I am sure corporate America will tell us this $8.500 fee is too expensive. that they cant afford it. After all. many of these people are the same exact people who opposed raising the minimum wage above $5.15 an hour. However. this fee represents a very small amount compared to the incredible economic benefits that companies realize from bringing in foreign HlB visa workers. H11B visas are valid for 3 years. So the $8.500 surcharge on an annual basis is only $2.800. Compared to the median $50.000 wage of a new HlB computing professional. it is only about 5.5 percent of that wage. For this small fee. what would lbe the benefit to American students and our families? If there are 115.000 H lB visas issued for which fees are p~aid. we could provide over 65.000 scholarships each year to our students5.000. If the number of H11B visas goes to 180.000. we could provide scholarships to over 100.000 American students. If the Members of this body believe we need H1lB1 visas to compensate for a shortage of skilled American professionals. this amendment will attract tens of thousands of Americas best and brightest to those fields. One of the reasons 1 am offering this amendment. which will provide much needed scholarships for the American middle class. is I was very interested in reading an article that appeared in BusinessWeek on April 19. 2004. In that article.
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