[Congressional Bills 111th Congress]
[From the U.S. Government Publishing Office]
[H.R. 5204 Introduced in House (IH)]

111th CONGRESS
  2d Session
                                H. R. 5204

    To establish the National Full Employment Trust Fund to create 
              employment opportunities for the unemployed.


_______________________________________________________________________


                    IN THE HOUSE OF REPRESENTATIVES

                              May 4, 2010

 Mr. Conyers introduced the following bill; which was referred to the 
 Committee on Education and Labor, and in addition to the Committee on 
   Ways and Means, for a period to be subsequently determined by the 
  Speaker, in each case for consideration of such provisions as fall 
           within the jurisdiction of the committee concerned

_______________________________________________________________________

                                 A BILL


 
    To establish the National Full Employment Trust Fund to create 
              employment opportunities for the unemployed.

    Be it enacted by the Senate and House of Representatives of the 
United States of America in Congress assembled,

SECTION 1. SHORT TITLE.

    This Act shall be cited as the ``21st Century Full Employment and 
Training Act''.

SEC. 2. DEFINITIONS.

    In this Act the following definitions apply:
            (1) Indian tribe.--The term ``Indian tribe'' has the 
        meaning given such term in section 102(17) of the Housing and 
        Community Development Act (42 U.S.C. 5302(17)).
            (3) Secretary.--The term ``Secretary'' means the Secretary 
        of Labor.
            (4) Small business.--The term ``small business'' has the 
        meaning given the term ``small business concern'' under section 
        3 of the Small Business Act (15 U.S.C. 632).
            (5) State.--The term ``State'' has the meaning given such 
        term in section 102(2) of the Housing and Community Development 
        Act (42 U.S.C. 5302(2)).
            (6) Trust fund.--The term ``Trust Fund'' refers to the Full 
        Employment Trust Fund established under section 3.
            (7) Unit of general local government.--The term ``unit of 
        general local government'' has the meaning given such term in 
        section 102(1) of the Housing and Community Development Act (42 
        U.S.C. 5302(1)).
            (8) Urban county.--The term ``urban county'' has the 
        meaning given such term in section 102(6) of the Housing and 
        Community Development Act (42 U.S.C. 5302(6)).

SEC. 3. ESTABLISHMENT OF FULL EMPLOYMENT NATIONAL TRUST FUND.

    (a) In General.--The Secretary shall establish a Full Employment 
National Trust Fund (in this Act referred to as the ``Trust Fund'') for 
the purposes of--
            (1) providing funding for the Employment Opportunity Grants 
        established in section 4; and
            (2) issuing funds to the Secretary to fund the Workforce 
        Investment Act.
    (b) Financing the Trust Fund.--Subject to the availability of 
appropriations for this purpose, the Secretary of the Treasury shall 
annually make available to the Secretary of Labor for deposit into the 
Trust Fund an amount equal to the amount collected for that year 
through the tax described in section 4475 of the Internal Revenue Code 
of 1986, as added by subsection (c).
    (c) Tax on Securities Transactions.--
            (1) In general.--Chapter 36 of the Internal Revenue Code of 
        1986 is amended by inserting after subchapter B the following 
        new subchapter:

             ``Subchapter C--Tax on Securities Transactions

``Sec. 4475. Tax on securities transactions.

``SEC. 4475. TAX ON SECURITIES TRANSACTIONS.

    ``(a) Imposition of Tax.--There is hereby imposed a tax on each 
covered securities transaction an amount equal to the applicable 
percentage of the value of the security involved in such transaction.
    ``(b) By Whom Paid.--The tax imposed by this section shall be paid 
by the trading facility on which the transaction occurs.
    ``(c) Applicable Percentage.--For purposes of this section--
            ``(1) In general.--The term `applicable percentage' means 
        the lesser of--
                    ``(A) the specified percentage, or
                    ``(B) 0.25 percent.
            ``(2) Specified percentage.--
                    ``(A) In general.--The term `specified percentage' 
                means, with respect to any taxable year beginning in a 
                calendar year, the percentage that the Secretary 
                estimates would result in the aggregate revenue to the 
                Treasury under this section for such taxable year and 
                all prior taxable years to equal the Secretary's 
                estimate of the net cost (if any) to the Federal 
                Government of--
                            ``(i) carrying out the Troubled Asset 
                        Relief Program established under title 1 of the 
                        Emergency Economic Stabilization Act of 2008, 
                        and
                            ``(ii) the exercise of authority by the 
                        Board of Governors of the Federal Reserve 
                        System under the third undesignated paragraph 
                        of section 13 of the Federal Reserve Act (12 
                        U.S.C. 343).
                    ``(B) Determination of percentage.--Such percentage 
                shall be determined by the Secretary not later than 30 
                days after the date of the enactment of this section, 
                and redetermined for taxable years beginning in each 
                calendar year thereafter. Such percentage shall take 
                into account the Secretary's most recent estimation of 
                such net cost. Any specified percentage determined 
                under this paragraph which is not a multiple of 1/100th 
                of a percentage point shall be rounded to the nearest 
                1/100th of a percentage point.
    ``(d) Covered Securities Transaction.--The term `covered securities 
transaction' means--
            ``(1) any transaction to which subsection (b), (c), or (d) 
        of section 31 of the Securities Exchange Act of 1934 applies, 
        and
            ``(2) any transaction subject to the exclusive jurisdiction 
        of the Commodity Futures Trading Commission.
    ``(e) Administration.--The Secretary shall carry out this section 
in consultation with the Securities and Exchange Commission and the 
Commodity Futures Trading Commission.''.
            (2) Clerical amendment.--The table of subchapters for 
        chapter 36 of such Code is amended by inserting after the item 
        relating to subchapter B the following new item:

           ``subchapter c. tax on securities transactions''.

            (3) Effective date.--The amendments made by this subsection 
        shall apply to sales occurring more than 30 days after the date 
        of the enactment of this Act.
    (d) Separate Trust Fund Accounts.--The Trust Fund shall consist of 
2 separate accounts as follows:
            (1) One account shall consist of 67 percent of the funds 
        made available for deposit under subsection (b) and shall be 
        for the Employment Opportunity Grants established in section 4.
            (2) The other account shall consist of 33 percent of the 
        funds made available for deposit under subsection (b) and shall 
        be available to the Secretary to fund programs under the 
        Workforce Investment Act of 1998 (29 U.S.C. 2801 et seq.).
    (e) Web Site.--The Secretary shall establish an Internet Web site 
to serve as an information clearinghouse for job training and 
employment opportunities funded by the Trust Fund.

SEC. 4. EMPLOYMENT OPPORTUNITY GRANTS TO STATES, LOCAL GOVERNMENT, AND 
              INDIAN TRIBES.

    (a) Employment Grants Contingent on Unemployment Rate.--Subject to 
the availability of funds in the Trust Fund for such activities under 
this section, if, at the times set forth in subsection (b), the rate of 
unemployment, as determined by the Bureau of Labor Statistics, is 
higher than the corresponding percentages set forth in such subsection, 
the Secretary shall make grants, in amounts totaling 90 percent of such 
funds available, to States, units of general local government, and 
Indian tribes to carry out activities in accordance with this section.
    (b) Applicable Rates of Unemployment.--The rates of unemployment 
and corresponding years described in subsection (a) are as follows:
            (1) 9.0 percent for the first year after the date of the 
        enactment of this Act.
            (2) 8.0 percent beginning 2 years after such date of 
        enactment.
            (3) 6.0 percent beginning 5 years after such date of 
        enactment.
            (4) 5.0 percent beginning 8 years after such date of 
        enactment.
            (5) 4.0 percent beginning 10 years after such date of 
        employment.
    (c) Purpose.--Grants made under this section shall be for creating 
employment opportunities for unemployed and underemployed residents of 
distressed communities in activities designed to address community 
needs and reduce disparities in health, housing, education, job 
readiness, and public infrastructure that have impeded these 
communities from realizing their full economic potential.
    (d) Use of Funds.--A recipient of a grant under this section shall 
use the grant for the following purposes:
            (1) During the initial 9-month period in which grants are 
        made under this section, each grant shall be used only to fund 
        the following types of fast-track job placements:
                    (A) The painting and repair of schools, community 
                centers, and libraries.
                    (B) The restoration and revitalization of abandoned 
                and vacant properties to alleviate blight in distressed 
                and foreclosure-affected areas of a unit of general 
                local government.
                    (C) The expansion of emergency food programs to 
                reduce hunger and promote family stability.
                    (D) The augmentation of staffing in Head Start, 
                child care, and other early childhood education 
                programs to promote school readiness and early 
                literacy.
                    (E) The renovation and enhancement of maintenance 
                of parks, playgrounds, and other public spaces.
            (2) Following the 9-month period described in paragraph 
        (1), a recipient of a grant may use the remaining amount of the 
        grant to assist public entities, nonprofit organizations, 
        public-private partnerships, or small businesses to create 
        opportunities for employment in the following areas:
                    (A) Construction, re-construction, rehabilitation, 
                and site improvements of residences or public 
                facilities, including improvements in the energy 
                efficiency or environmental quality of such public 
                facilities or residences.
                    (B) Provision of human services, including child 
                care services, health care services, education, or 
                recreational programs.
                    (C) The remediation and demolition of vacant and 
                abandoned properties to eliminate blight.
                    (D) Programs that provide disadvantaged youth with 
                opportunities for employment, education, leadership 
                development, entrepreneurial skills development, and 
                training.
    (e) Consultation Required.--Each grant recipient shall consult with 
community leaders, including labor organizations, non-profit 
organizations, local government officials, and local residents to--
            (1) assess the needs of the community served by the grant 
        recipient;
            (2) determine sectors of the local economy that are in need 
        of employees;
            (3) make recommendations for new employment opportunities 
        in the areas described in paragraph (3); and
            (4) assess the effectiveness of job placements made under 
        paragraph (1).
    (f) Conditions.--As a condition of receiving a grant under this 
section, a grant recipient shall--
            (1) agree to comply with the nondiscrimination policy set 
        forth under section 109 of the Housing and Community 
        Development Act of 1974 (42 U.S.C. 5309);
            (2) allocate not less than 80 percent of the funding 
        allocated to each project funded under the grant to wages, 
        benefits, and support services, including child care services, 
        for individuals employed on such project;
            (3) ensure that employment on any project funded under the 
        grant is carried out in accordance with subsection (f);
            (4) institute an outreach program with community 
        organizations and service providers in low-income communities 
        to provide information about placements funded under the grant 
        to individuals suited to perform community infrastructure work; 
        and
            (5) ensure that not less than 35 percent of individuals 
        employed under the grant are individuals described in paragraph 
        (5)(B) of subsection (f).
    (g) Employment Described.--Employment funded under this section 
shall meet the following specifications:
            (1) Any employer that employs an individual whose 
        employment is funded under the grant shall--
                    (A) employ such individual for not less than 12 
                months;
                    (B) employ such individual for not less than 30 
                hours per week;
                    (C) comply with responsible contractor standards, 
                as determined by the relevant official in the unit of 
                local general government;
                    (D) provide compensation to such individual equal 
                to that which is paid to employees who have been 
                employed to perform similar work prior to the date such 
                individual was hired; and
                    (E) if such employment is in construction, provide 
                compensation to any laborer or mechanic employed under 
                the grant at rates not less than those prevailing on 
                similar construction in the locality as determined by 
                the Secretary of Labor in accordance with subchapter IV 
                of chapter 31 of title 40, United States Code.
            (2) No individual whose employment is funded under the 
        grant may work for an employer at which a collective bargaining 
        agreement is in effect covering the same or similar work, 
        unless--
                    (A) the consent of the union at such employer is 
                obtained; and
                    (B) negotiations have taken place between such 
                union and the employer as to the terms and conditions 
                of such employment.
            (3) An individual whose employment is funded under this Act 
        may not displace other employees whose employment is not funded 
        under this Act. A grant recipient under this Act may not hire 
        an employee or employees with funds under this Act for any 
        employment which the grant recipient would otherwise hire an 
        employee who has been furloughed.
            (4) An individual whose employment is funded under this Act 
        shall be--
                    (A) unemployed for not less than 26 weeks prior to 
                the receipt of the grant, as verified by the State or 
                local department of labor, department of welfare, or 
                similar office charged with maintaining records of 
                unemployment; or
                    (B) unemployed for not less than 30 days prior to 
                the receipt of the grant and be a low-income individual 
                who is a member of a targeted group (as defined by 
                section 51(d) of the Internal Revenue Code of 1986) as 
                verified by the State or local department of labor, 
                department of welfare, or similar office charged with 
                maintaining records of unemployment.
        For purposes of subparagraph (B), the hiring date (as defined 
        in section 51(d)(11) of such Code) shall be the hiring date by 
        an employer who receives a grant pursuant to this section.
    (h) Award of Grants.--
            (1) Selection criteria.--In selecting a project to receive 
        funding for employing the individuals described in subsection 
        (f)(5), a grant recipient shall consider--
                    (A) the input of all participants in a proposed 
                project, including labor organizations, community 
                organizations, and employers;
                    (B) the needs of the community intended to benefit 
                from such project;
                    (C) the long-term goals and short term objectives 
                to address such needs; and
                    (D) any recommendations for programs and activities 
                developed to meet such needs.
            (2) Priority given to certain projects.--A grant recipient 
        under this section shall give priority to projects that--
                    (A) serve areas with the greatest level of economic 
                need, determined for each such area by--
                            (i) the unemployment rate;
                            (ii) the rate of poverty;
                            (iii) the number of census tracts with 
                        concentrated poverty;
                            (iv) the lowest median income;
                            (v) the percentage of vacant and abandoned 
                        properties;
                            (vi) the percentage of home foreclosures; 
                        and
                            (vii) the indicators of poor resident 
                        health, including high rates of chronic 
                        disease, infant mortality, and life expectancy;
                    (B) integrate education and job skills training, 
                including basic skills instruction and secondary 
                education services;
                    (C) coordinate to the maximum extent feasible with 
                pre-apprenticeship and apprenticeship programs; and
                    (D) provide jobs in sectors where job growth is 
                most likely, as determined by the Secretary, and in 
                which career advancement opportunities exist to 
                maximize long-term, sustainable employment for 
                individuals after employment funded under this Act 
                ends.
    (i) Allocation of Grants.--
            (1) Grants for indian tribes and deposits into 
        discretionary fund.--Not more than 5 percent of the funds 
        appropriated to carry out this Act for any fiscal year shall be 
        reserved for grants to Indian tribes and for deposit into a 
        discretionary fund established by the Secretary for national 
        demonstration projects and multi-jurisdictional projects.
            (2) Grants to states.--Not more than 30 percent of funds 
        appropriated to carry out this Act for any fiscal year shall be 
        allocated to States to distribute to units of general local 
        government that do not qualify for funds under paragraph (3).
            (3) Grants to units of general local government.--Grant 
        funds that are not reserved under paragraphs (1) and (2) shall 
        be allocated to metropolitan cities and urban counties using 
        the formula under section 106(b) of the Housing and Community 
        Development Act of 1974 (42 U.S.C. 5306(b)).
    (j) Reports.--
            (1) Reports by grant recipients.--Not later than 90 days 
        after the last day of each fiscal year in which assistance 
        under this section is furnished, a recipient of a grant under 
        this section shall submit to the Secretary a report containing 
        the following:
                    (A) A description of the progress made in 
                accomplishing the objectives of this chapter.
                    (B) A summary of the use of the grant during the 
                preceding fiscal year.
                    (C) For units of general local government, a 
                listing of each entity receiving funds and the amount 
                of such grants, as well as a brief summary of the 
                projects funded for each such unit, the extent of 
                financial participation by other public or private 
                entities, and the impact on employment and economic 
                activity of such projects during the previous fiscal 
                year.
                    (D) For States, a listing of each unit of general 
                local government receiving funds and the amount of such 
                grants, as well as a brief summary of the projects 
                funded for each such unit, the extent of financial 
                participation by other public or private entities, and 
                the impact on employment and economic activity of such 
                projects during the previous fiscal year.
                    (E) The amount of money received and expended 
                during the fiscal year.
                    (F) The number of individuals assisted under the 
                grant whose household income is low-income, very low-
                income, or extremely low-income (as such terms are used 
                for purposes of the Housing Act of 1937 and the 
                regulations there under (42 U.S.C. 1437 et seq.)).
                    (G) The amount expended on administrative costs 
                during the fiscal year.
            (2) Report to congress.--At least once every 6 months, the 
        Secretary shall submit to Congress a report on the use of 
        grants awarded under this section and any progress in job 
        creation.

SEC. 5. NATIONAL EMPLOYMENT CONFERENCE.

    (a) In General.--The Secretary shall convene a national employment 
conference not later than 1 year after the date of enactment of this 
Act, to bring together leaders of small and larger business, labor, 
government, and all other interested parties.
    (b) Subject.--The subject of the conference shall be employment, 
with particular attention to structural unemployment and the plight of 
disadvantaged youth. The conference shall also focus on issues such as 
adequate and effective incentives for employers to hire the long-term 
unemployed.
                                 <all>