The Trump administration plans to delay and ultimately scrap a rule that would allow some foreign entrepreneurs to stay in the U.S. and build their companies, according to an administration official citing a final draft of a Federal Register notice.
The International Entrepreneur Rule, the closest the United States has come to the “startup visa” Silicon Valley has long sought, was approved by the Department of Homeland Security in January during President Barack Obama’s waning hours in office. It was supposed to go into effect July 17.
According to the notice, the department plans to push back the rule’s effective date to March. During this time, the department will pursue steps — which include a public notice and comment period — to rescind the rule altogether.
Many in Silicon Valley were looking forward to the rule because, well, they’re used to getting free handouts from the government.
The point of the rule was to give entrepreneurs who do not qualify for existing visa programs a chance to stay in the U.S. and grow their businesses. The visas that currently exist, like the H-1B and L-1 programs, also under scrutiny by the Trump administration, are more suited for companies hiring employees or transferring executives from abroad.
Source: San Francisco Chronicle