(D) Programs that provide disadvantaged 
youth with opportunities for employment, edu-
cation, leadership development, entrepreneurial 
skills development, and training. 
(3) Providing supplemental labor for existing 
federally or State-funded infrastructure projects. 
(4) Providing supplemental labor for existing 
federally or State-funded projects aimed at expand-
ing access to broadband or wireless Internet service. 
(d) CONSULTATION REQUIRED.—Each grant recipi-
ent shall consult with community leaders, including labor 
organizations, nonprofit community-based 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). 
(e) CONDITIONS.—As a condition of receiving a grant 
under this section, a grant recipient shall— 
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(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, in-
cluding 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 (c); 
(4) institute an outreach program with commu-
nity organizations and service providers in low-in-
come 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 indi-
viduals employed under the grant are individuals de-
scribed in paragraph (4)(B) of subsection (f). 
(f) 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— 
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(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 indi-
vidual 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 me-
chanic employed under the grant at rates not 
less than those prevailing on similar construc-
tion in the locality as determined by the Sec-
retary 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 cov-
ering the same or similar work, unless— 
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(A) the consent of the union at such em-
ployer 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 em-
ployee 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, depart-
ment 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 tar-
geted group (as defined by section 51(d) of the 
Internal Revenue Code of 1986) as verified by 
the State or local department of labor, depart-
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ment 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. 
(g) AWARD OF GRANTS.— 
(1) SELECTION
CRITERIA.—In selecting a 
project to receive funding for employing the individ-
uals described in subsection (f)(4), a grant recipient 
shall consider— 
(A) the input of all participants in a pro-
posed 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 ob-
jectives 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 pri-
ority to projects that— 
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(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 fore-
closures; and 
(vii) the indicators of poor resident 
health, including high rates of chronic dis-
ease, 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 fea-
sible with pre-apprenticeship and apprenticeship 
programs; and 
(D) provide jobs in sectors where job 
growth is most likely, as determined by the Sec-
retary, and in which career advancement oppor-
tunities exist to maximize long-term, sustain-
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able employment for individuals after employ-
ment funded under this Act ends. 
(h) ALLOCATION OF GRANTS.— 
(1) GRANTS FOR INDIAN TRIBES AND DEPOSITS 
INTO DISCRETIONARY FUND.—Not more than 5 per-
cent of the funds available in the Trust Fund for ac-
tivities under this section for any fiscal year shall be 
reserved for grants to Indian tribes and for deposit 
into a discretionary fund established by the Sec-
retary for national demonstration projects and 
multi-jurisdictional projects. 
(2) GRANTS TO STATES.—Not more than 30 
percent of the funds available in the Trust Fund for 
activities under this section for any fiscal year shall 
be allocated to States to distribute to units of gen-
eral 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 for-
mula under section 106(b) of the Housing and Com-
munity Development Act of 1974 (42 U.S.C. 
5306(b)). 
(i) REPORTS.— 
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(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 fur-
nished, a recipient of a grant under this section shall 
submit to the Secretary a report containing the fol-
lowing: 
(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 sum-
mary 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 
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on employment and economic activity of such 
projects during the previous fiscal year. 
(E) The amount of money received and ex-
pended 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-in-
come (as such terms are used for purposes of 
the Housing Act of 1937 and the regulations 
thereunder (42 U.S.C. 1437 et seq.)). 
(G) The amount expended on administra-
tive costs during the fiscal year. 
(2) REPORT
TO
CONGRESS.—At least once 
every 6 months, the Secretary shall submit to Con-
gress 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 na-
tional employment conference not later than 1 year after 
the date of enactment of this Act, to bring together leaders 
of small, medium, and large businesses, labor, govern-
ment, and all other interested parties. 
(b) SUBJECT.—The subject of the conference shall be 
employment, with particular attention to structural unem-
ployment and the plight of disadvantaged youth. The con-
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ference shall also focus on issues such as adequate and 
effective incentives for employers to hire the long-term un-
employed. 
SEC. 6. INCLUSION OF MINORITY-SERVING, COMMUNITY- 
BASED ORGANIZATIONS IN WIA STATE AND 
LOCAL WORKFORCE INVESTMENT BOARDS. 
(a) STATE BOARDS.—Section 111(b)(1)(C)(v) of the 
Workforce 
Investment 
Act 
of 
1998 
(29 
U.S.C. 
2821(b)(1)(C)(v)) is amended by inserting before the 
semicolon ‘‘(including not less than 25 percent of the chief 
executive officers of minority-serving, community-based 
organizations)’’. 
(b) LOCAL BOARDS.—Section 117(b)(2)(A)(iv) of 
such Act (29 U.S.C. 2832(b)(2)(A)(iv)) is amended by in-
serting ‘‘, and not less than 25 percent of the chief execu-
tive officers of minority-serving, community-based organi-
zations’’ after ‘‘present’’. 
SEC. 7. TAX ON SECURITIES TRANSACTIONS. 
(a) IN GENERAL.—Chapter 36 of the Internal Rev-
enue Code of 1986 is amended by inserting after sub-
chapter B the following new subchapter: 
‘‘Subchapter C—Tax on Securities 
Transactions 
‘‘Sec. 4475. Tax on securities transactions. 
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‘‘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 0.25 percent of the value of the security involved 
in such transaction. 
‘‘(b) BY WHOM PAID.—The tax imposed by this sec-
tion shall be paid by the trading facility on which the 
transaction occurs. 
‘‘(c) 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 ju-
risdiction of the Commodity Futures Trading Com-
mission. 
‘‘(d) ADMINISTRATION.—The Secretary shall carry 
out this section in consultation with the Securities and Ex-
change Commission and the Commodity Futures Trading 
Commission.’’. 
(b) CLERICAL AMENDMENT.—The table of sub-
chapters for chapter 36 of such Code is amended by in-
serting after the item relating to subchapter B the fol-
lowing new item: 
‘‘SUBCHAPTER C. TAX ON SECURITIES TRANSACTIONS.’’. 
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(c) 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. 
Æ 
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