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In response to accusations that his "Gold Card" initiative only benefits affluent immigrants, US President Donald Trump asserted that American companies could invest in this plan to attract talented students from nations such as India, who pursue advanced studies in the United States. "For instance, I receive inquiries from businesses eager to recruit the top students from schools, whether they hail from India, China, Japan, or elsewhere. These individuals excel at prestigious institutions like Harvard, Wharton, Yale, and graduate at the top of their classes, often receiving job offers," the President remarked on Wednesday during his first full Cabinet meeting of his second term.
Trump expressed concerns that American companies face challenges in finding and retaining exceptional talent due to the uncertainty surrounding the immigration status of certain students. "These immigrant students receive job offers, but those offers are frequently withdrawn because the companies are unsure if the individual can remain in the United States. I prefer to ensure that these individuals can stay here. American businesses can obtain a gold card, which would aid them in their recruitment efforts. We aim to begin selling these cards, hopefully, in about two weeks," he stated. Reports indicate that US companies, especially in Silicon Valley, have voiced difficulties in filling numerous job openings. While Trump has acted to tighten restrictions on illegal immigration, he has also expressed a desire to welcome more legal immigrants who possess critical skills or the resources to invest in the nation. Furthermore, he emphasized that the gold card initiative serves as a means to generate funds to reduce the national debt, predicting strong interest from businesses. "I firmly believe it will be highly popular. It’s a great deal," he remarked.
The proposed initiative was introduced by the President on Tuesday, aiming to provide residency and a pathway to citizenship for individuals who contribute $5 million, thereby establishing a new channel for legal immigration. The President stated that the program would launch in two weeks and claimed he did not think congressional approval would be necessary to initiate it. However, immigration experts have noted that legislative approval will likely be required for such changes. Trump indicated that discussions regarding the vetting criteria for the gold card eligibility are ongoing. When asked about possible restrictions related to competitors like China, he mentioned that limitations might not solely focus on nationality, but there would still be guidelines regarding who could qualify. "We want to ensure that we bring in individuals who have a genuine affection for our country and are capable of contributing positively," Trump stated.
While seated next to the President, Commerce Secretary Howard Lutnick remarked that the initiative might serve as a substitute for the current EB-5 program. This program permits foreign investors and their immediate family members to obtain permanent residency by contributing a specified sum to an American enterprise, which must also create a minimum of 10 jobs within the United States. As outlined in the suggestion, individuals would remit funds to the US government, which Mr. Trump has indicated it could be utilized to reduce the national debt. On Wednesday, he stated that marketing 1 million gold cards could potentially generate $5 trillion; however, experts in immigration have pointed out that the number of individuals who could realistically afford to engage with the program is significantly limited.
