Friday, February 5, 2010

Franken Introduces “Cash For Jobs” Bill

Franken Introduces “Cash For Jobs” Bill - Office of Sen. Al Franken
Legislation Uses Existing TARP Funds To Put Around 15,000 Minnesotans To Work

Washington, D.C. [Jan 26, 2010] – Today, U.S. Sen. Al Franken (D-Minn.) introduced his plan to put around 15,000 Minnesotans back to work. The “Strengthening Our Economy Through Employment and Development (SEED) Act,” informally known as “Cash for Jobs,” would take $10 billion in existing funds from the Troubled Asset Relief Program (TARP) and re-allocate it to creating jobs in the private and public sectors. This means the initiative would create jobs without adding to the national debt or deficit.

Sen. Franken’s ‘Cash for Jobs’ plan is based on a successful 1983-1987 Minnesota program, the Minnesota Emergency Employment Development program, that got 7,400 workers back on the job in its first six months. Franken’s bill provides $5 billion for wage subsidies to incentivize hiring in the private sector. The additional $5 billion will provide direct grants to states, local governments, and tribes to create green jobs.

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