American universities’ reputation for excellence, advanced research and innovation attracts the best and brightest students from around the world. These foreign graduates in science, technology, engineering and math — the STEM fields — are behind many crucial innovations and new businesses that are key to U.S. economic growth. These foreign graduates could contribute greatly to our economy and create jobs for countless unemployed Americans. Unfortunately, our immigration system prohibits many of them from staying here.

They have the potential to come up with an invention that could save thousands of lives or jump-start a whole new industry. They might also start a company that could provide jobs to tens of thousands of U.S. workers and generate economic growth.

Consider Qi Lu, the president of Microsoft’s Online Services Division. He came to the U.S. to study at Carnegie Mellon, where he earned a Ph.D. in computer science. He holds 20 patents and was instrumental in launching Bing, an online search function. There are countless other examples of foreign graduates of our universities who contribute to the U.S. economy and create jobs for American workers.

Foreign scholars are part of America’s present and future competitiveness. In fact, foreign students receive nearly four out of every 10 master’s degrees in STEM fields and about the same percentage of all doctorates. Regrettably, not enough Americans are getting educated and trained in STEM fields.

While we need more Americans to obtain STEM master’s degrees and doctorates in the future, we could boost job creation and improve our economy in the interim by allowing foreign graduates of American universities to remain. But our immigration system does not always put U.S. interests first. We have the most generous level of legal immigration in the world — yet we select only 5 percent of our immigrants based on the skills and education they offer America.

Though foreign graduates of U.S. universities in STEM fields are in great demand by U.S. employers, many end up on years-long green card waiting lists. As a result, many ultimately give up and go work for our global competitors. In a global economy, however, we cannot afford to train these foreign students and then send them back to work for a competitor. We should welcome them, rather than send them home to work against us. For America to be the world’s economic leader, we must have access to the world’s best talent.

That’s why I introduced a bill — the STEM Jobs Act — that makes our immigration system smarter by allowing some of the world’s most talented graduates to stay in the U.S. The bill would end the diversity visa lottery, a nonsensical immigration program that randomly gives visas to immigrants, and instead reallocate up to 55,000 green cards a year to foreign graduates of U.S. universities with STEM doctorates and master’s degrees. The House will vote on this important legislation Thursday.

In an ever-competitive global economy, we must keep our country the world’s greatest source of innovation and creativity. By allowing employers to fill their talent needs with foreign graduates of U.S. universities, they will be able to do what they do best: create jobs and expand our economy. This will help us maintain our competitive edge in the years to come and will preserve America’s place as the world leader in innovation.

Rep. Lamar Smith (R-Texas) is chairman of the Judiciary Committee.