I 
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 Com-
mittee 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 Representa-
tives of the United States of America in Congress assembled, 
SECTION 1. SHORT TITLE. 
This Act shall be cited as the ‘‘21st Century Full Em-
ployment 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) 
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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 busi-
ness’’ has the meaning given the term ‘‘small busi-
ness concern’’ under section 3 of the Small Business 
Act (15 U.S.C. 632). 
(5) STATE.—The term ‘‘State’’ has the mean-
ing given such term in section 102(2) of the Hous-
ing and Community Development Act (42 U.S.C. 
5302(2)). 
(6) TRUST FUND.—The term ‘‘Trust Fund’’ re-
fers 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 coun-
ty’’ has the meaning given such term in section 
102(6) of the Housing and Community Development 
Act (42 U.S.C. 5302(6)). 
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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 re-
ferred to as the ‘‘Trust Fund’’) for the purposes of— 
(1) providing funding for the Employment Op-
portunity 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 Sec-
retary 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 
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