Banks Banned From Replacing Workers With Foreigners

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When the stimulus package hits President Obama’s desk, it will include a provision banning bailed-out banks from replacing laid-off American workers with skilled foreigners.

Senators Bernie Sanders (I-Vermont) and Charles Grassley (R-Iowa) proposed the ban, which would last two years. Their proposal came a few weeks after the Associated Press reported banks that had received $150 billion in bailout money requested work visas for nearly 22,000 foreign workers during the last six years, a move Sanders called “absurd.”

Relative to the number of people the biggest banks have fired recently—more than 100,000—the number of Americans who will be affected by this ban will be very small. In 2008, those same banks only requested 4,100 of the H1-B visas the moratorium targets.

Right now, banks are the number-one target of populist ire in the country; for now it seems like Sanders and Grassley are using that sentiment to earn political capital, especially considering the small number of visas banks have requested recently. But if Congress’s stimulus does rouse labor demand in the financial sector, the move won’t just be populist posturing.

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SIX TRUTHS

Reclaiming power from those who abuse it often starts with telling the truth. And in "This Is How Authoritarians Get Defeated," MoJo's Monika Bauerlein unpacks six truths to remember during the homestretch of an election where democracy, truth, and decency are on the line.

Truth #1: The chaos is the point.

Truth #2: Team Reality is bigger than it seems.

Truth #3: Facebook owns this.

Truth #4: When we go to work, we're in the fight.

Truth #5: It's about minority rule.

Truth #6: The only thing that can save us is…us.

Please take a moment to see how all these truths add up, because what happens in the weeks and months ahead will reverberate for at least a generation and we better be prepared.

And if you think journalism like Mother Jones'—that calls it like it is, that will never acquiesce to power, that looks where others don't—can help guide us through this historic, high-stakes moment, and you're able to right now, please help us reach our $350,000 goal by October 31 with a donation today. It's all hands on deck for democracy.

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