BILL INTRODUCED TO PERMIT E-2 INVESTORS TO GET GREEN CARDS

Congressman Adam Putnam (R-FL) has introduced a bill that would implement #8 of The Ten Ideas I had for using immigration to stimulate the US economy. I don't claim credit for the concept (the bill has actually been introduced in the past) and I happily endorse the plan as something that could provide a real boost to attract foreign capital to the country and help create an enormous number of jobs for American citizens.

The bill's relatively simple. It would create a new EB-5 category for E-2 investors who have been in the country for at least five years in E-2 status, have invested at least $200,000 and creates full time jobs.

Here's the text of the proposal. Contact your member of Congress and let him or her know you support this proposal that will help create jobs for American workers.  

E-2 Nonimmigrant Investor Adjustment Act of 2009 (Introduced in House)

HR 1162 IH

111th CONGRESS 1st Session

H. R. 1162

To amend the Immigration and Nationality Act to permit certain E-2 nonimmigrant investors to adjust status to lawful permanent resident status.

IN THE HOUSE OF REPRESENTATIVES

February 24, 2009

Mr. PUTNAM (for himself and Mrs. MYRICK) introduced the following bill; which was referred to the Committee on the Judiciary

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A BILL

To amend the Immigration and Nationality Act to permit certain E-2 nonimmigrant investors to adjust status to lawful permanent resident status.

Be it enacted by the Senate and House of Representatives of the United States of America in Congress assembled,

SECTION 1. SHORT TITLE.

This Act may be cited as the `E-2 Nonimmigrant Investor Adjustment Act of 2009'.

SEC. 2. ADJUSTMENT TO LAWFUL PERMANENT RESIDENT STATUS OF CERTAIN E-2 NONIMMIGRANT INVESTORS.

(a) In General- Section 203(b)(5) of the Immigration and Nationality Act (8 U.S.C. 1153(b)(5)) is amended--

(1) in subparagraph (A)(ii), by inserting `except as provided in subparagraph (E)(i)(II),' after `(ii)';

(2) in subparagraph (C)(i), by inserting `and subparagraph (E)(i)(I)' after `Except as provided in this subparagraph'; and

(3) by adding at the end the following new subparagraph:

`(E) SPECIAL RULES FOR CERTAIN E-2 NONIMMIGRANT INVESTORS-

`(i) IN GENERAL- In the case of an alien who has been present in the United States in the status of an alien described in section 101(a)(15)(E)(ii) for at least five years--

`(I) the amount of capital required under subparagraph (A) shall be $200,000; and

`(II) the alien is deemed as satisfying the requirement of subparagraph (A)(ii) if the enterprise has created full-time employment for not fewer than two individuals (or five individuals for each year after the third year in such status) described in such subparagraph (A)(ii).

`(ii) LIMITATION- Not more than 3,000 visas may be made available under this paragraph to principal aliens described in clause (i) in any fiscal year.'.

(b) Effective Date- The amendments made by subsection (a) shall take effect on the date of the enactment of this Act. Periods of presence in the United States in the status of an alien described in section 101(a)(15)(E)(ii) of the Immigration and Nationality Act (8 U.S.C. 1101(a)(15)(E)(ii)) before such date shall be counted towards satisfying the time requirement specified in subparagraph (E) of section 203(b)(5) of such Act (8 U.S.C. 1153(b)(5)) (as added by paragraph (3) of subsection (a)).

(c) Immediate Eligibility of Adjustment of Status of Certain Long-Term E-2 Nonimmigrant Investors- An alien who has been present in the United States as an E-2 nonimmigrant investor for at least five years may be immediately eligible to adjust status to that of an alien lawfully admitted for permanent residence pursuant to the amendment made by subsection (a).

Comments

[George Chell]

I think the antis are happy. The only problem is that the jobs wont stay in the US..however that was never the antis goal!

http://www.cbsnews.com/blogs/2009/03/02/business/econwatch/entry4838029.shtml

http://www.businessweek.com/technology/content/feb2009/tc20090228_990934.htm?chan=top+news_top+news+index+-+temp_technology

[Melissa Beard]

I applaud this move, but I wonder why Mr. Putnam didn't introduce similar sensible legislation when he was in the majority and the House leadership. During his six years in the majority, his only piece of sponsored and adopted legislation was "National Watermelon Month." I guess it better serves his political aspirations to introduce legislation that he knows will not be accepted -- thus allowing him to claim he's trying to make a difference -- without ever actually forcing him to go on record with a floor vote. Nevertheless, perhaps his impending departure from the House minority has empowered him to use his experience to actually further smart solutions, instead of just parroting radical right rhetoric. Bravo, Opie!

[George Chell]

Perhaps attach it to something like the Conrad 30 or EB-5 to get around Guittirez. But, unless they have a Dem sponsor the prospects are slim.

[AD]

Greg,

Can we hear the stats on how many E-2 visa holders every year? Another good example of how the EB folks who have a vested interest and are more likely to catch the filing knife keep getting ignored.

B T W, Do you think the Dems will let this run on the floor? They will equate this with selling green cards and citizenship. The only thing that will satiate the Guitierrez and his caucus is CIR. Until then the word immigration is goign to be held hostage and Pelosi is going to play to the tune of the caucus.

[George Chell]

They should get these folks to buy up some of the expensive houses in return for the green card. I am glad that there are some sensible republicans left!