; table of contents. Sec. 2. Findings. Sec. 3. Conditional permanent resident status for immigrants with an advanced degree in a STEM field. Sec. 4. Immigrant entrepreneurs. Sec. 5. Elimination of the per country numerical limitation for employment-based visas. Sec. 6. Accelerated commercialization of taxpayer-funded research. Sec. 7. Regional innovation program. Sec. 8. Economic impact of significant Federal agency rules. Sec. 9. Biennial State startup business report. Sec. 10. New business formation report. Sec. 11. Rescission of unspent Federal funds. 2. Findings Congress makes the following findings: (1) Achieving economic recovery will require the formation and growth of new companies. (2) Between 1980 and 2005, companies less than 5 years old accounted for nearly all net job creation in the United States. (3) New firms in the United States create an average of 3,000,000 jobs per year. (4) To get Americans back to work, entrepreneurs must be free to innovate, create new companies, and hire employees. 3. Conditional permanent resident status for immigrants with an advanced degree in a STEM field (a) In general Chapter 2 of title II of the Immigration and Nationality Act ( 8 U.S.C. 1181 et seq.) is amended by inserting after section 216A the following: 216B. Conditional permanent resident status for aliens with an advanced degree in a STEM field (a) In general Notwithstanding any other provision of this Act, the Secretary of Homeland Security may adjust the status of not more than 50,000 aliens who have earned a master’s degree or a doctorate degree at an institution of higher education in a STEM field to that of an alien conditionally admitted for permanent residence and authorize each alien granted such adjustment of status to remain in the United States— (1) for up to 1 year after the expiration of the alien’s student visa under section 101(a)(15)(F)(i) if the alien is diligently searching for an opportunity to become actively engaged in a STEM field