To create jobs by attracting global investment to economically distressed urban areas, and for other purposes.

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.

Summary: 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.