You have to first answer why few locals outside Stanford-Berkeley-MIT-CMU are hired out of school. Is it because all non-top-4 schools under prepare students? Is it before foreign workers are that much better? Or is it because companies are looking for underpaid workers they can abuse and keep in a state of limbo?
If CS degrees from non-top-4 schools are not valuable, best to get that out so US students are not studying useless degrees.
This would prevent abuse of foreigners who are underpaid. It would also allow most of the applicants to go to good jobs (FAANG) which can pay premiums salaries.
Reverse auction is the best way to go. Good for foreigners, good for top companies, economically the best option.
** Wait, so I can just open LLC and get H1B visa for it? There have to be conditions and limitations, otherwise it will be misused.
No, you have to first post a job posting at a low salary, preferably with an in-office requirement in a HCOL city. If you get applicants, give them Leetcode Hard and no one will pass.
Then, when no one applies or passes the interview, you claim there is a shortage.
If CS degrees from non-top-4 schools are not valuable, best to get that out so US students are not studying useless degrees.