WASHINGTON, DC – Today, the Department of Homeland Security (DHS) published a draft of its proposal to officially rescind the International Entrepreneur Rule (IER), a regulation intended to allow the world’s most talented entrepreneurs to start business and create jobs in the United States. FWD.us President Todd Schulte issued the following statement:

“We are deeply disappointed by the Department of Homeland Security’s continued failure to drive economic growth through the International Entrepreneur Rule, a clear value-add policy that will bring vital skills, innovative ideas and entrepreneurship to our nation. Allowing highly qualified entrepreneurs to stay in this country to start and grow their companies will add hundreds of thousands of new American jobs and bring critical new capital to our economy. Eliminating this vital policy is a clear step in the wrong direction that will hurt job creation and middle class wage growth in the U.S. Letting the private sector invest in foreign-born entrepreneurs who are going to create American jobs is a win-win-win, and rescinding the IER will mean fewer immigrants and a lot fewer American jobs.”

Rescinding the IER is unquestionably a setback for the United States and incentivizes skilled entrepreneurs with exceptional promise to put their talents to work for our competitors abroad. DHS’ decision also stands at odds with the Administration’s previously-stated commitment to working with technology leaders to expand the American economy. A public comment period on the proposed rescission will begin next week.