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Investing.com -- During a cabinet meeting on Wednesday, U.S. President Donald Trump and Commerce Secretary Howard Lutnick detailed a new initiative known as the "Gold Card" program. They suggested that this program could potentially pay off the U.S. national debt.
Lutnick criticized the former EB-5 program, which he described as poorly managed and poorly executed. Under the old program, an investment of $1M provided a visa leading to a green card, with no vetting process in place.
The new proposal aims to improve upon this by implementing a proper agreement. For a $5M investment, applicants will receive a license from the Department of Commerce, allowing them to invest in the former EB-5 program and conduct business in the U.S. Lutnick stated that the sale of 200,000 such Trump Gold Cards could generate $1T towards reducing the national debt.
President Trump further explained that the Gold Card program does not require the creation of a specific number of jobs. He suggested that companies might want to invest in individuals, such as recent college graduates or athletes. The program is designed to retain global talent, allowing companies to pay for individuals they wish to hire. Additionally, the Gold Card program offers a path to citizenship.
Trump speculated on the potential revenue from the sale of Gold Cards, stating that 1M Gold Cards could generate $5T, while 10M Gold Cards could bring in $50T, which would be sufficient to pay off the national debt. While he admitted uncertainty about the number of Gold Cards that would be sold, he expressed confidence in the program’s popularity, stating, "Everybody wants to come to America. And they’ll all be vetted."
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