How Reduced H-1B Visas Hurts US Banks

By Michael Niren June 27, 2016 4 min. read
h-1b visas

You’re an IT professional with years of training and experience in the financial sector, but you can’t find a decent job at home. The US offers so many employment opportunities for you… if only the government weren’t clamping down on the number of H-1B visas it issues. Read on to learn how the H-1B visa shortage could affect the American banking system.

What Is an H-1B Visa?

US Citizenship and Immigration Services (USCIS) offer a variety of work visas for foreigners. One of them is the H-1B visa.

To qualify for this visa, you must have either at least a bachelor’s degree or three years’ work experience in your field, which must be considered a “specialty” field by USCIS. The agency defines a specialty field as one that would require at least a bachelor’s degree. Many IT jobs fall into this category. You must earn a wage or salary from this type of job in order to apply for the H-1B visa.

What H-1B Visas Have to Do with American Banks

The banking sector in America has become much more technologically sophisticated over the years. As a result, it needs skilled IT professionals to stay innovative and efficient.

Here’s the problem: there aren’t enough Americans to fill those roles. So, American banks turn to foreign IT professionals to fulfill their hiring needs. The H-1B visa program enables banks to find IT staff to fill the gaps.

Over the years, H-1B visas have become politicized. Many politicians accuse the banking sector and other firms of relying on H-1B workers at the expense of American jobs. Some want to increase the fees for the H-1B visa. Another suggestion making the rounds is to reduce the number of visas even further.

Fact: H-1B Visas Are Already Difficult to Obtain

USCIS allots 85,000 visa petitions for the H-1B visa each on April 1st. In 2016, it took less than a week for applicants to exceed that cap.

If measures to make the H-1B visa process more difficult become law, then American banks (as well as other industries reliant on IT professionals) will have a harder time finding the right candidates to fill vacant positions.

Will an H-1B Reduction Cost American Jobs?

While many critics of the H-1B visa complain it hurts American workers, reducing the number of visas issued or increasing visa fees might actually weaken the US economy further.

Some experts say if US employers such as banks can’t access the employees they need domestically,  then American businesses will take their companies offshore to find the staff they require. While it will cut costs for these firms (IT professionals working remotely from other countries tend to earn lower wages than their colleagues in the US), it will not help the American economy.

What Can H-1B Visa Applicants Expect During an Election Year?

American job creation (or lack thereof) becomes a political issue every election year. Candidates take aggressive stances on American economic growth. Some of them strongly criticize companies that hire foreign workers. They claim that these firms are hurting Americans who need jobs.

This type of rhetoric can make H-1B visa holders and applicants nervous, and understandably so. Their livelihoods depend on being able to work in sectors such as banking, providing valuable skills that the American worker force might not be able to supply. Applicants may already suspect their American colleagues feel disdain for them, regarding H-1B holders as taking jobs that should go to someone who was educated in the US. Presidential candidates’ stances on economic development can amplify that anxiety.

Until a new US president assumes power, it’s unclear whether H-1B visa holders and applicants have much to fear. What candidates say on the campaign trail can sometimes be radically different than the actions they take once elected. Being a president is about more than making (sometimes inflammatory) statements about how foreign workers steal American jobs. In order to affect economic change, the president has to work with other branches of government in order to enact public policy. And that process is neither quick nor easy.

Find a Trusted Immigration Law Expert to Help You Apply for an H-1B Visa

Applying for an H-1B visa isn’t an easy process. That’s why you need an experienced immigration lawyer to help you navigate the complexity of US immigration laws.

Are you interested in immigrating to the US or moving to Canada? If so, contact VisaPlace today.

All our cases are handled by competent and experienced immigration professionals who are affiliated with VisaPlace. These professionals consist of lawyers, licensed paralegals, and consultants who work for Niren and Associates: an award winning immigration firm that adheres to the highest standards of client service.

Click here to book a consultation with an immigration professional or fill out our FREE assessment and we will get back to you within 24 hours.

Ljiljana Pavkov Avatar

Ljiljana Pavkov

I have nothing but praise! The entire team was extremely professional, knowledgeable, and kind, especially Mansi Sanghiv. She patiently explained everything I needed to know and resolved all of my concerns. I felt safe and well taken care of throughout the entire process. I am extremely satisfied with the service and experience, and I wholeheartedly recommend them to anyone looking for quality, dedication, and trust.

Lisanne Cholette Avatar

Lisanne Cholette

Mansi has been helping me navigate through a new chapter in my life. It has been a huge comfort to be able to lean on her knowledge and expertise and I would highly recommend her to anyone!

BERLITA COLLADO Avatar

BERLITA COLLADO

I am so very thankful to the VISAPACE team for making it all come true and possible from my Open Work Permit to my Permanent Residence, you make it all happen .Thank you very much from the bottom of my heart , Thank you for being part of my achievements. Now I am now a Permanent Residence through the effort, power and knowledge of VISAPLACE LEGAL TEAM.
Sending you my best appreciation and thank you.

Berlie Collado

Shahrzad Sh Avatar

Shahrzad Sh

“I truly want to thank Mansi. Her patience and thoughtful advices made a big difference for me. Her recommendations were not only helpful but also gave me clearer insight. Words can’t fully express how grateful I am for her support.”

kevin geoffrey Avatar

kevin geoffrey

Visa place helped me with my daughter’s sponsorship 3 years ago. Last week I contacted them for some clarification on a different matter. It was about an issue which technically was a problem of CIC’s software glitch and had nothing to do with Visa Place.
Yet Reena Sandu was assigned for my case. she helped me with enthusiasm and showed no hesitation despite me being an ex-client from 3 years ago.
I was very happy that even after 3 years of finishing business, Visa Place were respectful of their clients. Special thanks again to Reena for her enthusiasm and support.

Nessie Leigh Ilarde Avatar

Nessie Leigh Ilarde

Thank you very much for helping me get my new visa! I appreciate Ms. Felicita and her colleagues for guiding us through the process making sure that everything is precise. Highly recommend your firm. Thanks again 🙂

parker ellis Avatar

parker ellis

Mansi Sanghvi has been nothing for of remarkable for me. I have been dealing with a visa, immigration issues , and any time I have to call her, she has been there to answer any questions. Has answers to every question and is there to HELP YOU. Truly could not recommend her more.