FinTech Companies Support the Biden Administration

FinTech companies expect change with the Biden administration

Trump’s restrictions on business immigration

The immigration sector has been a fundamental pillar for the current administration of the US. President Trump, along with his cabinet, has always tried to reduce the number of foreigners entering the country, arguing that mass immigration can be detrimental to the economy, American workers and the healthcare system.

Initially, Donald Trump’s political campaign constantly highlighted and emphasized the need to reduce, curb and control illegal immigration. Therefore, his government proposed the construction of the border wall that separates the US from Mexico, as well as the implementation of restrictive policies that substantially limit possibilities for undocumented immigrants, who managed to cross the borders without prior authorization, to obtain legal documentation.

However, in recent years, especially since the North American territory felt the impact of the health crisis caused by the Coronavirus pandemic, the Trump administration has also focused strongly on reducing legal immigration alternatives, mainly business immigration.

It is important to understand that the opinion of the Trump administration is rarely supported by experts, studies, research or specialized reports on business immigration. In fact, most local businesses, universities, and American companies support business immigration, arguing that talent, innovation, and entrepreneurship brought from abroad is the fuel that sustains America’s international scientific and technological competitiveness.

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FinTech companies expect change with the Biden administration

On November 3, 2020, the American population had to elect the next leader of the nation, who will be in charge, among many other tasks, of shaping the immigration system depending on his ideals, purposes, goals and proposals.

Local citizens elected the Democratic nominee, Joe Biden, as the 46th president of the US, changing the course of immigration and the future of foreign workers in the country.

The Biden administration has a diametrically opposite view to Trump’s when it comes to immigration. Biden plans to reverse and lift policies and restrictions of the current administration, as well as increase benefits and possibilities for immigrant communities in the US, who, in its opinion, are an essential part of the local economic system and play a primary role in the socio-economic development of the nation.

As a result, hundreds of local companies support the Biden administration and hope it will lift the Trump administration’s restrictions on business immigration. In fact, to give a specific example, a number of FinTech companies recently gave their opinion regarding business immigration and are optimistic about the the incoming government.

It is important to clarify that FinTech companies use technology to create more effective financial platforms than conventional methods and the US’ international competitiveness heavily relies on these companies, which also use multiple immigration alternatives to hire highly qualified foreign workers.

In a recently conducted analysis, The FinTech Times stated: “Immigration policy under Biden is likely to favour fintechs, Biden has pledged to reverse Trump’s hardline agenda on immigration and to banish Trump’s travel ban which led to accusations of racism.”

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