http://www.greencardapply.com/news/news09/news09_0410.htm
The Troubled Asset Relief Program (TARP) is a program of the United States government to purchase assets and equity from financial institutions in order to strengthen its financial sector. It is the largest component of the government's measures in 2008 to address the sub-prime mortgage crisis.
TARP allows the United States Department of the Treasury to purchase or insure up to $700 billion of "troubled" assets. "Troubled assets" are defined as "(A) residential or commercial mortgages and any securities, obligations, or other instruments that are based on or related to such mortgages, that in each case was originated or issued on or before March 14, 2008, the purchase of which the Secretary determines promotes financial market stability; and (B) any other financial instrument that the Secretary, after consultation with the Chairman of the Board of Governors of the Federal Reserve System, determines the purchase of which is necessary to promote financial market stability, but only upon transmittal of such determination, in writing, to the appropriate committees of Congress."
Beginning from April 1, 2009, the USCIS will start accepting FY 2010 H-1B Cap Change of Status cases. Currently there are a number of nonimmigrants who are employed by the TARP funded employers in a nonimmigrant classification other than H-1B and need answers from these two agencies as to whether they will be subject to the Sanders/Grassley amendment to the H-1B law relating to the TARP employers.
Recently, the USCIS answered a question on the applicability of the Sanders/Grassley amendment to the existing employees of TARP employers who were working in a H-1B status at the time of enactment of the new law and are seeking extension of the H-1B status.
The answer was no and the employees of these TARP funded employers who were working in a H-1B nonimmigrant status at the time of enactment of the so-called Stimulus Act would be able to apply for extension of their H-1B status without being subject to the new law. However, in response to the quiry on the applicability of the new law to the similar employees working in other nonimmigrant status, the USCIS answered the agency was reviewing the issue and had yet to make a decision.
Obviously, most of these latter group employees will be those who are working in a student OPT or CPT or L-1 or E-1 or E-2 or O-1 and currently consider participating in the FY 2010 H-1B cap H-1B. For these employers and nonimmigrant employees, time is indeed running out fast when there is no answer to the question. http://www.greencardapply.com/news/news09/news09_0410.htm
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