,i #aafth ,,congress #ast ,session ,h4 ,r4 #ajjj ,,in ,,the ,,house ,,of ,,representatives ,february #f1 #bjai,ms4 ,wilson of ,florida introduced the following bill2 which was referred to the ,committee on ,education and ,labor1 and in addition to the ,committee on ,ways and ,means1 for a period to be subsequently determined by the ,speaker1 in each case for consideration of such provisions as fall within the jurisdiction of the committee concerned ,a ,,bill ,to establish a ,national ,full ,employment ,trust ,fund to create employment opportunities for the unemployed1 and for other purposes4 #a4 ,short title2 table of contents 7a7 ,short title ,this ,act may be cited as the ,humphrey-,hawkins #bast ,century ,full ,employment and ,training ,act of #bjai or the ,jobs for ,all ,act4 7b7 ,table of contents ,the table of contents of this ,act is as follows3 ,sec4 #a4 ,short title2 table of contents4 ,sec4 #b4 ,findings and purposes4 ,sec4 #c4 ,definitions4 ,title ,i--,establishment of ,national ,full ,employment ,trust ,fund ,sec4 #aja4 ,national ,full ,employment ,trust ,fund4 ,sec4 #ajb4 ,source of funds4 ,sec4 #ajc4 ,loans from the ,federal ,reserve ,system4 ,sec4 #ajd4 ,trust ,fund corpus reserved4 ,title ,,ii--,program ,administration ,sec4 #bja4 ,in general4 ,sec4 #bjb4 ,grant management4 ,sec4 #bjc4 ,office of ,technical ,assistance4 ,sec4 #bjd4 ,office of ,educational ,support4 ,sec4 #bje4 ,office of ,assisted ,placement4 ,sec4 #bjf4 ,office of ,dispute ,resolution4 ,sec4 #bjg4 ,office of ,statistics and ,research4 ,sec4 #bjh4 ,national ,employment ,conference4 ,sec4 #bji4 ,program website4 ,sec4 #baj4 ,staffing administrative functions4 ,sec4 #baa4 ,workforce ,innovation and ,opportunity ,act4 ,title ,,iii--,employment ,opportunity ,grants ,sec4 #cja4 ,grants4 ,sec4 #cjb4 ,eligible entities4 ,sec4 #cjc4 ,use of funds4 ,sec4 #cjd4 ,grant conditions4 ,sec4 #cje4 ,program employment described4 ,sec4 #cjf4 ,eligibility for program employment4 ,sec4 #cjg4 ,compensation4 ,sec4 #cjh4 ,assisted placement4 ,sec4 #cji4 ,priority given to certain projects4 ,sec4 #caj4 ,startup period4 ,sec4 #caa4 ,secretary's authority to administer projects directly4 ,sec4 #cab4 ,reports4 ,sec4 #cac4 ,dispute resolution4 ,sec4 #cad4 ,tax on securities transactions4 #b4 ,findings and purposes 7a7 ,findings ,congress finds the following3 7#a7 ,the ,federal ,government has established the achievement of full employment as a national goal in the ,employment ,act of #aidf and the ,full ,employment and ,balanced ,growth ,act of #aigh4 7#b7 ,consistent with this goal and pursuant to these ,acts1 the ,congress has declared it to be the continuing policy and responsibility of the ,federal ,government to use all practicable means to create and maintain conditions which promote useful employment opportunities for all who seek them1 including the self-employed4 7#c7 ,consistent with this goal and pursuant to these ,acts1 the ,congress has also declared and established as a national goal the fulfillment of the right to full opportunities for useful paid employment at fair rates of compensation of all individuals able1 willing1 and seeking to work4 7#d7 ,the ,united ,states also has a duty under ,articles #ee and #ef of the ,united ,nations ,charter to promote full employment and the universal respect for1 and observance of1 human rights and fundamental freedoms for all without distinction as to race1 sex1 language1 or religion4 7#e7 ,the human rights the ,united ,states has a duty to promote pursuant to this obligation are set forth in the ,universal ,declaration of ,human ,rights4 7#f7 ,article #bc of the ,universal ,declaration of ,human ,rights states that ,everyone has the right to work and to just and favorable remuneration that insures for his or her family an existence worthy of human dignity1 and supplemented1 if necessary1 by other means of social protection4 7#g7 ,consistent with the purpose and intent of the ,employment ,act of #aidf1 the ,full ,employment and ,balanced ,growth ,act of #aigh1 ,articles #ee and #ef of the ,united ,nations ,charter1 and ,article #bc of the ,universal ,declaration of ,human ,rights1 the ,congress recognizes and declares that the meaning of full employment under both ,united ,states and international law is synonymous with the realization of the right to work4 7#h7 ,consistent with this understanding of the meaning of full employment1 the stated policy of the ,united ,states with respect to the achievement of full employment and the realization of the right to work1 and the obligations of the ,united ,states under international law1 the ,full ,employment and ,balanced ,growth ,act of #aigh established an interim #e-year target of #c percent unemployment for individuals #bj years of age and older1 and #d percent for individuals age #af and over within #e years1 with full employment to be achieved as soon as practicable thereafter4 7#i7 ,notwithstanding the targets set forth in the ,full ,employment and ,balanced ,growth ,act of #aigh1 the ,united ,states continues to suffer substantial unemployment and underemployment across all phases of the business cycle1 including periods when the ,board of ,governors of the ,federal ,reserve ,system is pursuing policies that may be useful in controlling inflation but whose necessary consequence is the continuation of a level of unemployment and underemployment that is inconsistent with the achievement of full employment and the realization of the right to work4 7#aj7 ,the ,federal ,government's failure to develop and implement policies capable of reconciling the need to control inflation with its obligation to achieve full employment and secure the right to work imposes numerous economic and social costs on the ,nation1 the following among them3 7,a7 ,the ,nation is deprived of the full supply of goods and services and related increases in economic well-being that would occur under conditions of genuine full employment4 7,b7 ,the ,nation's depressed output of goods and services1 especially in the public sector1 is insufficient to meet pressing national needs for infrastructure investment and maintenance1 public transportation1 clean energy production1 low and moderate income housing1 education1 health care1 child and elder care1 and many other public goods and human services4 7,c7 ,unemployment and underemployment expose many workers and families to significant1 social1 psychological1 and physiological costs1 including disruption of family life1 the loss of individual dignity and self-respect1 and the aggravation of physical and mental illnesses4 7,d7 ,persisting unemployment and underemployment have devastating financial consequences for its victims1 resulting in the loss of income and spending power for families1 and interfering with their ability to save and accumulate assets for a secure family life and retirement4 7,e7 ,because disadvantaged population groups suffer the burdens and harmful consequences of unemployment with greater frequency and at higher levels than nondisadvantaged population groups1 unemployment presents a virtually insurmountable barrier to the achievement of equal opportunity for all ,americans4 7,f7 ,exceptionally high levels of unemployment among the ,nation's youth are particularly harmful because of their long-term negative effects4 7,g7 ,high levels of unemployment and inadequate consumer demand also contribute to poor conditions for retail businesses1 manufacturers1 and many other firms to grow and prosper4 7,h7 ,in the real estate sector1 the ,congress finds that high levels of unemployment contribute to foreclosures1 evictions1 and commercial vacancies1 thereby undermining the quality of neighborhood and community life1 and hampering prospects for the economic development of all the ,nation's neighborhoods and communities4 7#aa7 ,since the historic promise of the ,employment ,act of #aidf and the ,full ,employment and ,balanced ,growth ,act of #aigh has not been realized1 the ,congress declares and reaffirms the ,federal ,government's obligation to insure the availability of decent jobs for all at living wages4 7#ab7 ,the ,congress further declares and reaffirms that the elimination of job disparities among groups of workers who experience chronically higher rates of unemployment and underemployment is an essential component of the ,federal ,government's commitment to the achievement of full employment and the realization of the right to work4 7#ac7 ,the ,congress also finds that both job vacancy surveys and historic experience shows that even at the top of the business cycle1 when the national unemployment rate drops to the #d percent or below1 the economy fails to provide enough jobs to employ everyone who wants to work4 ,consequently1 the need for direct job creation by the ,federal ,government is especially important at such times to close the economy's job gap without adding significantly to inflationary pressures1 a goal it is virtually impossible to achieve with economic policies directed at boosting production in the private sector of the economy4 7#ad7 ,the ,congress further finds that in addition to providing a non-inflationary pathway for the achievement of full employment and the realization of the right to work1 the direct job-creation strategy1 conceived and tested by the ,federal ,government during the ,new ,deal era1 would also reduce the severity of recessions while enriching the ,nation with a substantial increase in the production of badly needed public goods and services4 7#ae7 ,the ,congress further finds that because of the broad range of social costs the problem of unemployment imposes on society1 including in particular reduced tax collections and increased social welfare expenditures by all levels of government1 the achievement of full employment and the realization of the right to work by means of the ,new ,deal's direct job creation strategy would cost far less than other major social welfare benefits provided by government and might even end up saving the public money4 7#af7 ,therefore1 while the ,congress fully supports efforts to maximize the creation of private1 public1 and nonprofit sector jobs through improved use of general economic and structural policies1 it recognizes and affirms the need to supplement those policies with a well-designed direct job creation program committed to and capable of closing the economy's job gap across all phases of the business cycle4 7b7 ,purpose ,it is the purpose of the ,jobs for ,all ,act to achieve genuine full employment and fulfill the right to useful work at living wages for all persons able1 willing and seeking employment by establishing a ,national ,full ,employment ,trust ,fund to pay for a national program of public service employment capable of achieving these goals by supplementing the employment opportunities furnished by the existing private1 public1 and nonprofit sectors of the economy under existing law4 #c4 ,definitions ,in this ,act1 the following definitions apply3 7#a7 ,,aca ,the term ,,aca means the ,patient ,protection and ,affordable ,care ,act as amended4 7#b7 ,disadvantaged individual or population group ,the term disadvantaged individual or disadvantaged population group means an individual or population group that the ,secretary has identified as suffering from disabilities or socio-economic disadvantages that significantly interfere with the individual's or group's access to equal employment opportunity4 7#c7 ,comparable worth ,the term comparable worth1 used with respect to work1 means work that includes the composite of the skill1 effort1 responsibility1 and working conditions normally required in the performance of a particular job as determined pursuant to standards established by the ,secretary following consultations with experts in the field of comparable worth wage assessments4 7#d7 ,equal ,opportunity ,grant ,the terms ,equal ,opportunity ,grant and grant mean an ,employment ,opportunity ,grant authorized in title ,,iii of this ,act4 7#e7 ,grant recipient ,the term grant recipient means an entity awarded an ,employment ,opportunity ,grant under section #f of this ,act4 7#f7 ,health exchange the term ,health ,exchange or ,state ,health ,exchange means an ,american ,health ,benefit ,exchange established under section #acaa7;b7 or #acba7;c7 of the ,,aca4 7#g7 ,indian ,tribe ,the term ,indian ,tribe has the meaning given such term in section #ajb7ag7 of the ,housing and ,community ,development ,act 7#db ,u4,s4,c4 #ecjb7ag774 7#h7 ,one-stop center ,the term one-stop center means a site described in section #aba7;e77#b7 of the ,workforce ,innovation and ,opportunity ,act 7#bi ,u4,s4,c4 #caea7;e77#b774 7#i7 ,program ,the term ,program whether used as a noun or an adjective1 shall refer to the program established under this ,act4 7#aj7 ,program employee ,the term ,program employee means a person certified as eligible for ,program ,employment under section #cjf of this ,act and who is employed in a job funded by the ,trust ,fund4 7#aa7 ,program employment ,the term ,program employment means employment of a ,program ,employee in a job funded by the ,trust ,fund4 7#ab7 ,program trainee ,the term ,program trainee means a person enrolled in a training program funded under this ,act4 7#ac7 ,program training ,the term ,program training means training provide by a grant recipient in a training program authorized under title ,,iii of this ,act4 7#ad7 ,reasonable needs ,the term reasonable needs shall mean those needs reasonably required for a household to enjoy a modest but adequate standard of living1 taking into consideration the size and composition of the household1 the local cost of living1 and any cash or in-kind transfer benefits available to the household4 7#ae7 ,secretary ,the term ,secretary means the ,secretary of ,labor4 7#af7 ,small business ,the term small business has the meaning given the term small business concern under section #c of the ,small ,business ,act 7#ae ,u4,s4,c4 #fcb74 7#ag7 ,state ,the term ,state has the meaning given such term in section #ajb7b7 of the ,housing and ,community ,development ,act 7#db ,u4,s4,c4 #ecjb7b774 7#ah7 ,state health subsidy program ,the term ,state health subsidy program means a program qualifying as an applicable ,state health subsidy program under section #adac7;e7 of the ,,aca4 7#ai7 ,trust fund ,the term ,trust ,fund refers to the ,national ,full ,employment ,trust ,fund established under section #aja4 7#bj7 ,unit of general local government ,the term unit of general local government has the meaning given such term in section #ajb7a7 of the ,housing and ,community ,development ,act 7#db ,u4,s4,c4 #ecjb7a774 7#ba7 ,urban county ,the term urban county has the meaning given such term in section #ajb7f7 of the ,housing and ,community ,development ,act 7#db ,u4,s4,c4 #ecjb7f774 7#bb7 ,,wioa ,the term ,,wioa means the ,workforce ,innovation and ,opportunity ,act of #bjad as amended 7#bi ,u4,s4,c4 #caja et seq474 ,i ,establishment of ,national ,full ,employment ,trust ,fund #aja4 ,national ,full ,employment ,trust ,fund ,there is hereby created an account in the ,treasury of the ,united ,states to be known as the ,national ,full ,employment ,trust ,fund4 #ajb4 ,source of funds ,there is hereby appropriated to the ,trust ,fund for the fiscal year in which the effective date set forth in section #cad7;d7 occurs1 and for each fiscal year thereafter1 amounts equivalent to #ajj percent of-- 7#a7 the taxes 7including interest1 penalties1 and additions to the taxes7 received under section #ddge of the ,internal ,revenue ,code of #aihf as added by section #cad of this ,act2 7#b7 the amount on deposit in the ,federal ,unemployment ,trust ,fund that otherwise would have been requisitionable by a ,state ,agency under section #ijd7;f7 of the ,social ,security ,act as amended 7#db ,u4,s4,c4 #aajd7;f77 for the payment of ,unemployment ,insurance benefits that a ,program employee would have been entitled to receive but for that individual's ,program employment1 with the amount debited from the book account or accounts in the ,federal ,unemployment ,trust ,fund maintained for the payment of the ,unemployment ,insurance benefits in question2 and 7#c7 an amount equal to the ,,fica1 ,medicare1 and personal income taxes paid by ,program employees on their ,program earnings1 as estimated by the ,secretary of the ,treasury4 #ajc4 ,loans from the ,federal ,reserve ,system 7a7 ,in general ,if the amount available in the ,trust ,fund for allocation under title ,,iii of this ,act is insufficient to prevent the national unemployment rate from rising more than one full percentage point above its previously attained level1 the ,board of ,governors of the ,federal ,reserve ,system shall lend such additional amounts to the ,trust ,fund as are necessary to allow the ,secretary of ,labor to make such additional allocations under title ,,iii of this ,act as are necessary to restore the national unemployment rate to its allowable #a percent range of upward variation4 7b7 ,repayment ,amounts lent to the ,trust ,fund by the ,board of ,governors of the ,federal ,reserve ,system under subsection 7a7 shall be repaid by the ,trust ,fund over #aj years1 with interest payable at the same average rate the ,federal ,government contracts to pay on #aj-year bonds sold during the period beginning #de days prior to the date the loans were made to the ,trust ,fund and ending #de days following such date4 7c7 ,cancellation of debt ,the ,board of ,governors of the ,federal ,reserve ,system1 in consultation with the ,federal ,open ,market ,committee1 shall have a continuing obligation to review any debt owed by the ,trust ,fund to the ,federal ,reserve ,system1 and if it determines that the debt or any portion thereof can be cancelled without significant adverse effect on the economy1 it shall do so4 #ajd4 ,trust ,fund corpus reserved ,the corpus of the ,trust ,fund may be used for no other purpose than to fund-- 7#a7 ,employment ,opportunity ,grants issued under title ,,iii of this ,act1 including for job creation and training projects directly administered by the ,secretary pursuant to section #caa2 7#b7 administrative activities and programs under the ,,wioa that the ,secretary determines are necessary or useful to achieve the purposes of this ,act2 and 7#c7 administrative expenses reasonably incurred by the ,secretary to implement and administer programs and activities authorized under this ,act4 ,,ii ,program ,administration #bja4 ,in general ,the ,secretary shall establish an appropriate administrative structure within the ,department of ,labor to administer the ,program4 #bjb4 ,grant management 7a7 ,in general ,the ,secretary shall establish and administer an evaluation1 approval1 and monitoring process for ,employment ,opportunity ,grants that is transparent1 apolitical1 and free of outside influence4 7b7 ,project timing ,the evaluation and approval process shall invite proposals not only for projects that are suitable for immediate implementation1 but also for projects that can be rapidly implemented or expanded in the future when unemployment increases precipitously due to a recession or other causes4 ,projects approved for future implementation may receive immediate funding to undertake preparatory work necessary for the rapid implementation of the project when it is needed4 7c7 ,monitoring and technical assistance ,the performance of grant recipients shall be monitored during as well as at the conclusion of a grant-funded project1 and technical assistance shall be offered to grant recipients1 as needed1 to help insure the success of their grant-funded projects4 7d7 ,post-,project review ,a post-project review of the performance of every grant-funded projects shall be conducted and documented4 #bjc4 ,office of ,technical ,assistance ,the ,secretary shall establish and administer an ,office of ,technical ,assistance to advise and assist grant recipients and potential grant recipients in the identification and adoption of best practices in the design and administration of job creation projects1 the preparation of grant proposals1 the satisfaction of ,program requirements1 and the fulfillment of the ,program's purposes4 #bjd4 ,office of ,educational ,support ,the ,secretary shall establish and administer an ,office of ,educational ,support to encourage and affirmatively assist ,program employees who have not yet earned a high school diploma or its equivalent to complete his or her secondary education2 and to counsel ,program employees concerning post-secondary vocational and academic educational opportunities4 #bje4 ,office of ,assisted ,placement ,the ,secretary shall establish and administer an ,office of ,assisted ,placement to coordinate the creation and operation of ,assisted ,placement ,offices in all one-stop centers for the purpose of providing placement services to individuals eligible for such services under section #cjh4 #bjf4 ,office of ,dispute ,resolution 7a7 ,in general ,the ,secretary shall establish and administer an ,office of ,dispute ,resolution to perform the dispute resolution functions described in section #cac4 7b7 ,whistleblower hotline ,the ,secretary shall establish and administer both an online and telephone whistleblower hotline for the informal reportage of alleged violations of this ,act4 ,provided enough information is furnished via the hotline to initiate an investigation1 the matter shall be referred for appropriate follow up4 7c7 ,south ,african ,,ccma commended as model ,the rules and procedures adopted by the ,secretary for the resolution of disputes within the scope of section #cac7;b7 shall be designed to insure a prompt and fair resolution of employment disputes in a process that is free of cost to the participants and easily navigated by all parties4 ,to that end1 the ,congress commends the administrative practices and rules of the ,south ,african ,commission for ,conciliation1 ,mediation and ,arbitration 7,,ccma7 as a model for the dispute resolution system established under this section4 #bjg4 ,office of ,statistics and ,research ,the ,secretary shall establish and administer an ,office of ,statistics and ,research to provide the public with useful information concerning the operations of the ,program1 to provide ,program administrators with evidence-based guidance to aid them in their work1 and to assist the ,congress in its oversight of the ,program4 ,employing rigorous social science methodologies1 and with the advice and assistance of the ,bureau of ,labor ,statistics where appropriate1 the ,office of ,statistics and ,research shall-- 7#a7 collect1 tabulate1 analyze1 and report statistical data on labor market conditions that are relevant to ,program operations2 7#b7 undertake basic and applied research to guide ,program administrators in the performance of their duties and to track the ,program's success or lack thereof in combating various aspects of the problem of unemployment and the harmful effects associated with the problem of unemployment2 7#c7 identify and disseminate information regarding best practices in ,program design and implementation2 7#d7 catalogue basic information about each and every job creation project or job-training program funded by an ,employment ,opportunity ,grant and create a permanent and easily accessible archive of this information on the ,program's website2 7#e7 develop methodologies to estimate and report the revenues and savings generated by the ,program for various levels of government either directly through increased tax revenues or indirectly through reductions in other government expenditures2 and 7#f7 carry out other research tasks in support of the ,program's goals4 #bjh4 ,national ,employment ,conference 7a7 ,in general ,the ,secretary shall convene a national employment conference not later than #a year after the date of enactment of this ,act1 and annually thereafter4 7b7 ,purpose of conference ,the purpose of the conference shall be to report on research concerning the operations of the ,program and its role in addressing various aspects of the problems of unemployment1 to share best practices in addressing such problems1 and to address challenges in the administration of this ,act4 #bji4 ,program website ,the ,secretary shall establish and administer an internet website to provide the public with information concerning the ,program and to archive information concerning its operations4 #baj4 ,staffing administrative functions ,to the extent reasonably possible1 the ,secretary shall fill positions within the ,program's administrative offices with individuals who are eligible for ,program employment4 #baa4 ,workforce ,innovation and ,opportunity ,act 7a7 ,in general ,the ,secretary shall make adjustments in the activities and programs administered by the ,department of ,labor under the ,,wioa as necessary or useful to serve the needs of this ,act4 7b7 ,expansion of workforce development boards ,to facilitate the implementation of the adjustments described in subsection 7a7 at the ,state and local level3 7#a7 ,section #aja7;b77#a77;,c7 of the ,,wioa 7#bi ,u4,s4,c4 #caaa7;b77#a77;,c77 is amended-- 7,a7 by striking and at the end of subclause 7,,ii72 7,b7 by inserting and at the end of subclause 7,,iii72 and 7,c7 by adding at the end the following3 7,,iv7 are not less than #be percent of the chief executive officers of minority-serving1 community-based organizations2 4 7#b7 ,section #ajg7;b77#b77;,c7 of the ,,wioa 7#bi ,u4,s4,c4 #cabb7;b77#b77;,a77 is amended by adding at the end the following3 7iv7 shall include not less than #be percent of the chief executive officers of minority-serving1 community-based organizations2 4 7#c7 ,effective date ,the amendments to the ,,wioa set forth in this subsection shall take effect as if enacted as part of the ,,wioa 7#bi ,u4,s4,c4 #caja et seq474 ,,iii ,employment ,opportunity ,grants #cja4 ,grants ,subject to the availability of funds in the ,trust ,fund1 the ,secretary shall make grants to eligible entities for the purpose of creating-- 7#a7 employment opportunities for persons eligible for ,program employment in projects designed to address community needs and reduce disparities in health1 housing1 education1 job readiness1 and public infrastructure that have impeded these communities from realizing their full economic potential2 and 7#b7 free-standing job-training programs that provide job training1 possibly including general education1 to-- 7,a7 ,program employees pursuant to contractual arrangements between the training ,program and their employer to provide the ,program employees with specialized training needed for the performance of their jobs2 or 7,b7 persons eligible for ,program employment who seek such training rather than immediate employment in order to qualify for a ,program or non-program job for which they otherwise would not qualify1 provided that circumstances are such that the training ,program is justified in providing reasonable assurances to the individuals enrolled in it that upon the successful completion of their training1 they will be able to obtain a ,program or non-program job that utilize their newly acquired skills4 #cjb4 ,eligible entities ,entities eligible to receive grants under this section shall include-- 7#a7 departments and agencies of the ,federal ,government with the approval of the ,secretary of the department or the head of the agency2 7#b7 ,states1 ,indian ,tribes1 units of general local government1 and urban counties2 7#c7 agencies of the entities listed in paragraph 7#b7 with the approval of the head of the agency or other person with the authority to make such commitments2 7#d7 independent or quasi-independent public-sector agencies created by any level of government2 and 7#e7 not-for-profit organizations that qualify as tax exempt under section #eja7;c77#a71 7#c71 7#e71 or 7#ai7 of the ,internal ,revenue ,code4 #cjc4 ,use of funds ,grants shall be awarded under this title for the following purposes3 7#a7 ,the construction1 reconstruction1 rehabilitation1 and site improvement of affordable housing and public facilities1 including improvements in the energy efficiency or environmental quality of such public facilities or housing4 7#b7 ,the provision of human services1 including childcare1 health care1 support services for individuals and families with special needs1 education1 after-school and vacation programs for children1 and recreational and cultural enrichment programs for persons of all ages4 7#c7 ,programs that provide disadvantaged youth with opportunities for employment1 education1 leadership development1 entrepreneurial skills development1 and training4 7#d7 ,the repair1 remodeling1 and beautification of schools1 community centers1 libraries1 and other community-based public facilities1 and the augmentation of staffing for the services they provide4 7#e7 ,the restoration and revitalization of abandoned and vacant properties to alleviate blight in distressed and foreclosure-affected areas4 7#f7 ,the expansion of emergency food programs to reduce hunger and promote family stability4 7#g7 ,the augmentation of staffing in ,head ,start1 and other early childhood education programs to promote school readiness1 early literacy1 life-long learning1 and family involvement in their children's education4 7#h7 ,the maintenance1 renovation and improvement of parks1 playgrounds1 and other public spaces4 7#i7 ,providing labor for non-capital-intensive aspects of federally or ,state-funded infrastructure projects4 7#aj7 ,the implementation of environmental initiatives designed to conserve natural resources1 remediate environmental damage1 reverse climate change1 and achieve environmental sustainability4 7#aa7 ,the enhancement of emergency preparedness for natural and other community disasters and of post-emergency assistance for the victims of disasters4 7#ab7 ,the expansion of work-study opportunities for secondary and post-secondary students1 and the creation of bridge employment opportunities for recent graduates who have been unable to find work in the occupations for which they have trained4 7#ac7 ,programs that emulate the ,federal art1 music1 theater1 and writers projects of the ,works ,projects ,administration by providing work for unemployed writers1 musicians1 artists1 dancers and actors on projects that are consistent with the public service and equality-enhancing objectives of this ,act4 7#ad7 ,the provision of job training to better equip ,program employees to perform their program-funded jobs or to allow unemployed and underemployed individuals to obtain employment for which they otherwise would not qualify4 7#ae7 ,other activities analogous to those described in paragraphs 7#a7 through 7#ad7 that address public needs and can be implemented quickly4 #cjd4 ,grant conditions ,as a condition for receiving a grant under this title1 a grant applicant must-- 7#a7 show that it has1 to the extent reasonably possible1 consulted with community-based organizations1 local government officials1 and other interested parties concerning-- 7,a7 the needs of the community to be served by the project7s7 for which it is seeking funding2 7,b7 the ways in which its proposed project would serve those needs2 7,c7 how it will coordinate its activities with other providers of related services in the community2 and 7,d7 how it will engage with local residents1 community-based organizations1 government officials1 and other interested parties on an ongoing basis during the course of the project7s72 7#b7 agree to comply with the nondiscrimination policy set forth under section #aji of the ,housing and ,community ,development ,act of #aigd 7#db ,u4,s4,c4 #ecji72 7#c7 with respect to the funds allocated for each project funded under the grant-- 7,a7 allocate not less than #ge percent for wages1 benefits1 and support services such as childcare for ,program employees and the limited number of personnel who are permitted to be paid from ,program funds under the terms of the grant even though they are not eligible for ,program employment2 and 7,b7 allocate the remaining funds to defray the nonlabor costs of the project1 including necessary capital goods1 supplies1 materials1 rental payments1 transportation costs1 and other similar expenses2 7#d7 use revenue generated by a project funded under the grant 7whether in the form of fees paid for services provided by the project1 reimbursements for expenses incurred by the project1 or income from the sale of goods or services produced by the project7 to-- 7,a7 supplement the grant-funded project's budget2 or 7,b7 support other projects funded by the grant in conformity with the same rules and requirements that apply to the use of grant funds2 7#e7 agree to return to the ,trust ,fund any unutilized grant monies and any unutilized income received from the sale of goods and services produced by a grant-funded project2 7#f7 ensure that any employment funded under the grant complies with sections #cje1 #cjf1 and #cjg2 7#g7 institute an outreach program with community organizations and service providers in low-income communities to provide information about employment opportunities funded under the grant2 7#h7 ensure that not less than #ce percent of individuals employed under the grant qualify as disadvantaged1 unless there are insufficient numbers of such individuals referable to the project by the local one-stop center1 in which case the percentage of such individuals employed under the grant shall be as great as is reasonably possible2 7#i7 ensure that all grant-funded projects provide adequate job training1 either in-house by the ,program employer or by not-for-profit training programs under contract with the ,program employer1 to ensure that the ,program employees they hire are able to perform their jobs in a professionally competent manner2 7#aj7 agree to carry out all grant-funded projects in a manner that is as ecologically sustainable as is reasonably possible2 7#aa7 agree to cooperate with the efforts of the ,office of ,assisted ,placement in providing ,program employment or grant-funded training for individuals eligible for assisted placement under section #cjh2 and 7#ab7 agree to cooperate with the procedures established by the ,office of ,dispute ,resolution in resolving disputes in accord with the provisions of section #cac4 #cje4 ,program employment described ,employment funded under this section shall meet the following specifications3 7#a7 ,any employer that employs an individual whose employment is funded under the grant shall-- 7,a7 continue to employ such individual absent good cause for the termination of the individual's employment for as long as the project has need of the services provided by the individual or until the individual resigns1 whichever comes first2 7,b7 employ such individual for between #ce and #dj hours per week if the individual desires full-time employment1 and for a mutually agreed number of hours per week less than #ce if the individual desires part-time employment1 except that this requirement shall not apply if a grant recipient's ,employment ,opportunity ,grant provides otherwise for good cause shown during the application process2 7,c7 comply with the responsible contractor standards of the ,federal ,acquisition ,regulation 7#dh ,c4,f4,r4 #a et seq472 7,d7 pursuant to guidelines established by the ,secretary1 provide compensation to such individual that is comparable in value to the compensation provided public sector employees who perform similar work in the community where such individual is employed or1 if no public sector employees perform such similar work1 provide compensation that is of comparable value to the compensation provided public sector employees hired to perform work of comparable worth in the community where such individual is employed2 7,e7 if such employment is in construction1 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 in accordance with subchapter ,,iv of chapter #ca of title #dj1 ,united ,states ,code2 and 7,f7 offer affirmative assistance to such individual in-- 7i7 applying for social benefits for which such individual or the members of such individual's family may be eligible2 and 7ii7 satisfying continuing reporting obligations required to maintain eligibility for social benefits such individual or the members of such individual's family are receiving4 7#b7 ,any grant recipient that operates a training ,program funded under this title shall-- 7,a7 provide ,program trainees a cost-of-living stipend set pursuant to standards established by the ,secretary and made payable to the ,program trainee as long as the ,program trainee maintains satisfactory attendance1 participation1 and progress in the training ,program2 and 7,b7 offer affirmative assistance to individuals enrolled in the training program in-- 7i7 applying for social benefits for which they or the members of their family may be eligible2 and 7ii7 satisfying continuing reporting obligations required to maintain eligibility for social benefits they or members of their family are receiving4 7#c7 ,no individual whose employment is funded under this ,act may work for an employer at which a collective bargaining agreement is in effect covering the same or similar work1 unless-- 7,a7 the consent of the union at such employer is obtained2 and 7,b7 negotiations have taken place between such union and the employer as to the terms and conditions of such employment4 7#d7 ,no individual may be hired by a not-for-profit organization in a position funded under this ,act to perform functions or services that are customarily performed1 either exclusively or almost exclusive by a ,unit of ,general ,local ,government unless the ,unit of ,general ,local ,government in question refuses to apply for ,program funding to expand or improve its own performance of the functions or services in question4 7#e7 ,no individual whose employment is funded under this ,act may be employed in a position if-- 7,a7 employing such individual will result in the layoff or partial displacement 7such as a reduction in hours1 wages1 or employee benefits7 of an existing employee of the employer2 or 7,b7 such individual will perform the same or substantially similar work that had previously been performed by an employee of the employer who has been laid off within the preceding #ab months or has been partially displaced as that term is described in subparagraph 7,a7 unless the employee has declined an offer of reinstatement to the position the employee occupied immediately prior to being laid off or partially displaced4 7#f7 ,no individual may be hired for a position funded under this ,act in a manner that infringes upon the promotional opportunities of an existing employee of the ,program employer4 7#g7 ,program employees shall qualify as public sector employees for purposes of all otherwise applicable ,federal1 ,state1 and local laws4 #cjf4 ,eligibility for program employment 7a7 ,certification by one-,stop center ,an individual seeking ,program employment shall have his or her eligibility for such employment certified by a one-stop center serving the area where the ,program employment is located4 7b7 ,requirements for certification ,to be certified as eligible for such employment1 the individual must satisfy at least one of the following conditions as of the date the individual is hired to fill a job funded under this ,act3 7#a7 ,the individual has been unemployed for less than #cj days and is eligible to receive ,unemployment ,insurance benefits4 7#b7 ,the individual is unemployed and has been registered at and seeking employment with the assistance of a one-stop center for not less than #cj days prior to the date on which the individual is so hired4 7#c7 ,the individual has been employed part-time while registered at and seeking full-time employment with the assistance of a one-stop center for not less than #cj days prior to the date the individual is so hired4 7c7 ,availability for non-,program employment 7#a7 ,all ,program employees shall be automatically registered with the one-stop center serving the area where the individual resides as available for and seeking work4 7#b7 ,the one-stop center serving the area where a ,program employee resides shall screen inquiries from employers concerning available jobs and forward those that seem suitable to qualified ,program employees4 7#c7 ,for purposes of paragraph 7#b71 the term suitable1 used with respect to a job1 means an offer of employment that-- 7,a7 a newly unemployed individual who has just begun receiving ,unemployment ,insurance benefits would be required to accept in order to avoid forfeiting their eligibility for continued receipt of such benefits under the laws of the ,state in which the ,program employee is employed2 and 7,b7 is reasonably expected to last at least #f months4 7#d7 ,program employees shall be provided time off with pay to respond to inquiries regarding suitable non-,program job openings4 7#e7 ,a ,program employee who refuses a suitable job offer resulting from such an inquiry without good cause shall-- 7,a7 forfeit their eligibility for ,program employment for a period of #cj days1 subject to the same procedures and right of appeal that applies to recipients of ,unemployment ,insurance who refuse suitable employment2 and 7,b7 maintain their eligibility for ,program employment until such proceedings are completed4 7#f7 ,a ,program employee who terminates their ,program employment in order to accept other employment1 and who subsequently is terminated from that other employment without fault on the individual's part1 or who terminates that employment voluntarily for good cause1 shall be eligible for immediate reemployment in a job funded under this ,act4 7d7 ,involuntary termination of program employment 7#a7 ,a ,program employee who is involuntarily terminated from their ,program ,job for inadequate performance of job responsibilities shall not lose their eligibility for employment in another ,program-funded job4 7#b7 ,a ,program employee who is involuntarily terminated for misconduct shall lose their eligibility for ,program employment for #cj days4 #cjg4 ,compensation ,for purposes of section #cje7a77;,d7-- 7#a7 ,the term compensation shall mean hourly wage rates1 paid and unpaid leave time1 retiree benefits1 group life insurance1 disability insurance1 and health benefits4 7#b7 ,the term comparable in value shall mean-- 7,a7 as regards hourly wage rates1 the same hourly wage rate2 7,b7 as regards paid and unpaid leave time1 the same paid and unpaid leave time2 7,c7 as regards retiree benefits1 a defined contribution benefit of comparable actuarial value provided in a plan established and administered by the ,secretary2 7,d7 as regards group life and disability insurance benefits1 an actuarially equivalent benefit provided in a plan established and administered by the ,secretary2 and 7,e7 as regards health benefits1 access to health insurance that provides approximately the same level of benefits for approximately the same employee contribution under the provisions of paragraph 7#c74 7#c7 ,unless a ,program ,grant provides otherwise for good cause shown by the grant applicant1 a ,program employer shall satisfy the requirements of this section relating to the provision of health benefits by providing affirmative assistance to each of its ,program employees in obtaining health benefits through a ,state ,health ,exchange1 as permitted by the following exceptions to the ,,aca that apply only to ,program employees as hereby enacted3 7,a7 ,the acquisition by a ,program employee of such benefits through a ,health ,exchange shall not trigger tax penalties that would otherwise apply to the employee or the employee's employer under the ,,aca4 7,b7 ,program employees who apply for health benefits under this paragraph shall be eligible for the same ,state ,health ,subsidy ,programs as employed individuals who do not have access to an eligible employer-sponsored plan as that term is defined in section #ejjj;,a7f77#b7 of title #bf1 ,united ,states ,code4 7,c7 ,any premiums a ,program employee is required to pay for a health plan obtained under this subparagraph shall be paid by the employee's ,program employer via payroll deductions4 7,d7 ,a ,program employee's wages shall be adjusted on an individual basis to the extent necessary to satisfy the comparable-value requirement of section #cje7a77;,d7 taking into consideration the tax treatment accorded any additions or subtractions from the employee's wages required to satisfy that comparable-value requirement4 7,e7 ,program employers shall not be subject to the penalty set forth in section #dihj;,d of title #bf1 ,united ,states ,code1 based on wage adjustments that comply with this paragraph4 7#d7 ,in consideration for the savings the ,program established under this ,act will generate in health care spending by all levels of government1 the subsidy costs borne by the ,federal ,government or by ,state and local governments in providing health benefits to ,program employees under paragraph 7#c7 shall not be chargeable to or reimbursed from the ,program's budget4 7#e7 ,chapter #dc of the ,internal ,revenue ,code of #aihf is amended by-- 7,a7 renumbering section #dihj;,d7c77#d7 as section #dihj;,d7c77#e72 and 7,b7 inserting the following new section #dihj;,d7c77#d73 7#d7 ,tax not to apply to certain premium reimbursements ,no tax shall be imposed by subsection 7a7 on payments or reimbursements of health insurance premiums made pursuant to section #cjg7c77;,c7 or 7,d7 of the ,jobs for ,all ,act4 4 7#f7 ,chapter #a of the ,internal ,revenue ,code of #aihf is amended by inserting after section #ajf7;g7 the following new subsection 7h73 7h7 ,reimbursements of certain health insurance premiums ,for purposes of this section1 payments or reimbursements of health insurance premiums made pursuant to section #cjg7c77;,c7 or 7,d7 of the ,jobs for ,all ,act shall not be included in the gross income of the employee4 4 #cjh4 ,assisted placement 7a7 ,individuals eligible for assisted placement ,individuals eligible for assisted placement shall include-- 7#a7 individuals who have been unable to find ,program employment within #cj days following the certification of their eligibility for such employment2 7#b7 individuals who are certified as eligible for assisted placement by a one-stop center because of special circumstances that make it unlikely the individual will be able to find employment within a reasonable period of time without assisted placement services2 and 7#c7 individuals whose qualifications and work experience are such that they need additional training to qualify for a job that pays enough to meet their own and their dependent's reasonable needs4 7,a7 ,for purposes of this paragraph and subsection 7c7 of this section1 the term dependents shall mean persons claimable as dependents on the individual's ,federal income tax return4 7,b7 ,the ,secretary shall engage in notice-and-comment rulemaking to establish a methodology for developing reasonable-needs standards for use in implementing this paragraph4 7b7 ,assisted placement services ,upon the registration of an eligible individual for assisted placement services1 the ,assisted ,placement ,office shall-- 7#a7 assess the individual's qualifications for employment and his or her interests in particular kinds of employment or training2 7#b7 identify opportunities for ,program employment that appear to be suitable for the individual in light of the individual's qualifications and interests1 along with any training opportunities that also may be of interest to the individual2 7#c7 discuss these opportunities for ,program employment and training with the individual2 7#d7 for those opportunities the individual expresses an interest in pursuing1 contact the grant recipient offering the opportunity1 remind the grant recipient of its obligation to cooperate with the ,assisted ,placement ,office in placing individuals in ,program employment or desired training1 and arrange an interview for the individual to explore whether a mutually acceptable placement is possible with the grant recipient2 7#e7 follow up with both the individual and grant recipients to whom the individual has been referred to ascertain whether a placement has been achieved1 and if not why2 7#f7 provide individual counseling and support services for individuals eligible for assisted placement as needed to achieve a successful placement2 7#g7 provide support services and additional funding to grant recipients1 as needed1 to accommodate the special needs of individuals who need such accommodation to find and succeed in ,program employment or training2 and 7#h7 continue to work with the individual until a successful placement in ,program employment or grant-funded training has been achieved1 or until the ,assisted ,placement ,office concludes1 supported by adequate documentation1 that the individual is unable or unwilling to provide the level of cooperation required to obtain and succeed in ,program employment or grant-funded training1 in which case the ,assisted ,placement ,office shall offer assistance to the individual in arranging appropriate services to address the problems that are interfering with the individual's ability to find and succeed in ,program employment or training4 7c7 ,additional assistance available ,to the extent necessary to ensure that individuals who qualify for assisted placement under this section are able to earn enough to meet their own reasonable needs and those of their dependents1 the ,assisted ,placement ,office shall have the authority-- 7#a7 to arrange preferential placement for such individuals in grant-funded training programs1 and following the completion of their training1 provide assisted placement services to such individuals to ensure that they secure employment inside or outside the ,program in a job that utilizes their newly acquired skills2 7#b7 to the extent necessary1 to meet their reasonable needs1 provide such individuals with preferential access to goods and services produced by the ,program1 such as affordable housing and childcare services2 7#c7 to supplement the income of such individuals with the equivalent of a voucher for housing assistance under section #h7o7 of the ,united ,states ,housing ,act of #aicg1 if such a voucher is not otherwise available2 and 7#d7 to furnish such individuals with other income supplements that expand eligibility for or add value to the ,earned ,income ,tax ,credit 7#bf ,u4,s4,c4 #cb71 the ,child ,tax ,credit 7#bf ,u4,s4,c4 #bd71 or the ,low ,income ,home ,energy ,assistance program 7#db ,u4,s4,c4 #hfba et seq474 7d7 ,grant recipient's obligation ,to cooperate ,grant recipients shall cooperate with efforts to provide assisted placement to individuals eligible for assisted placement under subsection 7a74 ,this duty shall mean1 among other things1 that a grant recipients must have good cause to refuse ,program employment to a person referred to it for assisted placement4 #cji4 ,priority given to certain projects ,priority in the award of ,employment ,opportunity ,grants shall be accorded to projects that-- 7#a7 provide goods and services1 such as childcare1 transportation1 affordable housing1 job training1 and peer support1 that make it easier for individuals who want to work to do so2 or 7#b7 serve areas with the greatest level of economic need1 determined for each such area by factors such as-- 7,a7 the unemployment rate2 7,b7 the rate of poverty2 7,c7 the number of census tracts in the area with concentrated poverty2 7,d7 the level of median income in the area2 7,e7 the percentage of residential units in the area that appear to have been abandoned2 7,f7 the percentage of homes in the area that are in foreclosure2 and 7,g7 indicators of poor resident health1 including high rates of chronic disease1 infant mortality1 and low life expectancy4 #caj4 ,startup period ,since it will take time for the ,program established by this ,act to develop the project-management experience and project-development capacity needed to fully achieve the ,act's goals1 the ,secretary shall have the authority to establish reasonable priorities in planning and executing the implementation of this ,act1 provided-- 7#a7 the number of jobs created in each community during the startup period is roughly proportionate to the level of unemployment1 involuntary part-time employment1 and non-labor force participation by persons who want and are available to accept jobs in each community1 and 7#b7 the type of jobs created in each community disproportionately favor those individuals and population groups who enjoy the fewest alternative employment opportunities4 #caa4 ,secretary's authority to administer projects directly 7a7 ,in general ,the ,secretary shall have the authority to use ,trust ,fund monies to establish and directly administer job creation projects during the startup period provided for in section #caj4 7b7 ,when the startup period has ended ,once the startup period described in section #abe has ended1 the ,secretary shall have a continuing obligation to ensure the availability of enough jobs to provide suitable work for everyone who wants it everywhere in the ,nation1 including by the direct administration of job creation projects to the extent necessary or useful in achieving the purposes of this ,act4 #cab4 ,reports 7a7 ,reports by grant recipients ,not later than #ij days after the last day of each fiscal year for which grant funding has been provided under this title1 grant recipients shall submit to the ,secretary a report containing such information as the ,secretary requires concerning their use of their grant4 7b7 ,report to ,congress ,at least once every #f months1 the ,secretary shall report to ,congress on the ,act's implementation and effects4 #cac4 ,dispute resolution 7a7 ,disputes concerning the allocation or use of program funds ,alleged improprieties involving the allocation or use of ,program funds1 including1 without limitation1 alleged violations of paragraph 7#c71 7#d71 or 7#e7 of section #cjd1 shall be investigated by the ,office of ,dispute ,resolution pursuant to rules and procedures established by the ,secretary4 ,those rules and procedures shall be designed to ensure a prompt and fair review of the contested matter based on the obligation of all interested parties to full and transparent cooperation with the investigation4 ,a failure to provide such cooperation shall be deemed to support a conclusion that the information being sought would be adverse to the noncooperating party's interests4 ,any administrative response ordered by the ,office of ,dispute ,resolution as a result of its investigation shall be designed to further the goals and integrity of the ,program4 7b7 ,disputes arising out of program employment and training ,disputes regarding an individual's eligibility for ,program employment or training1 the terms and conditions of the individual's ,program employment or training1 the imposition of discipline on a ,program employee or ,program trainee1 the involuntary termination of an individual's ,program employment or training1 or any other individual right1 whether created by this ,act or based on otherwise existing law1 may be submitted by the adversely affected individual for resolution pursuant to the rules and procedures established for the resolution of such disputes by the ,office of ,dispute ,resolution4 7c7 ,waiver of rights ,for disputes falling within the scope of subsection 7b71 the election by an individual to pursue a legal remedy other than that provided by the ,program's dispute resolution system shall automatically waive the individual's right to submit the dispute to the ,program's dispute resolution system unless all parties to the dispute agree to the termination of the other legal proceeding and the submission of the dispute for resolution under subsection 7b74 7d7 ,breaches of a collective bargaining agreement ,if a dispute falling within the scope of subsection 7a7 or 7b7 includes an alleged breach of a collective bargaining agreement 7,,cba71 the jurisdiction of the ,program's ,office of ,dispute ,resolution may not be invoked to decide any issue that depends on the interpretation of the ,,cba1 but it may be invoked under subsection 7a7 or 7b71 as appropriate1 to decide other aspects of the dispute1 either before the contract dispute is resolved if both parties to the ,,cba agree to the submission1 or after the contract dispute has been resolved if issues remain that are suitable for resolution by the ,office of ,dispute ,resolution4 7e7 ,other disputes ,persons or entities that claim to have suffered a legally cognizable detriment as a result of a violation of this ,act that does not fall within the scope of subsection 7a7 or 7b7 may have their claim investigated and obtain an appropriate administrative response by filing a complaint with the ,office of ,dispute ,resolution4 7f7 ,whistleblower hotline ,in addition to the procedures established by the ,secretary to formally invoke the jurisdiction of the ,office of ,dispute ,resolution1 information involving alleged violations of this ,act may be reported informally to the ,office of ,dispute ,resolution4 #cad4 ,tax on securities transactions 7a7 ,in general ,chapter #cf of the ,internal ,revenue ,code of #aihf is amended by inserting after subchapter ,b the following new subchapter3 ,c ,tax on securities transactions #ddge4 ,tax on trading transactions 7a7 ,imposition of tax ,there is hereby imposed a tax on the transfer of ownership in each covered transaction with respect to any security4 7b7 ,rate of tax ,the tax imposed under subsection 7a7 with respect to any covered transaction shall be the applicable percentage of the specified base amount with respect to such covered transaction4 ,the applicable percentage shall be-- 7#a7 #j4b percent in the case of a security described in subparagraph 7,a7 or 7,b7 of subsection 7e77#a71 7#b7 #j4jf percent in the case of a security described in subparagraph 7,c7 of subsection 7e77#a71 7#c7 #j4b percent in the case of a security described in subparagraph 7,d7 of subsection 7e77#a7 if the underlying assets on which the rights and obligations created by the security are based consist of other securities described in subparagraph 7,a7 or 7,b7 of subsection 7e77#a71 7#d7 #j4b percent in the case of a security described in subparagraph 7,f7 of subsection 7e77#a7 if the index on which the rights and obligations created by the security are based is an index referencing the values of securities described in subparagraph 7,a7 or 7,b7 of subsection 7e77#a77;,a71 and 7#e7 #j4jf percent in the case of any security described in subparagraph 7,d71 7,e71 or 7,f7 of subsection 7e77#a7 7other than a security described in paragraph 7#c7 or 7#d774 7c7 ,specified base amount ,for purposes of this section1 the term specified base amount means-- 7#a7 except as provided in paragraph 7#b71 the fair market value of the security 7determined as of the time of the covered transaction71 and 7#b7 in the case of any payment described in subsection 7h71 the amount of such payment4 7d7 ,covered transaction ,for purposes of this section1 the term covered transaction means-- 7#a7 except as provided in paragraph 7#b71 any purchase if-- 7,a7 such purchase occurs or is cleared on a facility located in the ,united ,states1 or 7,b7 the purchaser or seller is a ,united ,states person1 and 7#b7 any transaction with respect to a security described in subparagraph 7,d71 7,e71 or 7,f7 of subsection 7e77#a71 if-- 7,a7 such security is traded or cleared on a facility located in the ,united ,states1 or 7,b7 any party with rights under such security is a ,united ,states person4 7e7 ,security and other definitions ,for purposes of this section-- 7#a7 ,security ,the term security means-- 7,a7 any share of stock in a corporation1 7,b7 any partnership or beneficial ownership interest in a partnership or trust1 7,c7 any note1 bond1 debenture1 or other evidence of indebtedness1 other than a ,state or local bond the interest of which is excluded from gross income under section #ajc7;a71 7,d7 any evidence of an interest in1 or a derivative financial instrument with respect to1 any security or securities described in subparagraph 7,a71 7,b71 or 7,c71 7,e7 any derivative financial instrument with respect to any currency or commodity including notional principal contracts1 and 7,f7 any other derivative financial instrument any payment with respect to which is calculated by reference to any specified index4 7#b7 ,derivative financial instrument ,the term derivative financial instrument includes any option1 forward contract1 futures contract1 notional principal contract1 or any similar financial instrument4 7#c7 ,specified index ,the term specified index means any one or more of any combination of-- 7,a7 a fixed rate1 price1 or amount1 or 7,b7 a variable rate1 price1 or amount1 which is based on any current objectively determinable information which is not within the control of any of the parties to the contract or instrument and is not unique to any of the parties' circumstances4 7#d7 ,treatment of exchanges 7,a7 ,in general ,an exchange shall be treated as the sale of the property transferred and a purchase of the property received by each party to the exchange4 7,b7 ,certain deemed exchanges ,in the case of a distribution treated as an exchange for stock under section #cjb or #cca1 the corporation making such distribution shall be treated as having purchased such stock for purposes of this section4 7f7 ,exceptions 7#a7 ,exception for initial issues ,no tax shall be imposed under subsection 7a7 on any covered transaction with respect to the initial issuance of any security described in subparagraph 7,a71 7,b71 or 7,c7 of subsection 7e77#a74 7#b7 ,exception for certain traded short-term indebtedness ,a note1 bond1 debenture1 or other evidence of indebtedness which-- 7,a7 is traded on a trading facility located in the ,united ,states1 and 7,b7 has a fixed maturity of not more than #fj days1 shall not be treated as described in subsection 7e77#a77;,c74 7#c7 ,exception for securities lending arrangements ,no tax shall be imposed under subsection 7a7 on any covered transaction with respect to which gain or loss is not recognized by reason of section #ajeh4 7#d7 ,exception for interests in mutual funds ,no tax shall be imposed under subsection 7a7 with respect to the purchase or sale of any interest in a regulated investment company 7as defined in section #hea74 7g7 ,by whom paid 7#a7 ,in general ,the tax imposed by this section shall be paid by-- 7,a7 in the case of a transaction which occurs or is cleared on a facility located in the ,united ,states1 such facility1 and 7,b7 in the case of a purchase not described in subparagraph 7,a7 which is executed by a broker 7as defined in section #fjde7;c77#a771 the broker4 7#b7 ,special rules for direct1 etc41 transactions ,in the case of any transaction to which paragraph 7#a7 does not apply1 the tax imposed by this section shall be paid by-- 7,a7 in the case of a transaction described in subsection 7d77#a7-- 7i7 the purchaser if the purchaser is a ,united ,states person1 and 7ii7 the seller if the purchaser is not a ,united ,states person1 and 7,b7 in the case of a transaction described in subsection 7d77#b7-- 7i7 the payor if the payor is a ,united ,states person1 and 7ii7 the payee if the payor is not a ,united ,states person4 7h7 ,certain payments treated as separate transactions ,except as otherwise provided by the ,secretary1 any payment with respect to a security described in subparagraph 7,d71 7,e71 or 7,f7 of subsection 7e77#a7 shall be treated as a separate transaction for purposes of this section1 including-- 7#a7 any net initial payment1 net final or terminating payment1 or net periodical payment with respect to a notional principal contract 7or similar financial instrument71 7#b7 any payment with respect to any forward contract 7or similar financial instrument71 and 7#c7 any premium paid with respect to any option 7or similar financial instrument74 7i7 ,administration ,the ,secretary shall carry out this section in consultation with the ,securities and ,exchange ,commission and the ,commodity ,futures ,trading ,commission4 7j7 ,guidance2 regulations ,the ,secretary shall-- 7#a7 provide guidance regarding such information reporting concerning covered transactions as the ,secretary deems appropriate1 including reporting by the payor of the tax in cases where the payor is not the purchaser1 and 7#b7 prescribe such regulations as are necessary or appropriate to prevent avoidance of the purposes of this section1 including the use of non-,united ,states persons in such transactions4 7k7 ,whistleblowers ,see section #gfbc for provisions relating to whistleblowers4 4 7b7 ,penalty for failure ,to include covered transaction information with return ,part ,i of subchapter ,b of chapter #fh of the ,internal ,revenue ,code of #aihf is amended by inserting after section #fgjg;,a the following new section3 #fgjg;,b4 ,penalty for failure to include covered transaction information with return 7a7 ,imposition of penalty ,any person who fails to include on any return or statement any information with respect to a covered transaction which is required pursuant to section #ddge7;j77#a7 to be included with such return or statement shall pay a penalty in the amount determined under subsection 7b74 7b7 ,amount of penalty ,except as otherwise provided in this subsection1 the amount of the penalty under subsection 7a7 with respect to any covered transaction shall be determined by the ,secretary4 7c7 ,covered transaction ,for purposes of this section1 the term covered transaction has the meaning given such term by section #ddge7;d74 7d7 ,authority ,to rescind penalty 7#a7 ,in general ,the ,commissioner of ,internal ,revenue may rescind all or any portion of any penalty imposed by this section with respect to any violation if rescinding the penalty would promote compliance with the requirements of this title and effective tax administration4 7#b7 ,no judicial appeal ,notwithstanding any other provision of law1 any determination under this subsection may not be reviewed in any judicial proceeding4 7#c7 ,records ,if a penalty is rescinded under paragraph 7#a71 the ,commissioner shall place in the file in the ,office of the ,commissioner the opinion of the ,commissioner with respect to the determination1 including-- 7,a7 a statement of the facts and circumstances relating to the violation1 7,b7 the reasons for the rescission1 and 7,c7 the amount of the penalty rescinded4 7e7 ,coordination with other penalties ,the penalty imposed by this section shall be in addition to any other penalty imposed by this title4 4 7c7 ,clerical amendments 7#a7 ,the table of sections for part ,i of subchapter ,b of chapter #fh of such ,code is amended by inserting after the item relating to section #fgjg;,a the following new item3 ,sec4 #fgjg;,b4 ,penalty for failure to include covered transaction information with return4 4 7#b7 ,the table of subchapters for chapter #cf of the ,internal ,revenue ,code of #aihf is amended by inserting after the item relating to subchapter ,b the following new item3 ,subchapter ,c--,tax on securities transactions 4 7d7 ,effective date ,the amendments made by this section shall apply to transactions occurring more than #ahj days after the date of the enactment of this ,act4