Chalk it up to the rule of unanticipated consequences: Banks that took federal bailout money are rescinding job offers to foreign-born MBAs.
No, it’s not discrimination based on foreign origin. Rather, it’s one of the strings attached to billions in Toxic Asset Relief Program (TARP) funds. TARP bars banks that recently laid off U.S. workers from hiring highly skilled foreigners who work under the government’s H-1B visa program.
Employers already have to show that no native-born Americans are available for the positions. That hasn’t stopped the limited annual supply of H-1B visas being snapped up almost immediately when the government opens applications.
Several banks with significant North Carolina presences are affected, most notably Charlotte-based Bank of America.