Today, a bipartisan group of seven U.S. Representatives, including U.S. Representatives Michael Grimm (R-NY) and Loretta Sanchez (D-CA), introduced the Startup Act 2.0, legislation that would create new visas for entrepreneurs and foreign-born students earning advanced degrees from American universities in science, technology, engineering and mathematics – or STEM – fields. The Startup Act 2.0 would create conditional visas for 75,000 budding immigrant entrepreneurs and 50,000 foreign STEM graduate students. The bill was introduced in the Senate on May 22, by Senators Chris Coons (D-DE), Jerry Moran (R-KS), Marco Rubio (R-FL), and Mark Warner (D-VA).
Previous research by the Partnership for a New American Economy has demonstrated the positive benefit that entrepreneurs and STEM graduates can have on the American economy.
- More than 40 percent of all Fortune 500 companies were founded by an immigrant or the child of an immigrant.
- Each foreign-born advanced degree holder who stays in the United States to work in a STEM occupation created an estimated 2.6 American jobs.
Statement from Mike Bloomberg, Mayor of New York City, Partnership Co-Chair
“New York City has become a leader in the tech sector,” said Mayor Bloomberg. “But for the tech companies in New York – and across America – to compete on a global stage, we need to make sure the world’s most talented people are welcomed to our shores, rather than turned away by an antiquated and self-destructive immigration system. Around the world, countries recognize that immigration policy is a key driver of economic prosperity – just like education, infrastructure and research and development – and are changing their laws to attract talent. The introduction of the Startup Act 2.0 shows bipartisan agreement that America can no longer afford to wait. With our national economy still struggling, immigration reform would provide a vital, immediate, and cost-free stimulus that would help put more Americans back to work.”
About the Partnership for a New American Economy
The Partnership for a New American Economy brings together more than 400 Republican, Democratic, and Independent mayors and business leaders who support immigration reforms that will help create jobs for Americans today. The Partnership’s members include mayors of more than 35 million people nationwide and business leaders of companies that generate more than $1.5 trillion and employ more than 4 million people across all sectors of the economy, from Agriculture to Aerospace, Hospitality to High Tech, and Media to Manufacturing. Partnership members understand that immigration is essential to maintaining the productive, diverse, and flexible workforce that America needs to ensure prosperity over the coming generations. Learn more at: www.renewoureconomy.org.