H.R. 10460, the SMARTER Act, makes sweeping changes to the nation's immigration system by eliminating the Diversity Visa Program's 55,000 annual lottery visas and significantly restricting family-based immigration to spouses and minor children of permanent residents while capping family visas at 88,000 annually. The bill replaces employment-based immigration with a points system that awards visas based on applicants' age, education, English proficiency, job offer salary, and other factors, allocating slots through a new five-member Commerce Department board that sets annual caps for skilled workers and H-1B nonimmigrants based on economic data like unemployment and job vacancies. The employment-based board begins with 85,000 nonimmigrant visas in year one and can adjust allocations annually by no more than 10 percent, while applicants must pay a $160 fee, secure employer attestations, and provide health insurance. These changes take effect the first day of the first fiscal year after enactment, with reporting requirements for the Department of Homeland Security detailing visa issuance statistics annually and recommending points-system revisions every four years to boost economic growth and protect American wages.