The only problem with this is the requirement that it has to generate jobs - there are so many ways this can cause a small business to fail that are outside the control of those who are running it. That is in addition to all the ways a business can fail without employees.
All it really takes is that you overlook a little provision or somebody gets mad and sue because you didn't hire them and they turned out to be some minority that was protected. Even if you win the suit most likely your business is already done for and you lose everything.
The fact that legislation like this is cause for celebration is the measurement of how far the US has fallen.
It's an OR requirement within the bill. Jobs is one way to convert the visa into a green card within 2 years, but it's not the only way.
EDIT: Corin_ is right, and I was working off of the old bill, which had jobs as an OR. Interesting that this change was made, probably to sell it more effectively on the Hill.
Actually, according to TC's summary (I haven't read the exact proposal yet), the OR requirements are all regarding "raised new financing OR bringing in a certain amount of revenue". Creating jobs is an AND requirement in each of the three options.
Edit: Have now bothered to read the actual press release, TC's list of the three options was almost exactly copied word for word. So yeah, job creation within two years is a must, not an option.
All it really takes is that you overlook a little provision or somebody gets mad and sue because you didn't hire them and they turned out to be some minority that was protected. Even if you win the suit most likely your business is already done for and you lose everything.
The fact that legislation like this is cause for celebration is the measurement of how far the US has fallen.