Summary: H.R.3370 — 114th Congress (2015-2016)All Information (Except Text)

There is one summary for H.R.3370. Bill summaries are authored by CRS.

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Introduced in House (07/29/2015)

Entrepreneurial Businesses Creating Jobs Act of 2015 or the EB-JOBS Act of 2015

This bill amends the Immigration and Nationality Act to make conditional permanent resident (EB-6) visas (adjustable to permanent resident after two years) available to qualifying venture capital-backed and self-sponsored startup entrepreneurs based upon specified investment, job creation, and commercial activity requirements.

Permanent resident (EB-7) visas shall be made available to nonimmigrant treaty investors holding an E-2 visa who: (1) have maintained such status for at least 10 years, and (2) created full-time employment for at least 5 U.S. workers for at least 10 years.

EB-6 and EB-7 visa holders are exempted from worldwide immigration limits.

An alien who is eligible to receive an EB-6 or EB-7 visa may adjust to permanent resident status if he or she was present in the United States on the date of the enactment of this Act and has been continuously present since that date.

The EB-5 employment creation regional center program is made permanent with a set-aside of at least 5,000 visas.

A regional center shall: (1) have jurisdiction over a specific geographic area, which shall be consistent with the purpose of concentrating pooled investment in defined economic zones; and (2) certify compliance with U.S. securities laws, and supervise all offers, purchases, and sales of securities made by associated commercial enterprises to ensure securities compliance.

The Department of Homeland Security (DHS) shall terminate the designation of any regional center that does not provide such certification on an annual basis.

DHS shall deny or revoke the designation of a regional center if the center's program participation presents: (1) a threat to public safety or national security; or (2) a significant risk of criminal misuse, fraud, or abuse.

DHS shall: (1) establish a procedure for pre-approval of new commercial enterprises, (2) impose a fee for regional center designation, and (3) perform site visits.

Immigrant visa set-asides for job creation in a target employment area are revised to require:

  • at least 2,000 visas for rural areas;
  • at least 4,000 visas for high unemployment areas; and
  • at least 2,000 visas for a county with a 20% or more population decrease since 1970, an area within a state or federal economic development incentive program, or an area within a military installation closed pursuant to a base closure law.

Concurrent filing for adjustment of status is authorized for persons applying for EB-5, EB-6, and EB-7 visas.

The Immigrant Entrepreneur Account is established in the Treasury to collect from, and use for, the EB-5 and EB-6 programs, together with a premium processing fee.

Additional EB-5 visas shall be made available each year in which the annual cap is reached unless a joint resolution of Congress is enacted finding that such an increase is not needed.

The J-1 visa waiver (for Conrad state 30/medical services in under served areas) program is made permanent.

The E-verify and special immigrant non minister religious worker programs are reauthorized.