Upcoming Exec Order - Ban on H-1B, L-1 etc.

CATBanker's picture
Rank: Gorilla | 677

Surprised there hasn't been more coverage on this but there are reports Trump is considering an exec order that would ban most visa types until the end of the year.

https://www.npr.org/2020/06/20/881245867/trump-exp...
Now details are still murky on whether it's just applications or it would also apply to entry for existing visa holders, but the latter seems likely.

As an L-1 holder myself who's currently not in the country, this is gonna be a major headache.

Just a heads up to anyone that has to deal with a visa for the foreseeable future.

Comments (114)

Jun 21, 2020

Thanks for the heads up

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  • Analyst 2 in IB-M&A
Jun 21, 2020

Every time h1b comes up on this site, the discussion inevitably devolves into how internationals are just here to lower wages for honest hard working Americans, and that there is no finance job where an American couldn't replace an international. Honorary awards go to the "government is here to serve its citizens" and "other countries have restrictions on citizens too" arguments.

It feels a little like someone shouting down your throat that you're an inferior class of human being that's only here to serve the needs of the superior class, and that you should only be allowed to fight for scraps which the superior class throws away.

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  • Associate 2 in HF - Other
Jun 22, 2020

haha I love it

Jun 22, 2020

I think it's more that we're under no obligation to provide any non-US citizen with anything, including employment and/or resources.

  • Analyst 2 in IB-M&A
Jun 23, 2020

Nobody is asking you to provide anything - two parties that have nothing to do with you entered into an agreement. Whatever happened to the limited government crowd?

Before you argue that you could've lost the job to a lesser paid international, realize that the H-1B processing fee and lawyer fees add up to 10-20% of the average 1st year IB salary. Kind of hard to make the case that someone who costs a firm 10-20% more to hire is "less qualified and only there because of lower wages".

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  • Intern in IB - Gen
Jun 23, 2020

You're not "providing" them with anything. It's an exchange of labor for resources like any other. If they are more productive than an American worker completing the same task it will benefit all parties involved, and if they aren't they will be replaced (or wouldn't have been hired in the first place given the regulatory barriers in place). Preventing competition on a level playing field doesn't work out long-term.

  • Prospect in IB-M&A
Jun 22, 2020

so what does this new order mean if you are on opt?

Jun 23, 2020

Nothing. OPT is not affected.
You are affected if you were planning on consular filing of H1b.

Most Helpful
Jun 22, 2020

America's ability to attract the best minds and talent from across the planet is a strategic advantage that has helped propel the United States' economy to the top of the world for generations.

But sure - let's eliminate our competitive advantage. That always works out.

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Controversial
Jun 22, 2020

lol fuck all the newly unemployed native grads tho right

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  • Analyst 2 in IB-M&A
Jun 22, 2020

Trump is indeed fucking newly unemployed native grads with this order, in addition to U.S. consumers, universities, and U.S. college students nation-wide.

Even hardcore immigration hawks are split on the new restrictions:
https://thehill.com/homenews/senate/499788-gop-sen...

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Jun 23, 2020

keeping the current work visa/immigration program intact is not equivalent to "fucking all the newly unemployed native grads." no employer in the current environment is firing US employees so that they can hire foreign workers in the US and sponsor H1b/green card (which is costly, in case you don't know much about this process (which seems to be the case here)).

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Jun 23, 2020

Lol it's funny how people WSO are, for the most part, pro-competition and unfettered capitalism but can't handle some foreigners who know English as a second language and have to take the risk of uprooting their lives to make a new one in a foreign country. The number of hurdles an international student has to jump through to work in the US is honestly absurdly high and if native graduates just suck that much then yeah fuck them

Array

    • 18
Jun 22, 2020

Sounds very nice but isn't true.

Jun 22, 2020
labanker:

Sounds very nice but isn't true.

Counterpoint: it is true

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Jun 23, 2020

So our goal is to become a huge, atomized economic zone filled with heterogenous groups of people seeking low taxes and high comp, in order to maximize GDP? Not exactly an inspiring vision of the future. Nobody sacrificed their lives at Valley Forge or Normandy for that.

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Jun 23, 2020

swaggy p

Immigrants have made companies that have provided millions of jobs and the products most essential to our life. Immigrants helped us win WWII, since you brought up Normandy. Immigrants literally founded America and have been essential to its success from the beginning.

High quality people are going to be high quality people regardless of what country they end up in. It is in America's interest for them to continue to overwhelmingly end up here.

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Jun 25, 2020

It won't maximize GDP at all. Protectionism results in shitty products and less competitive private sector in the medium term. In the long term, what made the US exceptional will be gone - it'll no longer be the talent magnet that it is, it'll no longer be creative and open, etc...

If Reagan saw where the US is heading nowadays, he'd cry.

Array

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Funniest
Jun 23, 2020

Pfft.. this is a really outrageously liberal take. It's almost as if you've actually understood US history from a macro perspective and read about how cycles of immigrants have had a significant impact on American growth and infrastructure since the very inception of this country. What you're failing to realize is how this impacts my little bubble of the world and how I don't feel like competing with someone grinding 18 hour days for a better life, I feel like I deserve my high paying job handed to me.

"The three most harmful addictions are heroin, carbohydrates, and a monthly salary." - Nassim Taleb

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Jun 22, 2020

the green card lottery is being removed and it's just going to be highest 85,000 paid workers get green cards each year so this should be good for finance

  • Intern in S&T - Other
Jun 22, 2020

You mean H1B visa lottery. the green card lottery is a different thing and trump won't give a green card to every highest paid worker, even though that would be very very nice.

Jun 22, 2020

do you think analysts with an 85k base fall into the top ~25% of H1B applicants? i wouldn't be so sure

Array

  • Summer Associate in IB - Ind
Jun 22, 2020

No I don't think Analysts on 85K base would qualify. The average salary for an H1B worker is roughly 100k.

Jun 22, 2020

Just gonna throw my two cents in here as an international who got a PE firm to sponsor greencard while on OPT.

H1-B is for sheep...

If you have STEM OPT - it takes 8 months to 1.5 years to process most steps of a greencard application which supplants the need for H1-B and OPT since it provides temporary work authorization along the way. Also avoids risk of being a gulag H1-B worker.

Pay $200 for a legit immigration attorney instead of asking other international alumni who haven't hired a lawyer themselves and have been fed the H1-B garbage they sell to all 22-year old analyst sheep.

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Jun 22, 2020

You are obviously not Indian or Chinese...

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Jun 22, 2020

This has no bearing on what I am talking about. Chinese and Indians have to wait longer for employment-based final action dates. This does not affect the timeline it takes to get temporary work authorization which is practically the same as having a greencard.

  • Prospect in IB-M&A
Jun 23, 2020

how did you convince them lol

Jun 23, 2020

Do you mind if I PM you to ask for some details?

Jun 23, 2020

go ahead

  • Analyst 1 in PE - LBOs
Jun 23, 2020

Did you apply under EB-3? And when did you apply - right when you got the PE offer?

  • Analyst 2 in IB-M&A
Jun 23, 2020

how does getting a greencard work without being on H1B first?

Jun 23, 2020

You don't need H1-B to apply to greencard - it's a commonly held and HUGE misconception. Can be on F-1 and apply to greencard.

Jun 25, 2020

I mean you still need to have the firm sponsor you during/after your STEM extension.

BTW, how cumbersome is the STEM extension process? It looks like the employer only needs to fill out the I-765 form and becomes e-verified.

Jun 23, 2020

Why anyone wants to work in the US as foreigner and jump through thousands of hoops with all the crazy dumb shit going on over there is beyond me.

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Jun 23, 2020

I don't disagree with your assessment of the country's problems at the moment, but comp in America is still generally higher and taxes are generally lower.

That's why.

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Jun 23, 2020

A lot of people have no other options.

Jun 23, 2020

I would argue that if an immigrant is qualified to legally migrate to the US, they are also qualified to enter Canada, UK or Australia (or other nations).

US has pretty much the highest bar for intl. professionals.

So, there are options! Potentially even better ones, depending on where the foreigner is from, what culture they have and so on.

My Indian immigrant friends in the UK are VERY happy and have no plans of going elsewhere.

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  • Incoming Analyst in IB - Gen
Jun 23, 2020

So they can live in a better country

Jun 23, 2020

For better or for worse the american dream is still very much alive to many immigrants. Sure there are countries with comparable standards of living but many immigrants still consider the U.S. as the ultimate bastion of freedom and opportunity

Array

Jun 23, 2020

In most cases you don't deal with all that shit, your company does and often times because they see you as a potential investment for the future.

  • Analyst 2 in IB-M&A
Jun 23, 2020

i just won the h1b lottery 2 months ago.. am i fucked? i'm still on OPT though

Jun 24, 2020

you would have to discuss this with your HR department how long they are willing to wait for you. Unfortunately, you are one of the affected people who can't file anything this year.

  • Analyst 2 in IB-M&A
Jun 25, 2020

my OPT expires next June. so next filing year do i have to go through the lottery again? or do i not have to since i already won the h1b once?

Jun 23, 2020

lol my company had just offered me to move to the US, was a bit hesitant, i guess that solves it.
Thanks Donald.

Jun 24, 2020

they can still do this in 2021.

Jun 24, 2020

They will probably fill the role, it was a pretty urgent thing.
I don't care too much, spares me the headache of actually thinking about it seriously

  • Intern in S&T - Other
Jun 23, 2020

Now smart STEM students can go back to China and help invent computer chips for Huawei. Thanks Donald, you are the best. Biden 2020.

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Jun 25, 2020

That's not how it works. Some come to the US to steal intellectual property for their government through the thousand talents program. This happens in universities and in defense. I wouldnt be surprised if this also happened in finance as well.

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Jun 25, 2020

For the vast majority of people, it's how it works. I know for a fact (two digit numbers of first-hand and second-hand accounts) that CCP members and their kids who studied in the US all want to come over to the US and be American. Once you taste sweet sweet freedom, you can never go back.

Intellectual property theft is gonna happen even if we kick out all internationals. Have you ever heard of the word "bribe"?

Kicking out internationals to "prevent intellectual property theft" is like setting an entire forest on fire just to hunt some rabbits.

Array

    • 1
Jun 25, 2020

Too much Fox News

  • Intern in IB-M&A
Jun 24, 2020

Why would anyone want to be in the US at the moment with all this woke liberal trash going on? I'm looking at ways to get out.

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Jun 24, 2020

As stated several times above, for some immigrants it "has to be the US". They just don't like the UK or Australia or Canada or whatever other places people go to.
There are entire cultures in Asia or other countries where "being a resident in the US" carries a huge value.

Also, many see the current events as temporary and assume it will all be over at some point (especially once they are done with their paperwork, which will be at some point in 2021 or 2022).

Jun 25, 2020
Comment
Jun 24, 2020
  • Analyst 2 in IB-M&A
Jun 25, 2020