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Congressman Jared Polis, a Democrat from Colorado, has penned a proposal in the U.S. House of Representatives that aims to encourage foreign-born entrepreneurs interested in starting a technology company to bring their investments and know-how to the U.S.

An addendum to the EB-5 visa system, which provides green cards to qualifying immigrants who invest in American business, the proposal seeks to create new jobs and bring in foreign capital by expanding the eligibility of visa applicants.

Currently, a minimum investment of $500,000 is needed for immigrants to qualify of an EB-5. Polis’ proposal would extend eligibility to foreign entrepreneurs whose business plan attracts either $250,000 from a U.S.-based venture capital company or $100,000 from another investor, according to the American Visa Bureau.

“Every day the American economy is losing ground – not to mention high-tech jobs and technologies – to India and China because foreign-born entrepreneurs cannot secure a visa to stay in the U.S.,” said Polis.

The congressman estimates that foreign investment under his proposal would create more than 500,000 new jobs in the first 10 years.

The bill is expected to be referred to committee in the next several weeks, where it will be subject to debate and amendment.