Commerce Secretary Howard Lutnick said Trump's initiative would replace the EB-5 program, which offers U.S. visas to investors.

The commerce secretary said the gold card — actually a green card, or permanent legal residency — would raise the price of admission for investors and do away with fraud.

Trump told reporters he will replace the "EB-5" immigrant investor visa program, which allows foreign investors of large sums of money that create or preserve U.S. jobs to become permanent residents,