What are the implications for the US economy if new restrictions on visa sponsorships are put in place?

The Biden administration has proposed new restrictions on visa sponsorships as part of sweeping changes to the U.S. immigration system. The plan includes measures to ban firms from sponsoring visas for family and friends of existing workers. The administration aims to ensure foreigners are recruited based on merit and not just personal connections. Additionally, the U.S. is expanding a program allowing foreigners to work in the country temporarily without a visa sponsor, and tightening rules on letting students work off-campus.