RESTRICTION OF HIRING IMMIGRANTS

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The Senate voted Friday to restrict the hiring of foreign workers by banks that are receiving government bailout funds while undergoing vast layoffs.

The legislation by Sens. Bernie Sanders, a Vermont independent, and Charles Grassley, R-Iowa, would require the banks to seek American workers before turning to foreign nationals when they're hiring. It aims to prevent replacement of Americans by foreigners working under the H-1B visa program, which allows employers to bring in workers for high-skilled and advanced-degree jobs.

The measure has a two-year life and if signed into law would apply to the more than 300 banks that are receiving money from the taxpayer-funded Troubled Asset Relief Program.

The Senate added the restriction as part of the massive economic stimulus package lawmakers are crafting as part of President Barack Obama's plan to reinvigorate the economy. [read more]