New US laws preventing banks from hiring foreign employees are “protectionist and self-defeating” and will starve the country of the talent needed to rebound from the recession, Lloyd Blankfein, Goldman Sachs chief executive, warned yesterday.
Mr Blankfein told a group of large fund managers that recent “Employ American” legislation for banks receiving government aid could prompt other countries to retaliate with “punitive measures” against US nationals.
The $787bn stimulus bill makes it difficult for financial institutions receiving taxpayers' funds to apply for H1-B visas for skilled immigrants if they have recently made US workers redundant.
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