The America Completes Act paves new opportunities for the Indians in the US
The United States House of Representatives has unveiled the ambitious America Completes Act of 2022 proposes new opportunities for the Indians in the US.
FREMONT CA: The ambitious America Creating Opportunities for Manufacturing, Pre-Eminence in Technology, and Economic Strength Act of 2022, or the America COMPETES Act of 2022, was unveiled by the United States House of Representatives, and it proposes to open up new vistas for talented individuals from around the world with a new start-up visa.
President Joe Biden, in favor of the legislation, stated that the America Competes Act, 2022 is a significant step ahead in advancing legislation that will strengthen supply chains and reinvigorate the country's innovation engine, allowing it to compete with China and the rest of the world in the coming decades. The bill includes $52 billion in incentives to increase semiconductor production in the United States and $45 billion for grants and loans to improve supply chain flexibility and manufacturing, including other programs. Apart from these, it also incorporates funding to address economic and social inequality, immigration, and social change. For example, it exempts STEM PhDs from the green card cap and creates a new green card for entrepreneurs. To reduce the US reliance on solar components manufactured in Xinjiang, China, the bill validates $600 million a year to construct manufacturing facilities.
The Act reforms the Immigration and Nationality Act to create a new category of "W" non-immigrants for entrepreneurs who own a start-up entity, essential employees of a start-up entity, and their spouses and children.
The bill, when signed into law, will direct the Secretary of Homeland Security to establish procedures for foreign nationals with an ownership interest in a start-up entity to self-petition for lawful permanent resident status as an immigrant entrepreneur if the entity demonstrates a proven track record of success through job creation, significant revenue generation, or receipt of investment capital, according to the provisions released by House Speaker Nancy Pelosi.
Certain foreign nationals (and their spouses and children) who have earned a doctoral degree in science, technology, engineering, or mathematics (STEM) from a qualified US research institution or a foreign institution if the degree is the equivalent to a doctoral degree issued by a qualified US research institution are exempt from the numerical limits on immigrant visas under the bill. The bill gives the Secretary of Homeland Security the authority to classify an individual as a W-1 non-immigrant for three years if the individual owns at least 10% of a start-up entity, if the foreign individual will play a central and active role in the management or operations of the start-up entity, or if the applicant is a student.
President Biden stated in his statement that the proposals laid out by the House and Senate represent the sort of transformational investments in the American industrial base and research and development that helped propel the United States to the forefront of the global economy in the twentieth century, as well as expand opportunities for middle-class families. He further mentioned that they would help bring manufacturing jobs back to the United States. They are firmly focused on relieving the kinds of supply chain bottlenecks like semiconductors that have resulted in increased pricing for the middle class.
