equal to the applicable percentage of the value of the secu-
rity 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) APPLICABLE PERCENTAGE.—For purposes of 
this section— 
‘‘(1) IN GENERAL.—The term ‘applicable per-
centage’ 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 percent-
age 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 Govern-
ment of— 
‘‘(i) carrying out the Troubled Asset 
Relief Program established under title 1 of 
the Emergency Economic Stabilization Act 
of 2008, and 
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‘‘(ii) the exercise of authority by the 
Board of Governors of the Federal Reserve 
System under the third undesignated para-
graph 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 redeter-
mined for taxable years beginning in each cal-
endar year thereafter. Such percentage shall 
take into account the Secretary’s most recent 
estimation of such net cost. Any specified per-
centage 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 ju-
risdiction of the Commodity Futures Trading Com-
mission. 
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‘‘(e) ADMINISTRATION.—The Secretary shall carry 
out this section in consultation with the Securities and Ex-
change Commission and the Commodity Futures Trading 
Commission.’’. 
(2) CLERICAL AMENDMENT.—The table of sub-
chapters 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 sub-
section (b) and shall be for the Employment Oppor-
tunity Grants established in section 4. 
(2) The other account shall consist of 33 per-
cent 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 
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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 UNEM-
PLOYMENT 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 unem-
ployment, as determined by the Bureau of Labor Statis-
tics, 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 sec-
tion. 
(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. 
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(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 commu-
nities 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. 
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