New anti-H-1B visa Bill is recently introduced by Democrats from New Jersey and California. A similar version of this bill was introduced in 2010, but fails to muster enough support in United State.
If the introduced bill will pass then it will affect the revenues of major Indian IT companies as they are dependent on H-1B and L1 visas in the US. Since the revenue model of majority of big Indian IT companies is heavily dependent on this, such a bill is likely to have a major impact.
The ' H-1B and L-1 Visa Reform Act of 2016' introduced by Democratic Congressman Bill Pascrell from New Jersey and Republican Dana Rohrabacher from California. The outline of the bill suggests that companies cannot employ more than 50 people and more than 50% of their employees are H-1B and L-1 visa holders.
"America is producing many skilled, high-tech professionals with advanced degrees and no jobs. By 'in-sourcing' and exploiting foreign workers, some businesses are abusing the visa programs and undercutting our workforce to reap the rewards," Congressman Pascrell said.
Before the bill is signed into a law by US President Barack Obama, it needs to be passed by the Senate, wherein it has not been tabled so far.