The Trump administration will delay and possibly halt implementation of a rule allowing immigrant entrepreneurs to stay in the U.S. for up to five years to launch businesses, but the National Venture Capital Association says such a move would be a mistake.

The Department of Homeland Security announced Monday it was delaying implementation of the International Entrepreneur Rule to take comments on a proposal to rescind the policy. The Obama-era policy allows immigrant entrepreneurs to remain in the U.S. for 30 months to build startups, with a possible extension of another 30 months after that.

NVCA worked with Obama administration officials to craft the rule. The association was disappointed with the announcement from the Trump administration, with CEO Bobby Franklin saying the delay "represents a fundamental misunderstanding of the critical role immigrant entrepreneurs play in growing the next generation of American companies."

"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," Franklin said.

However, Franklin added his group would work to educate Trump administration officials "on the important role immigrant founders play in growing our economy while advocating for full implementation of the rule." http://bit.ly/2sY6FlA

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