President Trump defended his “Gold Card” proposal during a Cabinet meeting, claiming it would help American businesses hire top international students by providing a financial avenue for legal immigration. The program allows companies to buy a $5 million card for residency and a path to citizenship for skilled immigrants, addressing complaints about the difficulty in retaining talent due to immigration uncertainties. Trump hopes to start the program in two weeks, asserting it can generate funds to reduce national debt. However, experts suggest Congress might need to approve the initiative, questioning the feasibility of attracting enough eligible participants.
Washington, DC:
Defending his “Gold Card” proposal amid accusations of catering only to affluent immigrants, US President Donald Trump asserted that American companies could acquire his plan to retain exceptional students from nations such as India, who attended educational institutions in the United States for rigorous studies.
“I receive calls from, for instance, businesses looking to hire the top student from a school, a candidate hailing from India, China, Japan, and numerous other countries, who graduates at the top of their class from prestigious places like Harvard or the Wharton School of Finance, or Yale,” the President stated on Wednesday during the inaugural full Cabinet meeting of his second term.
Mr. Trump indicated that American companies face challenges in attracting or keeping high-caliber talent due to the uncertainties surrounding the immigration status of some students.
“They (immigrant students) receive job offers, but those offers are often retracted immediately because there’s no certainty about whether that individual can remain in the country. I want to ensure that this person can stay here. Companies can purchase a gold card, which they can utilize as a recruitment tool. We aim to start selling them in about two weeks,” he explained.
US firms, especially in Silicon Valley, have reportedly expressed concerns over their struggles to fill numerous positions. Mr. Trump, who has implemented measures to tighten the borders against undocumented migration, has stated his desire to welcome more legally established immigrants with in-demand skills or the means to invest in the nation.
The President also maintained that he views the ‘Gold Card’ as a mechanism to generate revenue to reduce the national debt. He forecasted that the ‘gold card’ would be well-received by businesses.
“I believe it will sell remarkably well. It’s an incredible deal,” he commented.
Trump’s “Gold Card”
The president introduced the proposed initiative on Tuesday. The Gold Card program would provide residency and a pathway to citizenship for those who contribute $5 million, thereby creating a new channel for legal immigration.
The President stated that the program would commence in two weeks and expressed confidence that he would not require congressional approval to initiate it. Immigration specialists, however, argue that lawmaker approval would likely be necessary for such a change.
Mr. Trump mentioned that discussions regarding the vetting criteria to qualify for the gold cards are ongoing. When queried about potential restrictions for US competitors, such as China, Trump indicated that limitations might not be based solely on nationality, but there would still be guidelines on eligibility for individuals.
“We aim to ensure that we bring in individuals who love our country and are capable of contributing positively,” Trump stated.
Sitting alongside the President, Commerce Secretary Howard Lutnick noted that this initiative could potentially replace the current EB-5 program, which allows foreign investors and their immediate families to gain permanent residency by investing a specific amount in an American business and creating at least 10 jobs in the US.
According to the proposed plan, individuals would pay the fee to the US government, which Mr. Trump has claimed could be utilized to address the national debt. On Wednesday, he mentioned that selling 1 million gold cards could generate $5 trillion, although immigration experts have stated that the pool of those able to participate in the program is significantly smaller.