Trump Plan to Rescind Foreign Entrepreneur Rule Draws a Suit
- Venture capital group sues Trump admninistration over delay
- Administration postponed rule in July prelude to rescinding it
VC Group Sues Trump Over Foreign Entrepreneur Rule
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The National Venture Capital Association sued the Trump administration Tuesday over its decision to delay, and likely rescind, an Obama administration initiative to encourage foreign entrepreneurs to build businesses in the U.S.
Proposed last year, the International Entrepreneur Rule would have allowed foreigners who had an ownership stake in a startup U.S. business to live and work in the U.S. for 30 months or longer under a temporary status known as parole. The initiative, which had broad support in the technology industry, was limited to businesses with at least $250,000 in capital investment or $100,000 in government grants.