This puts at a competitive disadvantage international universities over US ones, regardless of education performance.
It sounds like protectionism, which will translate into more foreign students applying for US universities, driving education costs even higher.
You will now definitely buy a degree/name, not so much an education.
Sad.
Besides, foreign education credentials and work experience can be very easy to fake depending on home country, so it's understandable that it's worth less in the eyes of immigration systems.
In Canada we have lots of foreign students, and while there are some issues (nothing is perfect), they pay much more than domestic students, essentially funding the higher education institutions. Education is some of the best things you can export, if done properly.
The current system favors immigrants that can afford a Master's degree at low-tier for-profit universities (see what happened to the Silicon Valley University). The change will take this even further.
Canada has a non-trivial but straightforward path to permanent residency that tries to be fair to both domestic students and experienced immigrants. It's not really comparable.