Small Business Tax Deduction Strategies: 10 tips on Section 179, home office write-offs for the self-employed, tax deductions for vehicles, rental depreciation, real estate capital gains and more!.

TARP provisions force banks to rescind job offers

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.



Small Business Tax Deduction Strategies: 10 tips on Section 179, home office write-offs for the self-employed, tax deductions for vehicles, rental depreciation, real estate capital gains and more!.


1 Response to "TARP provisions force banks to rescind job offers"

 
n6532l
said this on 03 Apr 2009 1:26:37 PM EST
You are dead wrong when you say:

“Employers already have to show that no native-born Americans are available for the positions.”

That is not true. Without the TARP restriction the H-1B rule is:

“H-1B workers may be hired even when a qualified U.S. worker wants the job, and a U.S. worker can be displaced from the job in favor of the foreign worker.”


See Department of Labor publication at http://www.dol.gov/_sec/stratplan/strat_plan_2006-2011.pdf (page 36 second paragraph)

Senator Bernie Sanders (I-Vt.) puts it this way:

"What many of us have come to understand is that these H-1B visas are not being used to supplement the American workforce where we have shortages but, rather, H-1B visas are being used to replace American workers with lower cost foreign workers."


The H-1B is a license to steal an American Job.




Leave a reply:
Your Name *: Email (private): Website:
Please copy the characters from the image below into the text field below. Doing this helps us prevent automated submissions.
Security Code: img