The Ewing Marion Kauffman Foundation has presented a proposal to jump-start the ailing U.S. economy and increase job creation by accelerating the growth of startups and young businesses.

The “Startup Act” proposal was unveiled at the National Press Club in Washington by Kauffman President and CEO Carl Schramm and Vice President of Research and Policy Robert Litan, followed by videotaped remarks from House Majority Leader Eric Cantor (R-VA) and Senator Jon Tester (D-MT).

The Startup Act will focus the attention of citizens and policymakers on the central role that high-growth startups must play to assure continued U.S. economic strength.

“With a recent Kauffman study indicating that new companies are starting smaller and staying smaller, and with our unemployment crisis, it is more important than ever for policymakers to create an environment that makes it easier for more startups to survive, grow and add jobs,” said Schramm.

“I want to thank the Kauffman Foundation for its leadership around the Startup Act,” said House Majority Leader Cantor. “It is imperative we take every possible step to spur job creation, and get our economy back on track. Now more than ever, our nation needs entrepreneurs to have the confidence to create and start their own businesses, and grow our economy.”

Specific changes in government policy that the Startup Act proposes include:

-Welcoming immigrants capable of building high-growth companies to the United States by providing “Entrepreneurs’ visas” and green cards for those with degrees in science, technology, engineering and math.

-Accelerating the formation and commercialization of new ideas by creating differential patent fees to reduce the patent backlog and providing licensing freedom for academic innovators.

Read the Startup Act here