Billionaire VC Mike Moritz slams new H-1B visa fee as ‘brutish extortion scheme’

In a recent op-ed in the Financial Times, venture capitalist Mike Moritz criticized the Biden administration's new proposal to impose a fee on H-1B visa applications. Moritz, a former partner at Sequoia Capital, likened the plan to a "brutish extortion scheme," comparing the White House to Tony Soprano's pork store. The H-1B visa program allows U.S. companies to temporarily employ foreign workers in specialty occupations. The proposed fee would add an additional cost for companies seeking to hire skilled foreign talent. Moritz argued that this move would make it more difficult for American tech firms to compete globally, as they would face increased financial burdens in attracting and retaining top international talent. Moritz's scathing critique reflects the ongoing debate surrounding the H-1B visa program and the balance between protecting American jobs and enabling U.S. companies to access global talent pools. The op-ed highlights the concerns of the business community regarding the potential impact of the proposed fee on the competitiveness of the American technology sector.