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

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-ex…

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 (112)

 
Jun 21, 2020 - 2:41pm

Thanks for the heads up

MM IB/Retail brokerage - Sell-side ER Generalist and Capital Markets IB (ECM, DCM), Eastern Europe and Central Asia region
  • 1
 
  • Analyst 2 in IB-M&A
Jun 21, 2020 - 2:53pm

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.

 
  • Analyst 2 in IB-M&A
Jun 23, 2020 - 1:00am

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".

 
  • Intern in IB - Gen
Jun 23, 2020 - 1:03am

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.

 
Most Helpful
Jun 22, 2020 - 5:32pm

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.

Commercial Real Estate Developer

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Jun 23, 2020 - 10:47am

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)).

 
Jun 23, 2020 - 3:34pm

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

if it was fun they wouldn't pay you to do it

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Jun 23, 2020 - 12:51pm

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.

Commercial Real Estate Developer

  • 16
  • 1
 
Jun 25, 2020 - 8:15pm

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.

 
Funniest
Jun 23, 2020 - 6:21pm

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
  • 8
 
Jun 22, 2020 - 10:50pm

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.

 
Jun 23, 2020 - 1:57pm

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.

 
Jun 23, 2020 - 3:38pm

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

if it was fun they wouldn't pay you to do it

 
Jun 25, 2020 - 8:19pm

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.

 
  • Intern in IB-M&A
Jun 24, 2020 - 1:04pm

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.

 
Jun 24, 2020 - 1:30pm

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 - 9:40pm
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