Expedition Of H-1B Visa Processing Suspended
It is no secret that President Donald Trump had plans to cut down the number of foreign nationals working for leading software companies. Trump's presidential campaign had clearly mentioned the point of creating new job opportunities for Americans by displacing those with foreign origin. It looks like the Trump administration has taken the first initiative towards the same.
Leading companies in the tech industry like Google, Facebook and Apple follow the practice of recruiting skilled and resourceful talent from foreign nations, either on contract or on a permanent basis. These recruits are often required to take the H-1B visa to visit the offices in the U.S. Alhough, normally, the visa processing takes around six months, the companies may choose to pay an extra amount of $1,225 to expedite the process to 15 days.
The recent change in visa rules has suspended the provision of expediting all H-1B visas applied hereafter. The decision had an immediate impact on the stock prices of these tech companies. The stock prices of leading IT companies including Infosys, Wipro Ltd. and Cognizant Technology Solutions declined by 1.2 percent to 2 percent on average, The Financial Express reported.
How is the Change in Visa Rules Going to Impact Silicon Valley?
Experts are proposing contradictory views on the immediate and long-term impacts of the change in H-1B visa rules. While the decision may help in increasing job opportunities for Americans in the long run, its immediate socio-economic impacts for the greater good of the country are yet to be realized. Carl Guardino, CEO of Silicon Valley Leadership Group, hinted the same when he commented: "What a mistake when we are trying to fuel the innovation economy around the United States."
On the other hand, Daniel Costa, immigration law and policy researcher from the Economic Policy Institute, explained that the decision may not have severe consequences. He further explained that the suspension will not halt the inflow of foreign nationals. It is meant to cut down the number of immigrants.
However, CEOs of leading tech companies are considering this decision as the prelude of an upcoming major change in immigration policies, The Mercury News reported. Under these circumstances, it will be interesting to see how the change in rules of the H-1B visa turns out for the American economy as a whole. The implication of this decision is expected to have a deep impact on the success quotient of the Trump administration.