NVCA continues campaign on behalf of International Entrepreneur Rule

The National Venture Capital Association continued campaigning on behalf of the International Entrepreneur Rule, submitting comments against rescinding the entrepreneurial program.

The Obama-era rule allows foreign-born entrepreneurs to launch companies in the U.S. by granting them a 2.5 year stay with the possibility of an extension. Under President Trump, the Department of Homeland Security delayed the rule and moved to rescind it.

The NVCA and other plaintiffs opposed the decision in court and overturned the delay, though the department has not processed applications under the program.

In its comments, the NVCA said the decision to rescind the rule would cost the United States hundreds of thousands of jobs and allow foreign nations to show leadership in fields such as artificial intelligence, robotics, autonomous vehicles, energy, and healthcare.

“It will endanger U.S. national security by encouraging the next Google or SpaceX to be founded abroad,” the submission read.