Frustrated by Congress, Obama creates startup visa-like program

There have been efforts in Congress to approve what's called a "startup visa," which would be given to entrepreneurs who commit to certain levels of investment and job growth. But as with other immigration bills, it's gotten nowhere.

In the absence of congressional action, President Barack Obama's administration Friday said it will create a startup visa-like program, and said it can do so without congressional approval.

Entrepreneurs who can deliver a startup plan backed by significant investment can be "paroled" -- an immigration term -- to live and work in the United States, said White House officials.

The U.S. believes as many as 3,000 people may take advantage of this program, called the International Entrepreneur Rule.

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