The House Democrats presented the following week: America COMPETES Act, 2022The Congressional Research Service (CRS) has published a bill of nearly 3000 pages that is intended to improve supply chain efficiency and boost American innovation. Most of the provisions in it have nothing to do with American prosperity. However, there is one place where this bill could make things more positive: immigration.
COMPETES Act provides two nonimmigrant visa programs. One is for entrepreneurs who own a share of start-up entities, and the other for essential employees. Their spouses, children, and dependents will also be covered by the visas. The legislation would allow high-skilled and entrepreneurial foreigners to enter the U.S. after a three year period. The criteria that they meet, including creating new jobs and investing in the country, would allow them to be granted extensions. Foreigners who have “an ownership interest” in start-up entities would be able to apply for permanent residence easier under the bill.
It would also allow foreigners holding doctoral degrees, in any field, to be exempt from the country-based numerical restrictions on immigrant Visas. According to the Migration Policy Institute, no country is allowed to receive more than 7 per cent of all employment-based preference visas. Applicants often have to wait for visa approval in countries with high demand. David J. Bier of the Cato Institute was back in 2018. Not notedIndians who had earned advanced degrees were faced with a 151 year wait when applying for EB-2 visas. Competes Act’s doctoral provision for STEM graduates would ease the dysfunctional process.
The COMPETES Act is being promoted by Democratic politicians as an opportunity to outcompete China and repudiate China. Some provisions in the bill make it possible for Chinese groups that are being persecuted to enter the U.S. For qualifying Hong Kong residents, the bill will provide them with 18 months of temporary protected status or refugee status. This bill will allow for the annual immigration of 5,000 Hongkongers with high skills to America.
A section titled the Uyghur Human Rights Protection Act would be added. GrantCurrent and former residents from China’s Xinjiang region are eligible for priority refugee admission. There are Uyghurs in China. experiencing brutal persecution and up to 1.5 million may be in internment camps, according to the United Nations. U.S. admittedIn the two most recent fiscal years there were zero Uyghur refugees, so prioritization is even more important.
These immigration laws are not perfect. There are low cap numbers of foreign workers who can be hired by participating startups at the same time under the startup employee visa. A $1,000 fee would be required for foreigners who apply to the doctoral STEM graduate visas or startup visas. This is an important barrier to entry.
However, the bill acknowledges that immigrants are crucial to maintaining this country’s prosperity. This is also one of our most important priorities. Biggest advantagesThe U.S. is the superior country to China. When we welcome foreigners to our soil—either because of the persecution they are fleeing or the skills they bring with them—we preserve our competitive edge and ensure that the best ideas and talent can prosper within our borders.