The Trump administration is planning to introduce a “gold card” program, which would allow wealthy foreigners to invest USD 5 million in exchange for US residency.
US Commerce Secretary Howard Lutnick has called the existing H-1B visa programme a “scam,” arguing that it takes away jobs from American workers. His remarks signal the possibility of major reforms, which could have significant consequences for Indian professionals, who account for the majority of H-1B holders.
The Commerce Secretary criticised the current H-1B visa system, stating that American businesses should prioritise hiring local workers over relying on foreign employees.ย
H-1B visa system is a scam
“The current H-1B visa system is a scam that lets foreign workers fill American job opportunities. Hiring American workers should be the priority of all great American businesses,” said Lutnick, in an interview with Fox News.
Lutnick also said that he was directly involved in the idea to get rid of the existing lottery system for the allocation of H-1B visas to foreign nationals with a more wage-based system. “We are going to change that program because that’s terrible, right. We are going to change the green card,” Lutnick said.
Trump’s ‘Gold Card’ plan
Lutnick outlined US President Donald Trump’s ‘Gold Card’ program, and said that only wealthy foreigners who invest $5 million in the United States will be given US residency. “That’s the gold card that’s coming. And that’s where we’re gonna start picking the best people to come into this country. It’s time for that to change,” he added.
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.
The remarks come even as Trump himself has in January defended the H-1B programme, saying 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.
“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.ย
(With ANI inputs)
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