Commerce Secretary Howard Lutnick steps into the spotlight to address mounting concerns about a controversial immigration proposal.
According to Fox Business, Commerce Secretary Lutnick defended President Donald Trump's newly proposed "gold card" visa program, which would replace the existing EB-5 investor program with a $5 million investment requirement for U.S. residency.
The ambitious initiative emerged from weekend discussions between Trump and his friend John Paulson, leading to a swift policy announcement on Tuesday. Lutnick emphasized that potential visa recipients would undergo thorough vetting processes to ensure they would contribute positively to the American economy and society.
The Commerce Secretary revealed striking numbers behind the proposed program's economic impact. With approximately 250,000 individuals currently waiting in line, the initiative could generate $1.25 trillion in revenue at the proposed $5 million price point per visa.
Lutnick shared his vision for the program's expansion, suggesting that selling a million "gold cards" could yield $5 trillion for the United States. He argued that this substantial influx of capital could help reduce the national debt and lower interest rates.
During his exclusive interview on "Special Report," Lutnick emphasized the caliber of immigrants the program aims to attract. Commerce Secretary Lutnick stated:
We said that from the first minute, go — these are vetted people. These are going to be great global citizens who are going to bring entrepreneurial spirit, capacity and growth to America. If one of them comes in, think of the jobs they're going to bring with them, the businesses they're going to bring with them, and they're going to pay American taxes as well. So this is huge money for America.
The proposed "gold card" visa would replace the existing EB-5 Immigrant Investor Program, which has been in place since 1990. The current program, managed by U.S. Citizenship and Immigration Services, requires foreign investors to make substantial investments in American commercial enterprises.
Under the existing framework, investors must demonstrate their commitment to creating or maintaining at least 10 permanent full-time positions for qualified U.S. workers. The new proposal significantly increases the investment threshold while potentially streamlining other requirements.
Trump announced the initiative during a press conference, where he directly addressed the proposed cost structure. The former president's straightforward approach highlighted the program's exclusive nature and potential appeal to high-net-worth international investors.
The Commerce Department is expected to release additional details about the "gold card" visa program in the coming weeks. This development period will likely address specific requirements, vetting procedures, and implementation timelines.
The initiative represents a significant shift in U.S. immigration policy, particularly in how it approaches wealthy foreign investors. The substantial increase in investment requirements from the current EB-5 program signals a move toward attracting ultra-high-net-worth individuals.
The administration believes this approach could simultaneously address immigration concerns while generating substantial revenue for the United States. The program's focus on thoroughly vetted, financially capable immigrants aims to ensure positive economic impacts.
President Trump's "gold card" visa proposal emerged from strategic discussions with business leader John Paulson and received strong support from Commerce Secretary Howard Lutnick. The initiative aims to transform the existing EB-5 investor program by implementing a $5 million investment requirement for U.S. residency. With 250,000 potential applicants already identified and the possibility of expanding to one million visas, the program could generate between $1.25 trillion and $5 trillion in revenue. Additional details about the program's implementation and specific requirements are expected to be announced in the upcoming weeks, marking a significant shift in U.S. immigration and investment policy.
