SECTION 1. IMMIGRANTS WITH ADVANCED DEGREES.

    (a) Worldwide Level.--Section 201 of the Immigration and 
Nationality Act (8 U.S.C. 1151) is amended--
            (1) in subsection (a)(3), by inserting striking ``diversity 
        immigrants'' and inserting ``immigrants with advanced 
        degrees''; and
            (2) by amending subsection (e) to read as follows:
    ``(e) Worldwide Level of Immigrants With Advanced Degrees.--The 
worldwide level of immigrants with advanced degrees described in 
section 203(c)(2) is equal to 55,000 for each fiscal year.''.
    (b) Allocation of Immigrant Visas.--Section 203 of the Immigration 
and Nationality Act (8 U.S.C. 1153) is amended--
            (1) by amending subsection (c) to read as follows:
    ``(c) Immigrants With Advanced Degrees.--
            ``(1) Aliens who hold an advanced degree in science, 
        mathematics, technology, or engineering.--
                    ``(A) In general.--Qualified immigrants who hold a 
                master's or doctorate degree in the life sciences, the 
                physical sciences, mathematics, technology, or 
                engineering shall be issued immigrant visas or 
                otherwise granted permanent resident status each fiscal 
                year in a number not to exceed the worldwide level 
                allotted under section 201(e).
                    ``(B) Economic considerations.--Beginning on the 
                date which is 1 year after the date of the enactment of 
                this paragraph, the Secretary of State, in consultation 
                with the Secretary of Commerce, the Secretary of 
                Homeland Security, and the Secretary of Labor, and 
                after notice and public hearing, shall determine which 
                of the degrees described in subparagraph (A) will 
                provide immigrants with the knowledge and skills that 
                are most needed to meet anticipated workforce needs and 
                protect the economic security of the United States.
            ``(2) Maintenance of information.--The Secretary of State 
        shall maintain information on the age, degree (including field 
        of study), occupation, work experience, and other relevant 
        characteristics of immigrants issued immigrant visas or 
        otherwise granted permanent resident status under paragraph 
        (1).''; and
            (2) in subsection (e), by amending paragraph (2) to read as 
        follows:
    ``(2) Immigrant visas and adjustment of status under subsection (c) 
(relating to immigrants with advanced degrees) shall be issued as 
follows:
            ``(A) If the Secretary of State has not made a 
        determination under subsection (c)(1)(B), immigrant visas shall 
        be issued, or adjustment granted, in a strictly random order 
        established by the Secretary for the fiscal year involved.
            ``(B) If the Secretary of State has made a determination 
        under subsection (c)(1)(B) and the number of eligible qualified 
        immigrants who have a degree selected under such subsection and 
        apply for an immigrant visa described in subsection (c) is 
        greater than the worldwide level specified in section 201(e), 
        the Secretary of State shall only issue immigrant visas to, or 
        the Secretary of Homeland Security shall only adjust the status 
        of, such immigrants in a strictly random order established by 
        the Secretary for the fiscal year involved.
            ``(C) If the Secretary of State has made a determination 
        under subsection (c)(1)(B) and the number of eligible qualified 
        immigrants who have degrees selected under such subsection and 
        apply for an immigrant visa described in subsection (c) is not 
        greater than the worldwide level specified in section 201(e), 
        the Secretary of State (or the Secretary of Homeland Security 
        in the case of adjustment of status) shall--
                    ``(i) issue immigrant visas to, or adjust the 
                status of, eligible qualified immigrants with degrees 
                determined under subsection (c)(1)(B); and
                    ``(ii) issue any remaining immigrant visas to, or 
                adjust the status of, other eligible qualified 
                immigrants with degrees described in subsection 
                (c)(1)(A) in a strictly random order established by the 
                Secretary for the fiscal year involved.''.
    (c) Effective Date.--The amendments made by this section shall take 
effect on October 1, 2008.

SEC. 2. ADVANCED DEGREE VISA CARRYOVER.

    Section 204(a)(1)(I)(ii)(II) of the Immigration and Nationality Act 
(8 U.S.C. 1154(a)(1)(I)(ii)(II)) is amended to read as follows:
    ``(II) An immigrant visa made available under subsection 203(c) for 
fiscal year 2009, or for any subsequent fiscal year, may be issued, or 
adjustment of status under section 245(a) may be granted, to an 
eligible qualified alien who has properly applied for such visa or 
adjustment of status in the fiscal year for which the alien was 
selected notwithstanding the end of such fiscal year. Such visa or 
adjustment of status shall be counted against the worldwide levels set 
forth in section 201(e) for the fiscal year for which the alien was 
selected.''.
Amends the Immigration and Nationality Act to replace the diversity visa lottery program with a program that issues immigrant visas to aliens with advanced degrees in the life sciences, the physical sciences, mathematics, technology, or engineering.

States that such visas shall be issued or adjusted in a random order unless the Secretary of State determines that certain of such degrees are most needed to meet U.S. workforce and economic security needs. (Sets forth visa allocation provisions if the Secretary has made such an economic determination.)

Provides for advanced degree visa carryover as of FY2009.
A bill to amend title II of the Immigration and Nationality Act to replace the diversity visa lottery program with a program that issues visas to aliens with an advanced degree.