The Obama Administration has announced that there will be no new H-1B restrictions unless unemployment in the US gets worse. The announcement was made when a delegation of Indian CEOs visited the White House to discuss economic matters.

The Press Trust of India reports:

“I do not see that there would be serious setback to H-1B visa programme or export programme, unless the unemployment rate goes down further in a severe manner,” Mittal, chairman and group CEO of Bharati Enterprise, told PTI in an interview after the meeting.

“They were positive,” Bharati said referring to the response from the Obama Administration officials with regard to these issues raised by the CII delegation. “They believed that US will still remain open,” he said.

This announcement comes as a relief to many potential candidates seeking employment in the US under the H-1B quota. Recent legislation passed in the US has made it difficult for companies that received federal bailout money to hire under the H-1B quota. The law stipulates that recipients of funds under the Troubled Asset Relief Program (TARP) must not have dismissed an American worker 90 days prior to and 90 days after applying for the H1B visa for a foreign worker. This has made many companies in the financial sector unable to sponsor H1B visas this year.

Do you think that the administration will keep its promise of not placing anymore restrictions on the H1B visa? Will the US still remain open to skilled foreign workers? Share your opinion in the comments.