Nope.
Actually, they've been laying off US Citizens and replacing them with H1-B workers. Although an Amendment to HR 3736 called the Watt Amendment would have offered protection to American workers, it was defeated by a vote of 177-242.
A bit more info on this can be read below..
IEEE-USA Urges Congress to Reject White House Deal on H-1B Bill
Couldn't be.
If it is, my company is breaking the law.
That's not the way the companies are doing it. In fact, some companies in "Silicon Valley" California are using the American (veteran software engineers) to train the Indian H1B workers in the ways of the company, then they replace the veterans with the lesser paid Indians. More American jobs lost for profit/greed.
At two previous companies where I worked, Americans were the first ones to be let go. H1-Bs stayed.
If it's the law they are sure not following it ... after 8 months unemployment ... I would know