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Greg Siskind on Immigration Law and Policy

H-1B VISAS AND THE BANKS - THE REAL STORY

Rating: 2 votes, 5.00 average.

Unfortunately, facts are not important to the AP. So the National Foundation for American Policy has been doing the investigating that reporters are apparently too lazy to do themselves:

A National Foundation for American Policy analysis finds the Associated Press report overstated the current use of H-1B visas by these institutions by combining 6 years of past data and focusing on applications filed with the Department of Labor, which often exaggerate actual visa usage because employers may file applications for multiple geographic areas for one individual to comply with H-1B wage rules. In fact, if one examines actual petitions the U.S. Citizenship and Immigration Services issued in 2007 none among 12 large recipients of TARP funds hired more than a negligible number of new H-1B visa holders. For example, Bank of America employed 210,000 people in 2007 and received petitions for 66 new H-1B visa holders, representing 0.03 percent of its workforce. A March 2008 NFAP Policy Brief found rather than displacing Americans, data showed for every H-1B position requested, U.S. technology companies increased their employment by 5 workers. Examining companies that had layoffs, the analysis found for every H-1B position requested, total employment was 2 workers more than it otherwise would have been. It would appear to be an unwise policy choice to deny companies in difficult circumstances access to talented people only because such individuals were not born in the United States.


The news release linked above has a bank by bank breakdown showing H-1B usage.

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Comments

  1. George Chell's Avatar
    From my perspective, you are preaching to the converted. Here is a trivia: there are more Americans working abroad (five countries have the bulk: UK, Singapore, Australia, Canada and Hong Kong) in the banking sector than non-US citizens/Permanent Residents working in the US. There are definitely more American executives heading banks abroad including the CEOs of the Development Bank of Singapore and Temasek Holdings than foreign executives working in the US (only one I can think of is Pandit at Citibank). I will play a devil's advoacte here. Let us bring back all the Americans working in the banking sector abroad back home to the US and let us send all the foreigners working in the US banking sector back home. I think Grassley will love this deal..he has been trying to get foreigners to come home for a long time by threatening to remove the tax exemption on those making less than $82,000 per annum. But, others dont want fair play and I have noted that the most vehement antis are the ones working in UAE, Hong Kong and Singapore, particularlty the British, but also Americans and Australians. They want to work in Singapore but dont want Singaporeans working in their countries. Go figure!
  2. Marinela's Avatar
    It is a different topic , but I just came across this project-weired enough - in an anti-immigrationist web newspaper.If you really care please support them.
    http://www.projectletters.com/Home_Page.php
  3. Legal and no longer waiting's Avatar
    http://www.slate.com/id/2211114/

    This is an EXCELLENT article by one of the immigrants of the day Fareed Zakaria about Canada, and how those spending liberals had 12 years of budget surpluses and avoided the financial crisis. It provides factual base to undermine many assumptions used by Americans on what drives economic growth - including immigration. Again, excellent article.
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