December 05, 2000, 11:06 AM — Flanked by the president of the Dallas Federal Reserve Bank and the chairman of
Texas Instruments Inc., Sen. Phil Gramm (R-Texas) Tuesday announced plans to introduce
a bill that would permanently raise the annual cap on H-1B visas from 115,000 to
Gramm said his New Workers for Economic Growth Act would also repeal the Social
Security earnings test, which levies a heavy tax on money earned by retirees.
At the Dallas press conference, Gramm said Texas risks an economic slowdown
because "we lack the skilled professionals needed in high-tech fields." Congress raised
the cap on H-1B visas last year from 65,000 to 115,00, but those visas are expected to
be used up by the end of this month.