The United States has a H1B visa program that is intended to admit bankers, technologists, and other workers with advanced skills into this country. This year, the federal government reduced immigration and entry under this program. The results of the recent presidential election, however, could lead to the easing of some of the restrictions imposed under the H1B and similar programs.
Two major changes were made in 2020. In June, a presidential executive order was issued which suspended the entry of additional workers under the H-1B, H-2B, J, and L nonimmigrant visa programs. The government claimed that these workers competed against American workers in a tough economy.
HIB visa requirements were also restricted in Oct. Another executive order was issued requiring that these visa holders earn salaries equal to the 45th percentile of their professional salary if they are an entry level worker. This requirement is increased to the 95th percentile for higher-skilled workers.
In July President-elect Joe Biden said that he would revoke the H1B visa ban. it is believed that these bans could be revoked with new executive orders.
Senior figures in the technology industry objected to the restrictions and said that the most brilliant people were unable to work in this country because of the restrictions imposed in 2020. Investment banks and hedge funds would be among the fields that would most benefit from the lifting of these restrictions.
Financial firms usually hire H1B visa holders into technology and quant positions. These firms claimed that it is difficult to find enough high skilled and talented American workers to fill these specialized and coveted jobs.
An attorney can help deal with immigration and visa problems and changing requirements. Lawyers can assure that rights are protected.