The House Judiciary Committee did its part to make President Donald Trump’s “one big, beautiful bill” a reality last week when it marked up legislation that would increase fees paid to the federal government when processing immigration-related matters. Unfortunately, the biggest ticket item, Trump’s “gold card” visa, was left on the cutting room floor. There is still time for the Senate to include it in its version of the bill, and it should do so because the policy could sensibly generate huge revenue and bring down the national debt.
First floated during a February Oval Office press conference with Commerce Secretary Howard Lutnick, gold cards would be available for $5 million to any noncitizen who passes a thorough background check. The money would be payable directly to the Treasury. The gold card would entitle the holder to lawful entrance and residence in the United States, equal to a green card, and like a green card, it would set the holder on a path to citizenship.
Crucially, noncitizens would not have to pay the $5 million themselves, though they would be allowed to if they had the resources to do so. Other wealthy people, corporations, or sponsors would also be allowed to come up with the $5 million. Like any visa, the president would be free to revoke it if the holder committed a crime that the president thought should preclude them from citizenship.
In later communications, the White House made clear that the gold card program would replace the EB-5 program, which was created by Congress in 1990. Under EB-5, noncitizens do not give money directly to the government. Instead, Congress has identified certain “targeted employment areas,” where, if noncitizens invest $500,000 in a company or infrastructure project, they get a green card.
This indirect step, forcing foreign investors to find a domestic company or project willing to sponsor them, has riddled the EB-5 program with fraud. Many foreigners pay money to an American middleman who disappears with their money, leaving them without their investment or a green card. Additionally, even for legitimate projects — the Barclays Center in New York was financed with EB-5 fees — EB-5 fees only indirectly help taxpayers because the money does not go directly to the government.
Trump and Lutnick seem to think that they can just change the existing EB-5 program into their ideal gold card program through administrative action. Elon Musk’s Department of Government Efficiency is reportedly already working on the software to do so. But even if DOGE can create Trump’s gold card program on U.S. Citizenship and Immigration Services computers, it would not be legal.
The existing statute does not allow direct payments to the government or a fee of $5 million. The program is statutorily capped at 10,000 visas a year. Congress has the power to change these requirements and limitations. It could eliminate the EB-5 program and start fresh with Trump’s gold card. Either way, congressional action is needed.
The gold card idea was reportedly brought up in the House Judiciary Committee but was rejected because a minority of members were concerned it would put access to the U.S. up for sale. That is true. But the existing EB-5 program already does that without undermining our sovereignty, whatever other flaws can be charged against it.
DEMOCRATS HAVE A PATRIOTISM PROBLEM
As the House and Senate are forced to identify ways to extend low tax rates without ballooning deficits, the gold card idea will, we hope, be revisited. On average, the U.S. issues about 1 million green cards each year. If we were to set aside 100,000 of those for gold cards, it would generate $500 billion a year or $5 trillion over 10 years. Setting aside just 20,000 would yield $200 billion a year or $1 trillion over 10 years.
Trump’s gold card is too good an idea to pass up, and congressional Republicans should make sure it is included in the final big, beautiful bill.