Word: arras
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...funding for financial aid comes mostly from the endowment and other private sources, with only around five percent coming from the federal government, according to Fitzsimmons. The increase in applications is concurrent with additional education funding from the $787 billion American Recovery and Reinvestment Act. The ARRA will provide an additional $17 billion for Pell Grants in fiscal years 2009 and 2010; funding for the current fiscal year is $16.2 billion, with 6.1 million students participating. The stimulus package is also providing nearly $14 billion in tuition tax credits for middle-class families, raising the current cut from...
...truly frightening recession deserves praise. We are disappointed, however, that certain members of Congress have used this recession as an excuse to enact legislation that makes it all but impossible for financial firms to hire skilled foreign graduates of American universities, including Harvard. A little-known provision in the ARRA classifies all firms receiving federal bailout funds from the Troubled Assets Relief Program as H-1B dependent, legally mandating them to find American citizens or legal permanent residents to fill any job opening before offering a position to qualified international applicants...
...This policy is likely to be especially devastating to international students at Harvard and similar institutions. Many firms that hire extensively from the College, Law School, and Business School are heavily affected by the new restrictions. The onerous burden placed on the financial industry by the ARRA will make it difficult for employers to hire the best and brightest at a time of international crisis...
...Sometimes these protectionist clauses are not included in the original bills sent by executives to a country’s legislatures—and yet they creep in, in the form of amendments and edits. In America, for instance, the incoming Obama administration was so keen on passing the ARRA around Valentine’s Day that the final version of the bill got passed in PDF format; not all legislators had a final version of the 700-page document they were passing, which, as it turns out, will help create a federal deficit this year that would...
...Perhaps this explains how the ARRA now includes a “Buy American” clause, which stipulates that all steel and manufactured goods produced with stimulus money will have to be made in America. The bill also makes it practically impossible for any company receiving federal funds to hire foreign labor, no matter how skilled...