The bill can also be found here:

http://www.schumer.senate.gov/forms/immigration.pdf

I haven't read the bill but I am advised that all current EB & FB (including current un-amended FB3 & FB4) applicants will be grand-fathered in and will receive a visa under Track 2 of the Merit based visa within 5 years (beginning 10/1/14) of filing of the application. H1bs can also receive a GC under track 2 if they have been here for 10 years.

Most importantly, the bill supposedly allows complete portability within EB & FB categories. For instance, if you filed under FB4 you can take that priority date to any other EB or FB category.

Greg, when can we expect a summary of the Bill? Can you, through your contacts, handicap the chances of passage through the House?

I have scanned thru the Bill & my take:

The bad: National ID - we all need to work with the ACLU in getting this nasty provision deleted. National ID is a real problem for some of us.

The not so good: Going forward elimination of the Sibling category and crippling of the married children category. However, if this has to happen, the Senators have adopted the right approach, by grand-fathering all prior applicants. These categories have been accommodated in the V Visa category, however, the 60 Day limit needs to be eliminated or increased to 6 months in a year.

The good, and there is a lot, most backlogged IV applicants will get a visa in short order if they have been waiting more than 5 years. FB beneficiaries are eligible for a V visa entitling them to live & work in the USA, H1(b) applicants get GC after 10 years, F1 made dual intent, priority date preserved and allowed to port within any FB/EB category, EB5 made permanent, Schumer's real estate visa (great idea) has now become the Retiree Visa, but only for people aged 55 and over. The age limit needs to be removed and this visa should be made available to all who buy a house over $500,000.