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White House Proposes a New Immigration Rule for Entrepreneurs

Lapowsky_IssieBy Issie Lapowsky.  A staff writer for WIRED, covering business, tech policy, and the 2016 election season.

THE OBAMA ADMINISTRATION is proposing a new rule to allow foreign startup founders who’ve raised money from American investors to come to the United States for two to five years, with the option to apply to stay longer once they’re here.

The so-called International Entrepreneur Rule, which will go into effect after a 45-day comment period, is a sort of workaround for President Obama, who has long wanted to create a “startup visa” that would pave the way for immigrant entrepreneurs looking to start businesses in the United States. But congressional gridlock has made new immigration legislation impossible, and several attempts to pass a startup visa died on the way to the President’s desk.

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