H-1B visas have long been a compliance problem. While the program was a good source of qualified candidates for a lot of financial and technology firms, it really fell out of favor once the credit crunch hit. Sen. Dick Durbin described it this way: "The...program is plagued with fraud and abuse and is now a vehicle for outsourcing that deprives qualified American workers of their jobs."

By one estimate, up to 13 percent of these applications were fraudulent. If Durbin and Sen. Charles Grassley have their way a reformulated program is on the way, according to Business Week. The proposal "contains provisions to increase oversight and enforcement and discourage outsourcing of H-1B visa holders. It also requires all employers seeking to hire an H-1B visa holder to pledge that they have made a ‘good faith' effort to hire American workers first, and that the H-1B visa holder will not displace an American worker," reports Business Week. U.S. worker alliances support the bill, noting that it contains protections for U.S. workers. The big tech companies--and banks--may well have a different view.

For more:
- here's the article [1]

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Have H-1B visas lost their luster? [3]
Which companies received H-1B visas in '08? [4]
H-1B demand drops [5]