U.S. Proposes Rule to Lift Wages for Foreign Workers

The U.S. Department of Labor published a proposed rule to significantly increase the prevailing wages employers must pay high-skilled foreign workers. The new regulation would overhaul wage calculations for the H-1B, H-1B1, and E-3 visa programs, impacting a wide range of companies, particularly in the technology sector.

The proposal is one of the most significant changes to the H-1B wage rules in decades and is intended to better protect U.S. workers from being undercut by lower-paid foreign labor. The Department of Labor's analysis estimates the change could result in employers paying up to $9.3 billion more in annual wages once fully implemented, potentially raising labor costs and influencing corporate hiring decisions.

Market Impact: The Nasdaq Composite fell 1.28%, with the S&P 500 and Dow Jones declining 0.87% and 0.89% respectively. In cryptocurrency markets, Bitcoin slid 3.89% and Ethereum dropped 3.96%.