President Trump speaks at GOP retreat in Philadelphia. (Pablo Martinez Monsivais/AP)

President Trump is planning to kill a program that would have encouraged startup company founders to immigrate to the United States, according to a draft executive order viewed by Axios.

What is the program: The International Entrepreneur Rule (IER) generally would make special immigration exceptions for foreign entrepreneurs who meet all of these requirements:

  • Formed new U.S. business within the past five years;
  • Has significant ownership and/or operational involvement in the business;
  • Has raised at least $250,000 in venture capital from U.S. investors (or grant equivalents) for the business.

Such so-called immigration "paroles" would last for 2.5 years, and can be extended if the entrepreneur can demonstrate business growth in terms of factors like job creation, revenue growth and additional investment. The Department of Homeland Security can revoke these paroles at any time. The rule was only passed two weeks ago (after years of work), and was slated to go into effect this July.

Isn't that called Startup Visa? No. Startup Visa is very similar in terms of intent, but that would be legislation that remains stuck in Congressional limbo (despite GOP sponsorship). IER was a workaround formulated by the Obama Administration, which also supported Startup Visa.

Trump plan: The proposed executive order (dated 1/23/17) would "immediately terminate all existing parole, guidance and programs... that circumvent statutory immigration policy." Axios has spoken with two professionals familiar with IER, and both agree this EO sets the stage for its termination.

Is it surprising? Not really, since the Obama Administration passed IER via executive order just days before Trump took office. On the other hand, the rule is explicitly tied to the creation of American jobs, which Trump has claimed to be his top priority.

Go deeper

Biden: The next president should decide on Ginsburg’s replacement

Joe Biden. Photo: Drew Angerer / Getty Images

Joe Biden is calling for the winner of November's presidential election to select Ruth Bader Ginsburg's replacement on the Supreme Court.

What he's saying: "[L]et me be clear: The voters should pick the president and the president should pick the justice for the Senate to consider," Biden said. "This was the position the Republican Senate took in 2016 when there were almost 10 months to go before the election. That's the position the United States Senate must take today, and the election's only 46 days off.

Trump, McConnell to move fast to replace Ginsburg

Photo: Alex Wong/Getty Images

President Trump will move within days to nominate his third Supreme Court justice in just three-plus short years — and shape the court for literally decades to come, top Republican sources tell Axios.

Driving the news: Senate Majority Leader Mitch McConnell and Senate Republicans are ready to move to confirm Trump's nominee before Election Day, just 46 days away, setting up one of the most consequential periods of our lifetimes, the sources say.

Updated 8 hours ago - Politics & Policy

Coronavirus dashboard

Illustration: Sarah Grillo/Axios

  1. Global: Total confirmed cases as of 10 p.m. ET: 30,393,591 — Total deaths: 950,344— Total recoveries: 20,679,272Map.
  2. U.S.: Total confirmed cases as of 10 p.m. ET: 6,722,699 — Total deaths: 198,484 — Total recoveries: 2,556,465 — Total tests: 92,163,649Map.
  3. Politics: In reversal, CDC again recommends coronavirus testing for asymptomatic people.
  4. Health: Massive USPS face mask operation called off The risks of moving too fast on a vaccine.
  5. Business: Unemployment drop-off reverses course 1 million mortgage-holders fall through safety netHow the pandemic has deepened Boeing's 737 MAX crunch.
  6. Education: At least 42% of school employees are vulnerable.