The Trump administration is delaying a rule that would have made it easier for foreign investors and entrepreneurs to enter the U.S.
The International Entrepreneur Rule, which was scheduled to go into effect on July 17, has been delayed until March 14, 2018, according to a notice from the Department of Homeland Security (DHS) posted to Federal Register’s website on Monday.
The notice reads, “This delay will provide DHS with an opportunity to obtain comments from the public regarding a proposal to rescind the rule” in light of President Trump’s executive order from earlier this year on immigration enforcement.
{mosads}The rule, which was proposed by President Obama’s DHS last year, would have given the agency the authority to grant entrepreneurs “parole” on a case-by-case basis to enter the U.S. for up to 30 months, with the possibility of an extension.
In July, nearly 80 groups urged the White House in a letter to keep the rule, arguing that it would strengthen startup creation.
The National Venture Capital Association (NVCA), which had organized the letter, called the news “extremely disappointing.”
“At a time when countries around the world are doing all they can to attract and retain talented individuals to come to their shores to build and grow innovative companies, the Trump administration is signaling its intent to do the exact opposite,” said Bobby Franklin, the president and CEO of NVCA.