President Donald Trump has backed a new immigration proposal to make immigration more "merit-based," but one technology executive said the policy could actually make it harder for American companies to compete for talent.
"We go through ridiculous interview processes to try to find precisely the right people," former Twitter CEO Dick Costolo told CNBC's "Squawk Alley" on Thursday. "They take a long time. We talk to tons of candidates, generally speaking, to find the one or two we want."
The RAISE Act, proposed by Sens. Tom Cotton, R-Ark., and David Perdue, R-Ga. and backed by Trump, would aim to make job skills a priority for people to obtain legal permanent residency. But while technology companies agree that immigration policy needs to be reformed, the RAISE Act "does not address the challenges tech companies face" and "injects more bureaucratic dysfunction," according to the Information Technology Industry Council, which counts Facebook, Google, Amazon and Apple among its members.