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Employers Received Funding under Troubled Assets Relief Program(TARP)

On February 17, 2009, President Obama signed the American Recovery and Reinvestment Act of 2009. The new legislation includes a provision that will treat all Troubled Assets Relief Program (“TARP”) recipients as “Dependent Employers” for H-1B purposes. This will mean that these employers will have to make the following additional attestations when submitting the Labor Condition Application for an H-1B worker:

1. That the placement of the H-1B worker, either directly with the employer or indirectly with a contractor, did not and will not displace a U.S. worker in an essentially equivalent job from 90 days before until 90 days after the date of filing of the visa petition;

2. That the Employer has taken good faith steps to recruit U.S. workers at a compensation level and under procedures consistent with industry-wide standards; and

3. That the Employer has offered the job to any U.S. worker who is qualified.


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NameExpected Investment(Million)HeadquartersApproved Date
Citigroup$50,000New YorkJan. 16
Bank of America$45,000Charlotte, N.C.Jan. 16
A.I.G.$40,000New YorkNov. 25
Wells Fargo$25,000San FranciscoOct. 28
JPMorgan Chase$25,000New YorkOct. 28
General Motors$14,284DetroitFeb. 17
Goldman Sachs Group$10,000New YorkOct. 28
Morgan Stanley$10,000New YorkOct. 28
PNC Financial Services Group$7,579PittsburghDec. 31
U.S. Bancorp$6,599MinneapolisNov. 14
GMAC Financial Services$5,000New YorkDec. 29
SunTrust Banks$4,850AtlantaDec. 31
Chrysler$4,000Auburn Hills, Mich.Jan. 02
Capital One Financial$3,555McLean, Va.Nov. 14
Regions Financial$3,500Birmingham, Ala.Nov. 14
Fifth Third Bancorp$3,408CincinnatiDec. 31
American Express$3,389New YorkJan. 09
BB&T$3,134Winston-Salem, N.C.Nov. 14
Bank of New York Mellon$3,000New YorkOct. 28
KeyCorp$2,500ClevelandNov. 14
CIT Group$2,330New YorkDec. 31
Comerica$2,250DallasNov. 14
State Street$2,000BostonOct. 28
Marshall & Ilsley$1,715MilwaukeeNov. 14
Northern Trust$1,576ChicagoNov. 14
Chrysler Financial$1,500Farmington Hills, Mich.Jan. 16
Zions Bancorporation$1,400Salt Lake CityNov. 14
Huntington Bancshares$1,398Columbus, OhioNov. 14
Synovus Financial$968Columbus, Ga.Dec. 19
Popular$935San Juan, P.R.Dec. 05
First Horizon National$867MemphisNov. 14
M&T Bank$600Buffalo, N.Y.Dec. 23
Associated Banc-Corp$525Green Bay, Wis.Nov. 21
City National$400Beverly Hills, Calif.Nov. 21
First BanCorp$400San Juan, P.R.Jan. 16
Webster Financial$400Waterbury, Conn.Nov. 21
Fulton Financial$377Lancaster, Pa.Dec. 23
TCF Financial$361Wayzata, Minn.Nov. 14
The South Financial Group$347Greenville, S.C.Dec. 05
Wilmington Trust$330Wilmington, Del.Dec. 12
East West Bancorp$307Pasadena, Calif.Dec. 05
Sterling Financial$303Spokane, Wash.Dec. 05
Susquehanna Bancshares$300Lititz, Pa.Dec. 12
Whitney Holding$300New OrleansDec. 19
Valley National Bancorp$300Wayne, N.J.Nov. 14
Citizens Republic Bancorp$300Flint, Mich.Dec. 12
UCBH Holdings$299San FranciscoNov. 14
First Banks$295Clayton, Mo.Dec. 31
Flagstar Bancorp$267Troy, Mich.Jan. 30
New York Private Bank & Trust$267New YorkJan. 09
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