On Monday, March 2 I wrote to students about an amendment added to the federal stimulus bill. This amendment, which is now law, prohibits banks or any employer accepting TARP funds from hiring workers on H1b visas, unless the employers can meet stringent conditions. This requirement will remain in force for two years.

We have been speaking to affected banks throughout the week. While one bank has rescinded offers they made to international students, others are still exploring what their options are. The regulations that will govern the enforcement of this new statute have not yet been released. Some banks are considering each candidate individually, to see how much OPT time they have left, whether they might be able to send the new hires to international locations, or whether they will have to rescind their offers.

If you are an international student who has accepted a position with a U.S. bank or other employer accepting TARP funds, we urge you to contact the employer immediately. They may not have an answer yet, so you may have to be patient. Please let your career counselor know the outcome of that call, so that we can help you if you need to restart your job search.

Pat Rose