The following statement is attributed to Kate Tummarello, Executive Director of Engine, regarding the Department of Homeland Security’s withdrawal of the Trump administration’s proposed removal of the International Entrepreneur Rule:
Statement:
“The White House’s decision to formally withdraw the previous administration’s proposed removal of the International Entrepreneur Rule (IER) is a victory for foreign-born entrepreneurs looking to launch high-growth, job-creating companies in America. The IER signals to entrepreneurs across the world that our country is a place where their innovative ideas are welcome, allowing the U.S. to remain a global hub of innovation and competitiveness.”
Background:
The International Entrepreneur Rule was created by the Obama administration to allow entrepreneurs with over $250,000 of capital investment and the potential for significant growth and job creation to build their companies in the U.S. for a period of 2.5 years, with possibility for extension. While the previous administration’s Department of Homeland Security proposed eliminating the rule, President Donald Trump did not issue a final rule removing the IER before leaving office. By blocking implementation of the rule, however, the Trump administration helped keep the most qualified and talented foreign-born entrepreneurs from launching startups and creating jobs in the U.S. Fully implementing the rule, as well as taking additional steps to welcome immigrant entrepreneurs to America, will help the economy quickly recover from the coronavirus pandemic by spurring on the formation of new job-creating startups all across the country.
