Press Trust of India / London/Washington Mar 09, 2009, 20:56 IST
Bank of America (BofA), which has received bailout funds worth $45-billion from the US Federal government, has withdrawn job offers from students who require H-1B sponsorship.
The Barack Obama administration has imposed restrictions on entities receiving taxpayers' money from applying for H-1B visas for highly skilled workers, if such immigrants replace American workers.
"Bank of America has become the first US bank to withdraw job offers made to MBA students graduating from the US business schools this summer, citing conditions laid out in its bail-out deal as the reason," the Financial Times has reported.
According to the daily, BofA, which has received a total of $45 billion in Tarp funds, is in the process of digesting two large acquisitions Countrywide, the mortgage broker, and Merrill Lynch "which will see thousands of jobs lost".
Quoting a spokesperson of the bank, The Financial Times in a report published online today said, "Recent changes in legislation made it necessary for BofA to rescind job offers it had made to students requiring H-1B sponsorship."
So, I'm reading here that BofA was planning on replacing American workers with H-1B workers.
And
The only thing that stopped this process was the Sanders Amendment to the TARP funding bill. Seems reasonable to me, replacing existing workers with foreign workers will cause more foreclosures.
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