While technically true, these requirement don't actually mean much. A company in northen California got caught bringing in prostitutes and calling them "computer programmers".
H1B visa requires a 4-year degree, but nobody actually checks. Similarly, the law requires paying prevailing wages, but the prevailing wage is whatever the company says it is. They can (and sometimes do) pay $35k per year. A common misconception is that companies cannot replace Americans with visa holders. That is definitely not the case in the U.S., though every other developed country has such a requirement. The only restriction is that companies may not restrict openings to only visa holders. Many do anyway, because there is no enforcement. Everything is on the honor system.
By the way, the 65k yearly cap in H1B visas can, and likely will, be raised or removed entriely. It has been done before. But that won't matter much because there are other categories companies can use to get cheap labor, such as the L1 which has no cap.
