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.