Press Releases
Release Date: March 27, 2008
Contact:
Travis Larson, (202) 962-7357, tlarson@sifma.org
Visa Reforms Vital to U.S. Financial Industry Competitiveness
Washington, D.C.,
March 27, 2008 – The Securities Industry and Financial Markets Association (SIFMA) today called for changes to
the visa allocation system. The U.S. is quickly approaching the April 1,
2008 filing date for firms to request H-1B visas for potential employees for
fiscal year 2009. For the second year
in a row, the 65,000 H-1B visa cap is expected to be reached April 1, the first
day applications are accepted.
“The current visa crunch is an impediment to our ability to recruit and retain the most qualified employees in the financial services industry. To remain globally competitive, the sector must be able to hire from the global pool of talent,” said David Strongin, managing director of SIFMA. “This will strengthen U.S. economic competitiveness, maintain the U.S. as a leading financial center, and ensure continued innovation which underpins economic growth and job creation.”
SIFMA called for policymakers to take the following steps:
1) expand H-1B quotas that enable skilled and experienced foreign nationals to work in the U.S. for specified periods of time;
2) extend the optional practical training period from 12 to 29 months for students, including those who wish to work in the financial services sector; and
3) streamline and eliminate barriers to the processing of applications that prevent short-term access to the U.S. for conferences and road shows.
Among the 200 firms which received the most H-1B visas in 2007, there were only eight banks or securities firms, according to BusinessWeek. These eight firms were granted a total of 1,107 visas. http://www.businessweek.com/table/08/0305_h1b.htm
- 30 -
The Securities Industry and Financial Markets Association brings together the shared interests of more than 650 securities firms, banks and asset managers. SIFMA's mission is to promote policies and practices that work to expand and perfect markets, foster the development of new products and services and create efficiencies for member firms, while preserving and enhancing the public's trust and confidence in the markets and the industry. SIFMA works to represent its members’ interests locally and globally. It has offices in New York, Washington D.C., and London and its associated firm, the Asia Securities Industry and Financial Markets Association, is based in Hong Kong.