Senators Bernie Sanders (I-VT) and Chuck Grassley (R-IA) offered an amendment to the Stimulus Bill that passed by voice vote in the Senate, that would effectively ban filing of H-1B visa petitions for employees of financial institutions that receive TARP funds.
This amendment to the Stimulus Bill (American Recovery and Reinvestment Act of 2009) would, in effect, ban employers that receive TARP (Troubled Assets Relief Program) funding from hiring foreign workers who are employed pursuant to H-1B visa status—and from filing H-1B visa extensions for existing employees—for a period of two years from passage of the American Recovery and Reinvestment Act of 2009, given the current restrictions and annual quotas on H-1B visa holders.
We don’t know if this H-1B visa provision will appear in the final stimulus package if it passes, although it would seem so. We also don’t yet know the details of exactly who would be subject to this provision regarding the H-1B visa. However, we will post further information on this provision as it becomes available.