received not less than #bej1jjj in funding from a qualified government entity or entities during the previous #e years and regularly awards grants to companies that participate in its programs 7in which case1 such grant shall be treated as a qualified investment for purposes of clause 7iv772 7,v7 during the previous #e years1 has acquired an equity interest in1 or1 in the case of an entity described in subclause 7,,iv77bb71 regularly made grants to1 not fewer than #aj ,united ,states business entities that-- 7aa7 have participated in its programs2 and 7bb7 7,,aa7 have each secured at least #ajj1jjj in initial investments2 or 7,,bb7 during any #b-year period following the date of such acquisition1 have generated not less than #ejj1jjj in aggregate annual revenue within the ,united ,states2 7,,vi7 has its primary location in the ,united ,states2 and 7,,vii7 satisfies such other criteria as the ,secretary may establish4 7viii7 ,qualified venture capitalist ,the term qualified venture capitalist means an entity that-- 7,i7 7aa7 is a venture capital operating company 7as defined in section #beaj4c-aja7;d7 of title #bi1 ,code of ,federal ,regulations or any successor to such regulation72 or 7bb7 has management rights1 as defined in1 and to the extent required by1 such section #beaj4c-aja7;d7 or successor regulation1 in its portfolio companies2 7,,ii7 has capital commitments of not less than #aj1jjj1jjj2 and 7,,iii7 has an investment adviser that-- 7aa7 is registered under section #bjc of the ,investment ,advisers ,act of #aidj 7#ae ,u4,s4,c4 #hj;b-#c72 7bb7 has its primary office location in the ,united ,states2 7cc7 is directly or indirectly owned by individuals1 the majority of whom are citizens of the ,united ,states or aliens lawfully admitted for permanent residence in the ,united ,states2 7dd7 has been advising such entity or other similar funds or entities for at least #b years2 and 7ee7 has advised such entity or a similar fund or entity with respect to at least #b investments of not less than #ejj1jjj made by such entity or similar fund or entity during each of the most recent #b years4 7ix7 ,secretary ,except as otherwise specifically provided1 the term ,secretary means the ,secretary of ,homeland ,security4 7x7 ,senior executive position ,the term senior executive position includes the position of chief executive officer1 chief technology officer1 and chief operating officer4 7xi7 ,united ,states business entity ,the term ,united ,states business entity means any corporation1 company1 association1 firm1 partnership1 society1 or joint stock company that is organized under the laws of the ,united ,states or any ,state and that conducts business in the ,united ,states that is not-- 7,i7 a private fund 7as defined in #bjb7;a7 of the ,investment ,advisers ,act of #aidj 7#ae ,u4,s4,c4 #hj;b-#b772 7,,ii7 a commodity pool 7as defined in section #a;a of the ,commodity ,exchange ,act 7#g ,u4,s4,c4 #a;a772 7,,iii7 an investment company 7as defined in section #c of the ,investment ,company ,act of #aidj 7#ae ,u4,s4,c4 #hj;a-#c72 or 7,,iv7 an issuer that would be an investment company without an exemption provided in-- 7aa7 section #c7;c7 of the ,investment ,company ,act of #aidj 7#ae ,u4,s4,c4 #hj;a-#c7;c772 or 7bb7 section #bgj4c;a-#g of title #ag1 ,code of ,federal ,regulations1 or any similar successor regulation4 7,b7 ,in general ,not more than #aj1jjj visas shall be available during each fiscal year for qualified immigrants seeking to enter the ,united ,states for the purpose of creating new businesses1 as described in this paragraph4 7,c7 ,eligibility ,an alien who is a qualified entrepreneur is eligible for a visa under this paragraph if-- 7i7 7,i7 the alien maintained valid nonimmigrant status in the ,united ,states for at least #b years2 7,,ii7 during the #c-year period ending on the date the alien files an initial petition for such status under this section-- 7aa7 7,,aa7 the alien has a significant ownership in a ,united ,states business entity that has created not fewer than #e qualified jobs2 and 7,,bb7 a qualified venture capitalist1 a qualified angel investor1 a qualified government entity1 a qualified community development financial institution1 qualified startup accelerator1 or such other entity or type of investors1 as determined by the ,secretary1 or any combination of such entities or investors1 has devoted a qualified investment or combination of qualified investments of not less than #ejj1jjj to the alien's ,united ,states business entity2 or 7bb7 7,,aa7 the alien has a significant ownership interest in a ,united ,states business entity that has created not fewer than #e qualified jobs2 and 7,,bb7 during the #b-year period ending on such petition date1 has generated not less than #ejj1jjj in annual revenue within the ,united ,states2 and 7,,iii7 not more than #b other aliens have received nonimmigrant status under this section on the basis of an alien's ownership of such ,united ,states business entity2 or 7ii7 7,i7 the alien maintained valid nonimmigrant status in the ,united ,states for at least #c years before the date on which the alien filed an application for such status2 7,,ii7 the alien holds an advanced degree in a field of science1 technology1 engineering1 or mathematics that has been approved by the ,secretary2 7,,iii7 during the #c-year period ending on the date on which the alien files an initial petition for such status under this section-- 7aa7 7,,aa7 the alien has a significant ownership interest in a ,united ,states business entity that has created not fewer than #d qualified jobs2 and 7,,bb7 a qualified venture capitalist1 a qualified angel investor1 a qualified government entity1 a qualified community development financial institution1 qualified startup accelerator1 or such other entity or type of investors1 as determined by the ,secretary1 or any combination of such entities or investors1 has devoted a qualified investment or combination of qualified investments of not less than #ejj1jjj in total to the alien's ,united ,states business entity2 or 7bb7 7,,aa7 the alien has a significant ownership interest in a ,united ,states business entity that has created not fewer than #c qualified jobs2 and 7,,bb7 during the #b-year period ending on such petition date1 the entity has generated not less than #ejj1jjj in annual revenue within the ,united ,states2 and 7,,iv7 not more than #c other aliens have received nonimmigrant status under this paragraph on the basis of an alien's ownership of such ,united ,states business entity4 7,d7 ,new business plan requirement 7i7 ,in general ,a qualified entrepreneur shall submit a new business plan to ,u4,s4 ,citizenship and ,immigration ,services if there has been a material change to the business plan referred to in subparagraph 7,a77ii77,,iii74 7ii7 ,presumption ,there shall be a presumption in favor of approval for any new business plan submitted pursuant to clause 7i74 7,e7 ,attestation ,the ,secretary may require an alien seeking a visa under this paragraph to attest1 under penalties of perjury1 to the alien's qualifications4 4 #d4 ,administration and oversight 7a7 ,rulemaking 7#a7 ,in general ,not later than #af months after the date of the enactment of this ,act1 the ,secretary of ,homeland ,security1 in consultation with the ,secretary of ,commerce1 the ,administrator of the ,small ,business ,administration1 and heads of other relevant ,federal agencies and departments1 shall promulgate regulations-- 7,a7 to carry out the amendments made by this ,act2 and 7,b7 to ensure that such amendments are implemented in a manner that is consistent with-- 7i7 the protection of national security2 and 7ii7 the promotion of ,united ,states economic growth1 job creation1 and competitiveness4 7#b7 ,modification of dollar amounts 7,a7 ,in general ,the ,secretary of ,homeland ,security may prescribe regulations that increase or decrease any dollar amount specified in-- 7i7 section #aja7;a77#ae77,w7 of the ,immigration and ,nationality ,act1 as added by section #b7;a72 7ii7 section #bad7s7 of such ,act1 as added by section #b7;b72 or 7iii7 section #bjc7;b77#f7 of such ,act1 as added by section #c4 7,b7 ,automatic adjustment ,unless a dollar amount referred to in subparagraph 7,a7 relating to a petition for a nonimmigrant visa under section #aja7;a77#ae77,w7 of the ,immigration and ,nationality ,act or an immigrant visa under section #bjc7;b77#f7 of such ,act is adjusted by the ,secretary of ,homeland ,security pursuant to such subparagraph1 such dollar amount shall automatically adjust-- 7i7 on ,january #a1 #bjba1 by the percentage change in the ,consumer ,price ,index 7,,cpi-,u7 during fiscal year #bjbj2 and 7ii7 on every fifth subsequent ,january #a by the percentage change in the ,,cpi-,u during the previous #e fiscal years4 7b7 ,other authority ,the ,secretary of ,homeland ,security1 in the ,secretary's unreviewable discretion1 may deny or revoke the approval of a petition seeking an immigrant visa under section #bjc7;b77#f7 of the ,immigration and ,nationality ,act1 as added by section #c1 or any other petition1 application1 or benefit based upon the previous or concurrent filing or approval of a petition for classification of an alien under such section1 if the ,secretary determines that the approval or continuation of such petition1 application1 or benefit is contrary to the national interest of the ,united ,states or for other good cause4 7c7 ,reports ,once every #c years1 the ,secretary of ,homeland ,security shall submit a report to ,congress that includes-- 7#a7 a description of the implementation of this ,act and the amendments made by this ,act2 7#b7 the number and percentage of entrepreneurs who have met the thresholds for nonimmigrant renewal and adjustment to green card status under the amendments made by this ,act2 7#c7 an analysis of the program's economic impact1 including-- 7,a7 job and revenue creation2 7,b7 increased investments2 and 7,c7 growth within business sectors and regions2 7#d7 a description and breakdown of the types of businesses that have been created by entrepreneurs granted nonimmigrant or immigrant status2 7#e7 for each report other than the ,secretary's initial report1 a description of the percentage of the businesses initially created by the entrepreneurs granted immigrant and nonimmigrant status under this ,act and the amendments made by this ,act1 that are still in operation2 and 7#f7 any recommendations for improving the program established under this ,act and the amendments made by this ,act4