The biggest criticism of the US government's H1-B visa program is that it takes high-tech jobs away from deserving US citizens. A new visa proposal could actually have the opposite effect: It may create jobs in the US.
A so-called "entrepreneur's visa" would allow foreign citizens who start new businesses and create jobs in the US to stay in the country, according to The Wall Street Journal. The entrepreneur provision is part of a larger visa proposal that would make it easier for foreign students to remain in the US after they finish their studies, the WSJ says. The students must have a specific skill set: They must hold post-graduate degrees in math, science, or engineering.
US visa programs and its university system have come under increasing fire in the past decade. Critics charge that specialty visas displace US workers; and that universities educate foreign students who take their skills back home after their education is done. The new proposal appears to address both issues by encouraging job creation and by retaining talent.
The H1-B visa program, which allows companies to hire highly skilled foreign workers in the US, has long been a cornerstone of the tech industry. As fewer and fewer US college students graduate with engineering degrees, tech companies say they have to look outside the US for qualified employees. The H1-B program allows individuals with highly specialized skill sets to work in the US in three-year increments, which can be renewed. (See: 2013 H1-B Visa Cap Remains the Same.)
Opponents of H1-B visas say the program has been exploited to bring in workers who are paid less than their US counterparts. This has been a particularly touchy subject in the last few years as US unemployment rates have increased and fair immigration policies are being debated in a presidential election year. (See: H1-B Critics Outline Program Flaws.)
The WSJ reports that the new bill already has bipartisan support. Additionally:
The bill would also create a targeted tax credit to encourage startup firms to invest in research and development. It would allow investors who cash in investments made in start up businesses to avoid capital gains tax as long as they had held the investment for at least five years. This last provision was included in a small business bill signed into law last year.
It would require the administration carry out a cost benefit analysis of any new regulation that has an economic impact of greater than $100 million.
The bill’s backers are hoping that by combining popular immigration provisions with tax and regulatory measures they can convince Senate leaders to bring the legislation to the floor, and avoid a wide ranging debate on immigration policy that would be almost certain to doom the bill in an election year.
Politicians everywhere have this unique quality-Its called Hubris.
Hubris in their own abilities and Talents to overcome Secular Market forces.
American Politicians are No Different.A lot of foolish politicians still(&claim) America is the Land of the free.
Compare and contrast the responses of Two very different people-One a Politician and other a Hugely Sucessful Entrepreneur and you will know what I am driving at here
"What one wonders is whether America still remains an Attractive market for them or would they prefer to setup Business in Asia or Africa today?"
That is a good point. Many visa seekers would rather prefer to work in the US for a company and get a salary rather than setting up a business there. The US government should be aware of that. Or are they thinking that people are eager to come and stay in the USA no matter what it will cost them?
"developed world has been the beneficiary of brain-drain"
That is also the main reason behind the "entrepreneur visa". Don't you think? The main trend will continue, but now the US government wants to encourage foreigners to invest and create jobs in the country.
What one wonders is whether America still remains an Attractive market for them or would they prefer to setup Business in Asia or Africa today?
I think US will continue to create, and attract to world considering the fact that is a pinnacle of technological innovations. The close/best market alliance to US - Europe. How would Europe transit from its present state of financial debacle back to good worthy of ruminating on.
This whole House of Cards called Europe is going to crumble and the Impact on America(Europe remains America's Biggest Trading Partner) is also going to be HUGE;I don't know if its any consolation or not but Asia(particularly Singapore, China,Taiwan,Thailand and Japan ) will get HIT even worse.
EBN Dialogue enables and encourages you to participate in live chats with notable leaders and luminaries. Not only editors and journalists, but the entire EBN community is able to comment and ask questions. Listed below are upcoming and archived chats.
Archived Dialogues
Thailand Stages a Comeback Join EBN contributor Jennifer Baljko on Thursday August 23, 2012, at 11:00 a.m. EST for a live chat on how electronic manufacturers in Thailand have shored up their supply chain to reduce the impact of future natural disasters.
Euro-Crisis: What It Means for High-Tech Firms Join EBN Editor in Chief Bolaji Ojo and Contributing Editor Jennifer Baljko on Thursday, July 12, at 10:00 a.m. EDT for a Live Chat on high-tech and Europe's economic difficulties.
Microsoft Surface: Potential Winners & Losers What are the implications for the electronics industry supply chain of Microsoft Corp.'s decision to launch its own tablet PC? Join industry veteran and EE Times' systems and OEM expert Rick Merritt on Tuesday, July 3, at 12:00 pm EDT for a Live Chat on this subject.
Join EBN contributor Jennifer Baljko on Thursday August 23, 2012, at 11:00 a.m. EST for a live chat on how electronic manufacturers in Thailand have shored up their supply chain to reduce the impact of future natural disasters.
Peter Drucker famously said "Trying to predict the future is like trying to drive down a country road at night with no lights while looking out the back window." Yet in the razor's-edge world of electronics—with a lean supply chain and just-in-time demands—the need to know the future is vital.
While no one really can accurately predict the future, we can take guidance from another Drucker saying which is the best way to predict the future is to create it.
You've heard the saying "the No. 1 supply chain risk is your people." That hasn't always been the case. But today's complex global supply chain requires a new type of multitalented employee. It's one who understands, finance, marketing, economics, is savvy with technology, graceful with relationships and can think analytically.
Where are these people? Are universities properly preparing the next generation supply chain professionals? How do train your existing workforce for these new, demanding positions?
Brian Fuller, editor-in-chief of EBN, will lead a 60-minute Avnet Velocity panel discussion that will ask and answer these and other questions swirling around today's supply-chain talent challenges.
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