I am trying to understand the implication here. Does this bill mean Indians and Chinese ppl will have to wait 3-4 years only now? Also, I am not sure how its detrimental to Koreans (Some OP here seemed to imply that) ?
It makes it into a first-come first-served system. Indians and Chinese applying now might still have to wait a couple of decades. This primarily helps the people who applied in 2002 and the following few years and are still waiting.
And it's fair, in the sense that applicants from the UK might now also have to wait a couple of decades.
In my case (as a UK citizen working in NYC), it's a good job that the E-2 Investor Visa (which only exists for countries that the INS deems 'worthy') can be renewed indefinitely.
The flip side of this (and where it starts to get comical) is that as part of the E-2 approval process one has to "intend to leave" once the business is finished - which means that one cannot intend to embark on the Green Card path prior to getting the E-2 visa. It also means that all my (mandatory) payments for unemployment insurance are strictly throw-away money - since I could never claim unemployment in the US anyway. Ho Hum.