"You don't need to have $5 million in your bank account to build a successful company in America. Just look at Sergey Brin, Sundar Pichai, or Satya Nadella," Khanna told Newsweek in a statement Wednesday.
What To Know
Khanna argued for a merit-based approach to immigration, advocating for policies that welcome talented workers while also reforming the H-1B visa program to prevent exploitation.
"We should welcome talented workers to America who will bring their creativity and productivity while also reforming the H1-B program to prevent abuses," he added.
Trump unveiled the new "gold card" visa initiative Tuesday, saying it will offer wealthy foreign investors a pathway to U.S. residency and citizenship for a $5 million fee. This program is set to replace the existing EB-5 investor visa, which he said would happen within two weeks.
During Tuesday's announcement in the Oval Office, Trump's Commerce Secretary Howard Lutnick said that the current EB-5 visa was just a way to get a green card which was "low priced."
The EB-5 costs between $100,000 and $200,000 in fees which applicants pay the United States Citizenship and Immigration Service (USCIS). Investors also have to commit to invest between $800,000 and $1 million and hire at least 10 Americans.
Trump touted the gold card as a "green card plus," suggesting additional benefits to those granted to regular permanent residents. However, critics have argued that this approach would prioritize wealth over merit and may not effectively address economic concerns as the administration looks to remove millions of undocumented immigrants.
Bringing in extra cash to the U.S. appeared to be a big driver for the president and Lutnick. Trump said gold cardholders would bring a lot of investment and tax income, while the Commerce chief said the collection of $5 million fees could help offset the country's deficit.
Immigration policy experts and attorneys quickly pointed out that the president does not have the power to create new visa categories, or end the EB-5. They say that authority lies with Congress.
A report from the International Monetary Fund (IMF) in 2021 warned that programs like the gold card already in place around the world can increase financial risks, as well as potential criminal activity.
What People Are Saying
Trump, in the Oval Office Tuesday: "It's going to be a route to citizenship, and wealthy people will be coming into our country by buying this card. They will be wealthy, they will be successful, they will be spending a lot of money and paying a lot of taxes."
The IRC's 2021 report: "The risks from these programs can spill over to other countries, too. Members of organized crime may use their newly acquired passports to move freely between countries and establish illegal enterprises."
David Bier, director of immigration studies at the Cato Institute, on X: "The president can't shut down the EB-5 program, or increase the min investment to $5 million, or make it into a payment to his admin, or increase the cap from <10K to more than 1 million."
What Happens Next
Trump said the program would be running within two weeks, but details on how the new program would work, and if it will be approved by Congress, remained scarce Wednesday. So far, there has been no official announcement posted by the White House or USCIS.