As it is now, American companies simply bring in cheap labor to do the work, while threatening to "move overseas" if Congress doesn't let them do this.
This is mostly a bluff, since third-world countries don't have basic infrastructure that we in America have (paid for by OUR tax dollars, BTW). Yes, it will be cheaper to pay an engineer in the third-world $20K instead of an American 3-5 times that. But there are other costs to consider. Tools and services needed to perform the work and protect the property (electricity, transportation, police, fire department, etc....) are neither widespread nor stable in third world countries.
So while the cost of labor may be less, the total cost of doing business is not necessarily lower.
Basically, H1-B is a way for greedy and corrupt globalists to profit off the American infrastracture and destroy our technological base in the process.
Notice you don't see such a program for politicians, lawyers, doctors, or teachers. Wonder why?