Sorry!! The article you are trying to read is not available now.
Thank you very much;
you're only a step away from
downloading your reports.

The Three Things That Facebook's Mark Zuckerberg and Other Tech Leaders Want From Immigration Reform


Zuckerberg and other tech players are behind a bill that would double the number of H-1B visas for immigrants that start new companies or are PhDs in math, science, or engineering.

Immigration reform is the top priority for Facebook (NASDAQ:FB) founder Mark Zuckerberg and much of Silicon Valley where start-ups and tech giants alike are hampered by their inability to keep talented foreigners in the United States.

It's a big-time play to more than double the number of H-1B visas, a major economic change that easily gets overshadowed by the political debate about border security, the Hispanic vote, and amnesty for 11 million undocumented workers.

The reforms contained in the bill by the Senate's bipartisan Gang of Eight have led to optimism among the tech industry's top DC players. The bill -- which the Senate will pick up after recess this week -- includes raising the cap on H-1B visas for foreign workers from 85,000 to as much as 205,000, creating an "Invest" visa for foreigners who start new companies, and an exemption on PhDs in mathematics, science, and engineering from the limits on green cards.

Immigration tends to be cast as a social justice issue, but this is really as transformative an economic policy as any of the budget issues that are a source of division between Republicans and Democrats.

Alan Krueger, chairman of the White House Council of Economic Advisers, stressed in a recent speech that the growth in the US workforce will primarily come from immigrants and their children in the decades ahead.

Modifying visas and green cards for eggheads and entrepreneurs gets little public airtime because it's void of much controversy. At a House Judiciary Committee hearing in February, Rep. Spencer Bachus, R-Ala., called the amnesty issue "toxic" while saying the failure to make immigration easier for entrepreneurs "actually has put Americans out of work."

This month, Zuckerberg unveiled, whose backers include heavy hitters such as Microsoft's (NASDAQ:MSFT) Bill Gates, Yahoo (NASDAQ:YHOO) CEO Marissa Mayer, Netflix (NASDAQ:NFLX) founder Reed Hastings, LinkedIn (NYSE:LNKD) co-founder Reid Hoffman, and venture capitalist John Doerr.

Last week, a subsidiary of called Americans for a Conservative Action started running TV ads to overcome resistance by some congressional Republicans. One add features Florida Sen. Marco Rubio talking about tough border enforcement, while another tries to insulate Sen. Lindsey Graham from criticism in South Carolina.

But after talking on-background with top tech players in DC, here are three things that Silicon Valley is looking for with immigration reform:

Tweak the Restrictions on H-1B Visas: Raising the cap is only one part of the issue, with tech lobbyists supporting the intent of the 844-page bill but having concerns about the nitty-gritty.

For example, the measure tries to protect the jobs of US citizens by having stipulations about when foreigners can be hired. A business cannot hire someone with an H1-B visa either 90 days before or 90 days after letting go an American in a similar job category.

The trouble is that the job categories might be a bit too broad, such that a company in theory that lets go an engineer in its laptop division might not be able to bring on a foreigner in its tablet division. The presumed benefits from increasing the cap could be undermined as a result.

This is a delicate sell.

As one tech industry lobbyist noted, this is in deep in the weeds and opponents to any changes "can just put the bumper sticker out: Americans First."
< Previous
No positions in stocks mentioned.
Featured Videos