Amendment to Stimulus Bill Restricts Hiring of Internationals
Troubled financial institutions that recruit heavily from Harvard may soon face restrictions on hiring international students if they accepted federal bailout funding.
Under a recently passed amendment to the federal stimulus bill, companies participating in the Troubled Assets Relief Program—a government financial-rescue plan implemented last fall—will face more restrictions in hiring H-1B visa holders, foreigners with at least a bachelor’s degree and “highly specialized knowledge” in a particular field.
Firms affected by the amendment—including nearly all large investment banks—have consistently hired from Harvard Business School and Harvard Law School in past years, prompting Harvard’s lobbyists to push for a loose interpretation of the restrictions.
Roughly one third of MBA candidates at the Business School are international students, and 45 percent of MBA students enter the financial services industry upon graduation.