Trump halts an Obama immigration deal
An Obama administration initiative intended to encourage foreigners to immigrate to the United States and build their own companies has come to a halt this week, after President Trump has implemented a delay that is expected to end in a full cancellation.
Obama’s Homeland Security Department published the “International Entrepreneur Notice of Proposed Rule” on August, 31, 2016, and then published the “final rule” on January 17, 2017, just three days before Obama left office.
The program, intended to take effect July 17, 2017, would allow immigrants who wanted to build or invest in startup companies in the US to be awarded “parole,” which included a work permit and special legal status, with the ability to eventually obtain citizenship.
The Obama administration had anticipated that the special “parole” would benefit about 3,000 foreign entrepreneurs each year.
The Washington Times noted that the investment requirement was low, with only 10 percent of companies investing just $250,000 in capital in order to qualify, and then they only had to prove they had created at least five jobs in order to be renewed in the program.