text: SECTION 1. SHORT TITLE.
  
      This Act may be cited as the ``Global Investments in America's 
  Cities Act''.
  
  SEC. 2. MODIFICATION OF EB-5 VISA PROGRAM.
  
      Section 203(b)(5) of the Immigration and Nationality Act (8 U.S.C. 
  1153(b)(5)) is amended by adding at the end the following:
                      ``(E) Set-aside for economically distressed urban 
                  areas.--
                              ``(i) In general.--Not less than 3,000 of 
                          the visas made available under this paragraph 
                          in each fiscal year shall be reserved for 
                          qualified immigrants seeking to invest in a new 
                          commercial enterprise described in subparagraph 
                          (A) which will create employment in an 
                          economically distressed urban area and--
                                      ``(I) with respect to which such 
                                  alien or a relative of that alien has 
                                  invested or, is actively in the process 
                                  of investing, in that new enterprise, 
                                  capital in an amount not less than the 
                                  amount specified in clause (ii);
                                      ``(II) with respect to which such 
                                  alien has completed an investment 
                                  agreement with a qualified venture 
                                  capital operating company for an 
                                  investment in that new enterprise of an 
                                  amount not less than the amount 
                                  specified in clause (ii); or
                                      ``(III) with respect to which such 
                                  alien has completed an investment 
                                  agreement with one or more angel 
                                  investors for an investment in that new 
                                  enterprise of an amount not less than 
                                  the amount specified in clause (ii).
                              ``(ii) Capital amount required.--The amount 
                          of capital specified in this clause is 
                          $250,000. To account for inflation, the 
                          Secretary of Homeland Security may by rule 
                          adjust the amount of capital specified in this 
                          clause.
                              ``(iii) Definitions.--In this subparagraph:
                                      ``(I) Angel investor.--The term 
                                  `angel investor' means, with respect to 
                                  a qualified immigrant, an individual 
                                  who--
                                              ``(aa) is an accredited 
                                          investor (as defined in section 
                                          230.501(a) of title 17, Code of 
                                          Federal Regulations (as in 
                                          effect on April 1, 2010));
                                              ``(bb) is a United States 
                                          citizen or an alien lawfully 
                                          admitted to the United States 
                                          for permanent residence; and
                                              ``(cc) has made at least 2 
                                          equity investments of not less 
                                          than $50,000 in each of the 3 
                                          years before the date of a 
                                          petition by the qualified 
                                          immigrant for classification 
                                          under this paragraph.
                                      ``(II) Economically distressed 
                                  urban area.--The term `economically 
                                  distressed urban area' means, at the 
                                  time a petition for classification 
                                  under this paragraph is filed the 
                                  following:
                                              ``(aa) A city that has an 
                                          average unemployment rate of 
                                          not less than 150 percent of 
                                          the national average rate for 
                                          the preceding year.
                                              ``(bb) Any principal city 
                                          for a Metropolitan Statistical 
                                          Area, as defined by the Office 
                                          of Management and Budget.
                                      ``(III) Qualified venture capital 
                                  operating company.--The term `qualified 
                                  venture capital operating company' 
                                  means an entity that--
                                              ``(aa) is registered under 
                                          the Investment Company Act of 
                                          1940 (15 U.S.C. 80a-1 et seq.); 
                                          or
                                              ``(bb) is an investment 
                                          company, as defined in 
                                          subsection (a)(1) of section 3 
                                          of such Act (15 U.S.C. 80a-3), 
                                          that is exempt from 
                                          registration under subsection 
                                          (c)(1) or (c)(7) of such 
                                          section, and is not registered.
                                      ``(IV) Relative.--The term 
                                  `relative' means, with respect to a 
                                  qualified immigrant--
                                              ``(aa) a spouse;
                                              ``(bb) a sibling;
                                              ``(cc) a child;
                                              ``(dd) a parent;
                                              ``(ee) an aunt or uncle;
                                              ``(ff) a first cousin; or
                                              ``(gg) a grandparent.''.
  
  SEC. 3. EXPEDITED PROCESSING FOR CERTAIN EB-5 INVESTORS.
  
      Section 286(u) of the Immigration and Nationality Act (8 U.S.C. 
  1356(u)) is amended by adding at the end the following: ``In the case 
  of a petition filed under section 204(a)(1)(H) for classification under 
  section 203(b)(5)(E), the petitioner shall be guaranteed of a decision 
  on the petition in 60 days or less.''.
  
  SEC. 4. GOVERNMENT ACCOUNTABILITY OFFICE STUDY.
  
      (a) In General.--Not later than 2 years after the date of the 
  enactment of this Act, the Comptroller General of the United States 
  shall submit a report to Congress on the EB-5 Visa Program authorized 
  under section 203(b)(5) of the Immigration and Nationality Act (8 
  U.S.C. 1153(b)(5)).
      (b) Contents.--The report described in subsection (a) shall include 
  information regarding--
              (1) the number of immigrant entrepreneurs who have received 
          a visa under such visa program, listed by country of origin;
              (2) the localities in which such immigrant entrepreneurs 
          have initially settled;
              (3) whether such immigrant entrepreneurs generally remain 
          in the localities in which they initially settle;
              (4) the types of commercial enterprises that such immigrant 
          entrepreneurs have established; and
              (5) the types and number of jobs created by such immigrant 
          entrepreneurs.
target: Global Investments in America's Cities Act - Amends the Immigration and Nationality Act to set aside at least 3,000 employment creation immigrant visas each fiscal year for qualified immigrants seeking to invest in a new commercial enterprise which will create employment in an economically distressed urban area and with respect to which such alien: (1) has invested at least $250,000; (2) has completed an investment agreement with a qualified venture capital operating company for an investment of at least $250,000; or (3) has completed an investment agreement with one or more angel investors for an investment of at least $250,000.
  
  Requires petitions for such immigrant visas to be decided within 60 days.
  
  Directs the Government Accountability Office (GAO) to report to Congress on the EB-5 visa program.
feat_title: To create jobs by attracting global investment to economically distressed urban areas, and for other purposes.