Markets: Eerie calm

Markets: Eerie calm

it is not clear when market sentiment can change; as in the past, it can be quite sudden.
At a turn and yet not

At a turn and yet not

RBI could be tempted to cut policy rate to support growth at its bi-monthly review.

US Senate introduces Bill for doubling H1B visa cap

Jan 30 2013, 10:33 IST
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A bipartisan group of top US Senators has introduced a legislation that proposes to increase H-1B cap from 65,000 to 115,000 and establish a market-based H-1B escalator. A bipartisan group of top US Senators has introduced a legislation that proposes to increase H-1B cap from 65,000 to 115,000 and establish a market-based H-1B escalator.
SummaryLegislation proposes to increase H-1B cap from 65,000 to 115,000, establish market-based escalator.

A bipartisan group of top US Senators has introduced a legislation in the Senate aiming at several changes in immigration norms, including doubling of H-1B visa cap and establishing a market-based escalator.

The other proposed measures include recapturing of unused Green Card numbers, eliminating country cap and recommending a series of new provisions to provide legal permanent residency to talented and brilliant.

Introduced by Senators Marco Rubio, Orrin Hatch, Amy Klobuchar, the The Immigration Innovation (I2) Act of 2013 proposes to increase H-1B cap from 65,000 to 115,000 and establish a market-based H-1B escalator, so that the cap can adjust to the demands of the economy.

The bill includes a 300,000 ceiling on the ability of the escalator to move.

If the cap is hit in the first 45 days when petitions may be filed, an additional 20,000 H-1B visas will be made available immediately.

If it is hit in the first 60 days when petitions may be filed, an additional 15,000 H-1B visas will be made available immediately and if the cap is hit in the first 90 days when petitions may be filed, an additional 10,000 H-1B visas will be made available immediately.

In case the cap is hit during the 185-day period ending on the 275th day on which petitions may be filed, and additional 5,000 H-1B will be made available immediately, the bill proposes and calls for uncapping the existing US advanced degree exemption (currently limited to 20,000 per year).

The legislation focuses on areas vital to keep US competitiveness intact in the global economy.

It proposes increased access to Green Cards for high-skilled workers by expanding the exemptions and eliminating the annual per country limits for employment based Green Cards.

The legislation also aims at reforming the fees on H-1B and Green Cards so those fees can be used to promote American worker retraining and education.

Furthermore, it authorises employment for dependent spouses of H-1B visa holders, thus meeting a long pending demand.

It also proposes to increase portability of high skilled foreign workers by removing impediments and costs of changing employers, establishing a clear transition period for foreign workers as they change jobs, and restoring visa revalidation for E, H, L, O, and P non-immigrant visa categories.

The legislation, if passed by the Congress and signed into law by the US President, will enable the recapture of Green Card numbers that were approved by Congress in previous years but were not used.

It will

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