Economy

“Hire Americans” Senate Says to Bailed out Banks

Posted on by 3 Comments

by Nekessa

The Senate voted Friday to restrict the hiring of foreign workers by banks that are receiving government bailout funds while undergoing vast layoffs.

uspassport3The legislation by Sens. Bernie Sanders, a Vermont independent, and Charles Grassley, R-Iowa, would require the banks to seek American workers before turning to foreign nationals when they’re hiring. It aims to prevent replacement of Americans by foreigners working under the H-1B visa program, which allows employers to bring in workers for high-skilled and advanced-degree jobs.

This law would affect about 300 banks across the US.

Sanders says that this stipulation in the bill would, “make sure that banks receiving a taxpayer bailout are not allowed to import cheaper labor from overseas while they are laying off American workers.”

Read more here.

Just a brief commentary: H1-B visa-holders are not “cheaper” labor. They are generally hired for their professional qualification in their specific trade.The visa worker program is great for the diversification, of talent and work experience, of the American workforce.

3 thoughts on ““Hire Americans” Senate Says to Bailed out Banks”

  1. When Microsoft announced that it was laying off workers Iowa Senator Grassely sent a letter to Microsoft stating his concern that American citizens would be losing jobs while foreigners keep theirs. Here are some excerpts from his letter.

    I am concerned that Microsoft will be retaining foreign guest workers rather than similarly qualified American employees when it implements its layoff plan. As you know, I want to make sure employers recruit qualified American workers first before hiring foreign guest workers.

    It is imperative that in implementing its layoff plan, Microsoft ensures that American workers have priority in keeping their jobs over foreign workers on visa programs. To that effect, I would like you to respond to the following questions:

    * What is the breakdown in the jobs that are being eliminated? What kind of jobs are they? How many employees in each area will be cut?
    * Are any of these jobs being cut held by H-1B or other work visa program employees? If so, how many?
    * How many of the jobs being eliminated are filled by Americans? Of those positions, is Microsoft retaining similar ones filled by foreign guest workers? If so, how many?
    * How many H-1B or other work visa program workers will Microsoft be retaining when the planned layoff is completed?

    My point is that during a layoff, companies should not be retaining H-1B or other work visa program employees over qualified American workers. Our immigration policy is not intended to harm the American workforce. I encourage Microsoft to ensure that Americans are given priority in job retention. Microsoft has a moral obligation to protect these American workers by putting them first during these difficult economic times.

    An eroding job security for H-1 B visa holders?

  2. Pingback: Auto Industry Bailout » Blog Archive » “Hire Americans” Senate Says To Bailed Out Banks « Minneafrica

  3. The economy is broken.
    Unemployment is skyrocketing.
    Outsourcing/Offshoring is killing the economy !

    Hundreds of American companies have sent
    thousands of jobs overseas and this action
    is directly responsible for skyrocketing
    unemployment and our broken economy.

    Here are the facts:
    1. Foreign workers DO NOT PAY Federal or State Taxes.
    2. Foreign workers DO NOT PAY into the
    Unemployment or Social Security Funds.
    3. Foreign workers DO NOT spend their money
    in the United States.
    4. The Federal Government gives American Businesses
    “cash incentives” to hire foreign workers and
    put American workers “out of work”.

    U.S. Dollars paid to foreign workers go overseas and
    never come back. The U.S. Economy gets no benefit
    from giving jobs to foreigners and is directly responsible
    for the daily collapse of the U.S. Economy.

    Skyrocketing unemployment is a direct result is a direct
    result of Outsourcing/Offshoring.

    STOP Outsourcing/Offshoring NOW before “It’s Too Late”.

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