Given the long wait times for Green Cards. Wouldn't that effectively double the h1b quota ?

H1B's have to go though long process of LCA's, ads in the newpapers, notices etc before their visa is approved. Would H4's have to go though this also? If not I can see this being abused by offshoring companies as loophole in the system.

I don't see how this is 'first step' towards a better immigration policy. Current H1B system is not used in the way it is intended for the most part. Its modern day serfdom used to attract desperate educated people from poor countries. Why not give them green cards and let them actually take advantage of american system and create jobs instead of treating them like 2nd class citizens with no rights, no voice, no dreams.