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American Lawmakers introduce bill which limits H1-B Restrictions for Ph.D Holders

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H1-B Visa
H1-B Visa

Two American lawmakers have re-introduced a bill that would provide H1-B exemptions for foreign-born students enrolled in Ph.D. programs in the U.S.

WASHINGTON (Diya TV) — Congressmen Erik Paulsen and Mike Quigley have re-introduced their bipartisan bill that seeks an exemption for H1-B visa holders that also possess a Ph.D. from an American university in the fields of science, technology, engineering or mathematics.

Titled the “Stopping Trained in America Ph.Ds from Leaving the Economy,” or the STAPLE Act, the bill could largely benefit the population of Indian nationals currently living in the U.S., that fact only becomes further amplified by the statistical revelation that Indians represent the largest concentration of foreign-born Ph.D. candidates living in the country.

“It is no surprise that the brightest minds from around the world come to the United States to pursue their advanced degrees, and we should be doing all we can to ensure students we educate and train here use what they’ve learned to contribute to the American economy,” said Rep. Erik Paulsen, a Republican congressman from Minnesota.

“With thousands of high-skilled jobs going unfilled, the STAPLE Act makes sure American companies are getting the talent they need. By stapling a green card or (a) visa to their diplomas, these professionals can invent and innovate new discoveries that grow our economy,” he added.

Rep. Quigley, a Democrat from Illinois, opined that if the U.S. is serious about fostering innovation and spurring economic activity, it must encourage the brightest minds in the world to study, work, and stay in its communities.

“We cannot advance our technology or research if we continue sending foreign-born, but US educated, students with advanced degrees away,” he said.

Noting that the country’s current H1-B visa system is subject to annual caps, both congressmen cited multiple studies have proven an increase in the amount of visas available immediately results in an increased amount of jobs for natural citizens.

According to a 2011 report from the American Enterprise Institute, “an additional 100 foreign-born workers in STEM fields with advanced degrees from U.S. universities is associated with an additional 262 jobs among U.S. natives.”

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FTX’s Nishad Singh got $543 million loan

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More fallout from the FTX cryptocurrency platform collapse. Court documents show its affiliate Alameda Research loaned executives like Sam Bankman Fried $1 billion and more than $500 million to Indian American Nishad Singh, FTX’s top engineer. FTX’s interim CEO says never in his career has he seen such complete failure of corporate controls and a complete absence of trustworthy financial information. The company filed for Chapter 11 bankruptcy after it was unable to come up with customer funds.

Elizabeth Holmes was sentenced to more than 11 years in prison after her conviction in January for defrauding investors while running the failed blood testing start up Theranos.In her trial, Holmes alleged she was in the midst of a decade-long abusive relationship with her then-boyfriend and Theranos COO Ramesh “Sunny” Balwani. The Indian American was also found guilty for his role in this fraud and will be sentenced later.

Starting next month, India will assume the G20 presidency for a year and chair more than 200 meetings, leading the way for global economic growth. Prime Minister Narendra Modi said his country’s leadership here will be inclusive, ambitious, and decisive.

Ravi Kapur contributed to this report.

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Arvind Venkat & Tarik Khan win Pennsylvania State seats

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WASHINGTON D.C. (Diya TV) – Looking back at the midterm elections, Arvind Venkat and Tarik Khan made history as the first South Asian Americans elected to the Pennsylvania State Legislature. Advocacy group Indian American Impact played a major role on the ground, saying it trained and mobilized 200 volunteers to go door-to-door, to engage voters and provide info they needed to elect new leadership.

After 35 years, the Nancy Pelosi era is officially coming to an end. The speaker from San Francisco announced she’s bowing out of leadership, but will retain her House seat. The midterms cost Pelosi’s Democratic party the House and effectively ended her speakership.

Two former Indian American executives at Meta Platforms will launch a new non fungible token start up for creators. Kirthiga Reddy and Saurabh Doshi have raised more than $8 million for their new company called Virtualness. But they are facing headwinds as the FTX cryptocurrency exchange collapse is putting pressure on the entire industry.

Ravi Kapur contributed to this report.

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Meet FTX insider Nishad Singh

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SAN FRANCISCO (Diya TV) – The controversy around failed cryptocurrency exchange FTX continues to captivate the world. Part of the scrutiny is now on the people involved, including Indian American Nishad Singh. According to new reports, this techie was part of FTX’s inner circle, which lived together and ran the cryptocurrency empire from the Bahamas. The software engineer was also reportedly aware that FTX secretly transferred customer funds worth billions of dollars to its sister firm Alameda Research. Currently, no one is facing any criminal charges. Diya TV featured Singh more than a decade ago for running ultra marathons as a 17 year old getting ready for college. 

Former President Donald Trump has officially announced he is running for president in 2024, marking his third bid for the White House. Trump had been hinting at this announcement for months, as the embattled former president faces multiple criminal and civil litigations and as his party is grappling with a worse than expected showing in the midterm elections. 

At the G20 Summit in Bali, world leaders including Indian Prime Minister Narendra Modi and U.S. President Joe Biden are coming together to condemn the rising threat of nuclear weapons as Russia’s war against Ukraine continues to raise tension and anxiety around the world.

Ravi Kapur contributed to this report.

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