Washington, DC [US], August 26 : United States Secretary of Commerce Howard Lutnick said that the US intends to alter the current immigration system, specifically the H1B visa program and green cards, local media reported.
According to Lutnick, the Trump administration plans to introduce a "gold card" program, which would allow wealthy foreigners to invest USD 5 million in exchange for US residency.
"I'm involved in changing the H1B visa program. We're going to change that program because that's terrible right. We're going to change the green card," Lutnick said during an Interview with Fox News.
"That's the gold card that's coming. And that's we're gonna start picking the best people to come into this country. It's time for that to change," he added.
The proposed Gold Card would offer permanent residency to foreigners who invest USD 5 million in the United States. Lutnick claims there is strong interest in the program, with 250,000 people supposedly waiting in line, and potentially generating USD 1.25 trillion in revenue.
In January 2025, Trump reaffirmed his stance to support the H-1B visa program, which allows employers in the US to hire non-immigrant workers for speciality occupations, stating that the country needs "competent" and "great" individuals to come to the US and that this can be achieved through the H-1B visa program.
While addressing the media at the White House on Tuesday (local time), Trump emphasised his belief in the importance of attracting skilled individuals to the country, citing the H-1B visa program as a key tool in facilitating this.
He further argued that allowing "quality people" to come into the US further helps in bolstering the economy by supporting various industries.
"You got to get the best people...We have to have the quality people coming in... By doing that, we're expanding businesses, and that takes care of everybody... But what I really do feel is that we have to let really competent people, great people, come into our country, and we do that through the H-1B," Trump said.
Notably, during Trump's first term, the administration imposed restrictions on H-1B visas, citing concerns over "abuse" and "economic strain." In 2016, Trump condemned the program, describing it as a means for companies to replace American workers with lower-paid foreign employees.