LEXINGTON, Ky. — Only one person has been approved under President Donald Trump's "Gold Card" visa program despite hundreds of applications awaiting review, U.S. Commerce Secretary Howard Lutnick told Congress on Thursday.

Speaking before the House Appropriations Committee, Lutnick said the Department of Homeland Security oversees applicant vetting and that those applicants have paid $15,000 for what he described as a rigorous process. The program remains in its early stages, he indicated.

"This is a new program, and they've just set it up. They wanted to make sure they did it perfectly, and so we've worked through that," Lutnick said. "But it's a DHS program conducted with rigorous, rigorous vetting."

The Trump Gold Card program, launched late last year, allows foreign nationals to pay $1 million plus a $15,000 processing fee for U.S. residency. Corporations may also participate by contributing $2 million and paying the $15,000 processing fee.

Lutnick added that revenue from the program would benefit the United States and help pay down the national debt. "It needs to be for commerce and the betterment of the United States of America," he said.

Modeled after the EB-5 visa program, which began in 1990 to encourage job creation through foreign investment, Lutnick has suggested the Gold Card system could eventually replace EB-5. The Commerce Secretary emphasized that all applicants would undergo thorough vetting before approval.

The slow approval rate comes as the Trump administration has pursued broader immigration restrictions, including imposing a $100,000 annual fee for H-1B visa applications for skilled workers.