Bailed-Out Banks Hiring Foreign Professionals Over U.S. Workers
The Associated Press has a fascinating story today about how the same U.S. banks that have received billions in bailout money have been taking advantage of U.S. immigration laws to hire foreign professionals instead of American workers, who would cost more.
The dozen banks receiving the biggest rescue packages, totaling more than $150 billion, requested visas for more than 21,800 foreign workers over the past six years for positions that included senior vice presidents, corporate lawyers, junior investment analysts and . The average annual salary for those jobs was $90,721, nearly twice the median income for all American households.
The hiring of foreign workers and companies as part of the proposed stimulus bill is likely to be a big issue, too. Notably, the stimulus bill that passed the house has some strict “buy-American” provisions, which would require U.S. companies contracting with the federal government as part of the stimulus package to use U.S.-made steel, iron and other raw materials. The provisions are facing steep opposition from the manufacturing lobby.
Just as the taxpayer money to support big banks and corporations ought to come with restrictions on executive pay, as Sen. Claire McCaskill (D-Mo.) proposed on Friday, Congress is going to have to address whether allowing U.S. companies to hire cheaper workers from overseas using taxpayer funds is really in keeping with the purpose of this multi-billion dollar effort to jump-start the economy and create more jobs for American workers.