It is time for Congress to review and end many of the abuses surrounding H-1B visas and transfer these jobs back to American companies which hire Americans to cut unemployment at home. This is another aspect of job-creation that does not play games with the federal government and make a mockery of the average American workforce.
It is unheard of in the annals of labor history that a job announcement/vacancy in this country favors a foreign applicant because the hiring company (oftentimes with foreign roots) recruits workers from his/her country of origin and is a big winner from both ends of the spectrum (cheaper labor cost and larger profit generated).
It should be made compulsory that federal contracts should be performed solely by American citizens. Banks collecting billions of dollars in federal bailout money sought government permission to bring thousands of foreign workers to the US for high-paying jobs, according to the Associated Press after reviewing visa applications.
The dozen banks receiving the biggest rescue packages, totaling more than $150 billion, requested visas for more than 21,800 foreign workers over the past 6 years for positions that included seniors VPs, corporate lawyers, junior investment analysts and human resource specialists. The annual salary for these jobs was $90,721 nearly twice the median income for all American households. Foreigners are attractive hires because companies have found ways to pay them less than American workers. As the economic collapse worsened this year, with huge numbers of bank employees laid off, the number of visas sought by the dozen banks in the AP's analysis increased by nearly 1/3, from 3,258 in 2007 to 4,163 in 2008.
The visa applications reviewed by the AP which were filed with the Department of Labor, used the H-1B visa program, allowing them to employ foreign workers in specialized skills and advanced degree positions. Such visas are often associated with high tech workers.
It is time for these banks to be transparent as to where the bailout money goes. The actual number of foreign workers is actually a fraction of the 21,800 foreign workers the banks sought to hire because the government only grants 85,000 such visas among US employers. In the last 3 months of 2008, the largest banks that received taxpayer money announced more than 100,000 layoffs.
The number of foreign workers included in that number is unknown. What a convenient vehicle to exploit and eliminate our own workers in favor of cheap foreign labor! The federal government is often an accomplice to the exploitation of foreigners, while killing our own domestic jobs with the taxpayers paying for this malfeasance under the guise of laissez faire and global economy/competition. Don't forget what happened to the Senate and House sponsors of H-1B visa in last Nov'08 elections.
They all lost their seats:
Sen. Gordon Smith (R-OR) sponsored S. 1029, to increase the number of H-1B visas, and promoted more guest worker visas in his campaign; he lost to Jeff Menkley (54% to 44%).
Sen. John Sununu (R-VT) sponsored S. 2839, a major H-1B and F-4 bills; he lost to Jeanne Shaneen (52%-45%).
Sen. Elizabeth Dole (R-NC) co-sponsored S. 3836, which gave anyone who simply obtained an advanced degree a green card or visa, an insult to and a big disaster for US workers; she lost to Kay Hagan (53% to 44%).
Rep Tom Feeney (R-FL), co-sponsored H.R. 1930, another massive H-1B and F-4 bills against US professionals; he lost to Suzanne Kosmas (57% to 41%).
Rep. Thelma Drake (R-VA) co-sponsored H.R. 1930; she lost to Glen Nye (52% to 48%).
I don't believe our lawmakers and industry leaders are the intended primary beneficiaries of lobbying by the American Chamber of Commerce and other trade associations. The ACC is the arch-enemy of labor unions by working to keep American workers destitute and in penury, unable to meet the needs of their family in their inability to earn a living wage, while those corporate leeches make a killing with the fat compensation package they don't deserve, much less earn, exorbitant salaries, large end-of-the year bonuses, unjustifiably overgenerous perks and mind-boggling golden parachutes, while begging the federal government for bailout money over the financial mess they had caused in the first place.
The US Customs & Immigration Service is so protective of the data disclosing details on foreign workers hired at the banks that have received federal bailouts. The AP requested the information under FOIA.