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U.S. law will have 2-year life

WASHINGTON: The legislation passed by U.S. Senate on Friday to restrict hiring of foreign workers by banks that receive government bailout money has a two-year life. If signed into law, the measure would apply to more than 300 banks receiving money from the taxpayer-funded Troubled Asset Relief Program.

The legislation by Senators Bernie Sanders, an independent, and Republican Charles Grassley aims at preventing the replacement of Americans by foreigners working under the H-1B visa programme.

The Senate added the restriction as part of the massive economic stimulus package lawmakers are crafting to reinvigorate the economy. — AP

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