[Congressional Bills 117th Congress]
[From the U.S. Government Publishing Office]
[H.R. 1388 Introduced in House (IH)]
<DOC>
117th CONGRESS
1st Session
H. R. 1388
To require the Secretary of Labor to establish a program to provide
grants for job guarantee programs.
_______________________________________________________________________
IN THE HOUSE OF REPRESENTATIVES
February 25, 2021
Mrs. Watson Coleman (for herself and Ms. Omar) introduced the following
bill; which was referred to the Committee on Ways and Means, and in
addition to the Committee on Education and Labor, 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 require the Secretary of Labor to establish a program to provide
grants for job guarantee programs.
Be it enacted by the Senate and House of Representatives of the
United States of America in Congress assembled,
SECTION 1. SHORT TITLE.
This Act may be cited as the ``Workforce Promotion and Access Act''
or the ``WPA Act''.
SEC. 2. JOB GUARANTEE GRANT PROGRAM.
(a) Definitions.--In this section:
(1) Eligible entity.--The term ``eligible entity'' means an
entity that is a political subdivision of a State, Tribal
entity, outlying area, or a combination of contiguous political
subdivisions or Tribal entities that--
(A) has an unemployment rate that is equal to the
lower of 10 or 80 percent of the national unemployment
rate, as determined by the Bureau of Labor Statistics
(except in the case of Tribal entities which may submit
their own employment data where no such Federal data is
available for such entities) based on the most recent
data available at the time the Secretary solicits
applications for grants under this section; and
(B) submits an application in accordance with
subsection (e).
(2) Job guarantee program.--The term ``job guarantee
program'' means a program that meets the requirements of
subsection (c).
(3) Rural area.--The term ``rural area'' means an area that
is located outside of an urban area.
(4) Tribal entity.--The term ``Tribal entity'' means an
Indian tribe or tribal organization as such terms are defined
in section 4 of the Indian Self-Determination Act (25 U.S.C.
5304).
(5) Urban area.--The term ``urban area'' means an urbanized
area (a region of 50,000 or more residents) and an urbanized
cluster (an area encompassing between 2,500 and 50,000
residents), according to the Census Bureau's urban-rural
classification in the 2010 census.
(6) Secretary.--The term ``Secretary'' means the Secretary
of Labor.
(7) WIOA definitions.--The terms ``adult education and
literacy activities'', ``career planning'', ``individual with a
barrier to employment'', ``in-demand industry sector or
occupation'', ``local board'', ``outlying area'', ``recognized
postsecondary credential'', ``State'', ``State board'',
``supportive services'', and ``workplace learning advisor''
have the meanings given such terms in section 3 of the
Workforce Innovation and Opportunity Act (29 U.S.C. 3102).
(b) Establishment.--
(1) In general.--The Secretary shall establish a program to
provide competitive grants to eligible entities to establish
programs to ensure that any individual within the area served
by the entity who applies for a job through the program will be
provided with employment as provided for in this section.
(2) Termination.--Federal funding for a job guarantee
program established under a grant under this section shall
terminate on the earlier of--
(A) the end of the 3-year period beginning on the
date of the grant; or
(B) the date of any revocation of the grantee as an
eligible entity.
(3) Grant renewal.--An eligible entity that receives a
grant under this section may reapply under this section for an
additional grant after the first 3-year grant period.
(c) Job Guarantee Programs.--A job guarantee program meets the
requirements of this subsection if the jobs provided under such
program--
(1) are available to any unemployed individual who--
(A) is 18 years of age or older; and
(B) resides in the eligible entity as of the date
that the grant is awarded under this subsection to such
eligible entity,
except that participants may be released, and/or suspended if
they fail to perform the stipulated duties or they are
generally disruptive to the workplace involved under procedures
established by the Secretary that provide for an opportunity
for a review of such determinations;
(2) are, with respect to individual participants, included
as part of an established bargaining unit and covered by any
applicable collective bargaining agreement in effect if
similarly situated employees are part of such unit and
represented by an exclusive bargaining representative;
(3) are available for the duration of the program;
(4) provide a wage of not less than the greater of--
(A) $15 per hour, or the hourly wage otherwise
required to be paid to employees in the area to be
served under the program, whichever is greater;
(B) the prevailing wage in the area involved for a
similar job as required by chapter 67 of title 41,
United States Code, and other related laws; or
(C) the applicable wage under an applicable
collective bargaining agreement as provided for under
paragraph (2);
(5) provide for coverage of the worker under a health
insurance program that is comparable to that offered to Federal
employees under the Federal Employee Health Benefits Program;
and
(6) provide at a minimum--
(A) family and medical leave consistent with the
provisions of the Family and Medical Leave Act of 1993
and applicable State law, except that such leave shall
be paid leave; and
(B) the Emergency Paid Sick Leave Act under
division E of the Families First Coronavirus Response
Act (29 U.S.C. 2601 note).
(d) Other Uses.--Funds may be used to provide workers in a job
guarantee program with--
(1) supportive services, which can include transportation,
child care, dependent care, housing, and needs-related
payments, that are necessary to enable an individual to
participate in activities authorized under this Act;
(2) access to a workplace learning advisor to support the
education, skill development, job training, career planning,
and credentials required to progress toward career goals of
such employees in order to meet employer requirements related
to job openings and career advancements that support economic
self-sufficiency;
(3) adult education and literacy activities, including
those provided by public libraries;
(4) activities that assist justice-involved individuals,
formerly incarcerated individuals, and individuals with
criminal records in reentering the workforce; and
(5) financial literacy activities including those described
in section 129(b)(2)(D) of the Workforce Innovation and
Opportunity Act.
(e) Applications.--An eligible entity seeking a grant under this
section shall submit an application to the Secretary at such time, in
such manner, and containing such information as the Secretary may
require. Such application shall include--
(1) a description of the geographic area and population
that the entity intends to serve under the job guarantee
program established under the grant, including the area
unemployment rate, underemployment rate, unemployment rate for
individuals with disabilities, poverty rate, housing vacancy
rate, crime rate, household income, home-ownership rate, labor
force participation rate, and educational attainment;
(2) to the extent practicable, a description of the jobs
that will be offered under the job guarantee program,
including--
(A) a description of supports provided to
individuals with disabilities and accommodations
required under the Americans with Disabilities Act of
1990 (42 U.S.C. 12101 et seq.); and
(B) a description of supports and procedures to
ensure job access and opportunities for individuals
with criminal records, including information on
physical and programmatic accessibility, in accordance
with section 188 of the Workforce Innovation and
Opportunity Act, if applicable, and the Americans with
Disabilities Act of 1990, for individuals with
disabilities;
(3) the need in the area for jobs to be performed,
including for jobs designated as a high-skill, high-wage or in-
demand industry sector or occupation by the Secretary, State
board, or local board;
(4) a description of State, local, or philanthropic
funding, including through coordination and in-kind or
nonfinancial support, if any, that will be provided to assist
in carrying out the job guarantee program;
(5) an assurance that the eligible entity will establish--
(A) a public internet website, in conjunction with
the Secretary, to post all available jobs under the job
guarantee program; and
(B) a process for individuals to apply for such
jobs;
(6) a comprehensive plan to describe how the funding under
the program will leverage existing or anticipated local, State,
and Federal funding;
(7) an assurance that necessary administrative data systems
and information technology infrastructure are available, or
will be available, to provide for full participation in the
evaluation under subsection (k);
(8) a description of how the eligible entity will comply
with the requirements described in subsection (c)(6);
(9) an assurance that the entity will enter into an
allocation agreement with the Secretary under subsection
(j)(2)(A); and
(10) an assurance that energy and infrastructure jobs
provided under the program will not exacerbate the impacts of
climate change.
(f) Selection.--In awarding such grant under this section, the
Secretary shall consider diversity in geographic location, urban-rural
composition, and political entity, including the representation of
Tribal entities.
(g) Amount of Grant.--
(1) Establishment of fund.--There is established in the
Treasury of the United States a separate account to be known as
the ``Job Guarantee Program Trust Fund'' (referred to in this
section as the ``Fund'').
(2) Transfers to fund.--There is hereby appropriated to the
Fund amounts equivalent to--
(A) taxes received in the Treasury under subchapter
C of chapter 36 of the Internal Revenue Code of 1986;
and
(B) interest earned on investment of amounts in the
Fund under rules similar to the rules of section
9602(b) of such Code.
(3) Use of amounts.--The Secretary shall use amounts in the
Fund to make payments to grantees under grants under this
section in accordance with paragraph (4).
(4) Payments.--
(A) In general.--The Secretary shall determine the
annual amount of a grant under this section based on a
formula to be developed by the Secretary.
(B) Payments.--The Secretary shall make payments to
grantees under this section in a manner determined
appropriate by the Secretary. The Secretary shall not
make subsequent payments to a grantee after the initial
payment until the grantee certifies to the Secretary
that the grantee has expended, transferred, or
obligated not less than 80 percent of the most recent
payment made under this subsection.
(h) Limitations.--An eligible entity may not use amounts received
under a grant under this section to--
(1) employ individuals who will replace, or lead to the
displacement of, existing employees, positions, or individuals
who would otherwise perform similar employment, or disrupt
existing contracts and collective bargaining agreements, as
defined in section 181(b) of the Workforce Innovation and
Opportunity Act (Public Law 113-128);
(2) perform functions otherwise prohibited by Federal,
State, or local laws; and
(3) carry out other prohibited activities, as determined by
the Secretary.
(i) Federal Provision of Jobs in Program Sites.--
(1) Guidance.--Not later than 30 days after the date on
which the Secretary awards the first grant under this section,
the Secretary shall--
(A) provide guidance to the heads of appropriate
Federal agencies to notify such agencies of job
guarantee programs established under the grants awarded
under this section;
(B) request that such agencies notify the
Secretary, within 30 days of the date on which the
guidance is received under paragraph (1), of the number
and types of jobs that each such agency would make
available through each of the programs; and
(C) ensure that each such agency makes best efforts
to provide jobs through the programs established under
such grants.
(2) Application of provisions.--The requirements of
subsection (c) relating to wages and benefits provided to
participants in jobs provided under job guarantee programs, and
the limitations in subsection (h), shall apply to Federal
agencies and jobs provided under this subsection, except that a
Federal agency shall employ each individual under this
subsection for up to 3 years.
(3) Listing of jobs on website.--The Secretary shall
establish procedures to ensure that jobs identified under
paragraph (1)(B) are listed on the appropriate public internet
website as provided for under subsection (e)(5)(A).
(4) Reimbursement.--At the end of each fiscal year, the
Secretary shall transfer from the Fund to each Federal agency
that employs individuals under a job guarantee program under
this section, an amount necessary to reimburse such agency for
the full cost of employing each such individual during such
fiscal year.
(j) Training.--
(1) In general.--The Secretary shall develop procedures to
support up to 8 weeks of paid training (through privately or
publicly funded training programs, such as those provided by
the public workforce system) to participants in order to
perform duties required by job guarantee programs under this
section, including a new period of training, not to exceed 8
weeks, prior to commencing any new job under the program.
(2) Specific populations.--With respect to certain
populations with barriers to employment (as defined in section
3(24) of the Workforce Innovation and Opportunity Act (Public
Law 113-128)), the 8-week training period may include specific
job-related training and counseling and other general skills
training to prepare such individuals to reenter the workforce.
(k) Priorities and Audits.--
(1) Priorities.--Prior to awarding the initial grants under
this section, the Secretary shall issue a list of national job
priorities relating to jobs that may be carried out under job
guarantee programs, that shall include but not be limited to
child care, care for seniors and individuals with disabilities,
clean energy jobs, community investment projects, and
sustainable infrastructure activities. The Secretary shall take
State board and local board suggestions into consideration when
issuing such list.
(2) Audits.--
(A) In general.--The Secretary, acting through the
Inspector General of the Department of Labor, shall
carry out annual audits of the use of grant funds
provided to eligible entities under this section.
(B) Allocation agreements and misuse of funds.--
(i) Allocation agreements.--An eligible
entity shall enter into an allocation agreement
with the Secretary that shall provide that the
Secretary shall recoup any amounts paid to the
entity under a grant under this section if the
results of an audit under subparagraph (A)
include a finding that there was an intentional
or reckless misuse of such funds by such
entity.
(ii) Loss of eligibility.--An eligible
entity that is determined to have falsified or
otherwise misstated data in any report
submitted to the Secretary with the intent to
deceive or mislead the Secretary shall be
ineligible to receive additional funds under
this section.
(l) Reports.--Not later than 90 days after the end of each calendar
year for which an eligible entity obligates or expends any amounts made
available under a grant under this section, the eligible entity shall
submit to the Secretary a report that--
(1) specifies the amount of grant funds obligated or
expended for the preceding fiscal year;
(2) specifies any purposes for which the funds were
obligated or expended; and
(3) includes any other information that the Secretary may
require to more effectively administer the grant program under
this section, including the indicators of performance under
section 116(b)(2)(A)(i) of the Workforce Innovation and
Opportunity Act (29 U.S.C. 3141(b)(2)(A)(i)), with the
performance data disaggregated by race, ethnicity, sex, age,
and membership in a population specified in section 3(24) of
such Act (29 U.S.C. 3102(24)).
(m) Evaluation.--The Chief Evaluation Officer at the Department of
Labor shall provide for the conduct of an evaluation of the program,
using a rigorous design and evaluation methods to assess the
implementation of the programs and their impact on--
(1) overall employment, public-sector employment, and
private-sector employment;
(2) private-sector employment, wages, and benefits;
(3) poverty rate;
(4) public assistance spending and other Federal spending
in the area served by the program;
(5) child health and educational outcomes;
(6) health and well-being of those with mental, emotional,
and behavioral health needs;
(7) incarceration rates;
(8) the environment, including air quality and water
quality;
(9) the indicators of performance as described in
subsection (l)(3); and
(10) other economic development and individual outcome
indicators, as determined by the Secretary.
(n) Expansion of Work Opportunity Credit To Include Participants in
Job Guarantee Programs.--
(1) In general.--Subsection (d) of section 51 of the
Internal Revenue Code of 1986 is amended--
(A) in paragraph (1)--
(i) in subparagraph (I), by striking ``or''
at the end,
(ii) in subparagraph (J), by striking the
period at the end and inserting ``, or'', and
(iii) by adding at the end the following
new subparagraph:
``(K) a qualified participant in a job guarantee
program.'', and
(B) by adding at the end the following new
paragraph:
``(16) Qualified participant in a job guarantee program.--
The term `qualified participant in a job guarantee program'
means any individual who is certified by the designated local
agency as having participated in a job guarantee program under
section 2 of the Federal Jobs Guarantee Program Act of 2020 for
not less than 3 months during the 6-month period ending on the
hiring date.''.
(2) Effective date.--The amendments made by this subsection
shall apply to individuals who begin work for the employer
after December 31, 2021.
(o) Appropriations.--From funds in the Treasury not otherwise
appropriated, there are appropriated to the Secretary such sums as may
be necessary to carry out this section.
SEC. 3. TRANSACTION TAX.
(a) 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 Trading Transactions
``Sec. 4475. Tax on trading transactions.
``Sec. 4476. Derivative defined.
``SEC. 4475. TAX ON TRADING TRANSACTIONS.
``(a) Imposition of Tax.--There is hereby imposed a tax on each
covered transaction with respect to any security.
``(b) Rate of Tax.--The tax imposed under subsection (a) with
respect to any covered transaction shall be 0.1 percent of the
specified base amount with respect to such covered transaction.
``(c) Specified Base Amount.--For purposes of this section, the
term `specified base amount' means--
``(1) except as provided in paragraph (2), the fair market
value of a security (determined as of the time of the covered
transaction), and
``(2) in the case of any payment with respect to a
derivative, the amount of such payment.
``(d) Covered Transaction.--For purposes of this section--
``(1) In general.--The term `covered transaction' means--
``(A) except as provided in subparagraph (B), any
purchase if--
``(i) such purchase occurs on, or is
subject to the rules of, a qualified board or
exchange located in the United States, or
``(ii) the purchaser or seller is a United
States person, and
``(B) any transaction with respect to a derivative
if--
``(i) such derivative is traded on, or is
subject to the rules of, a qualified board or
exchange located in the United States, or
``(ii) any party with rights under such
derivative is a United States person.
``(2) Exception for initial issues.--No tax shall be
imposed under subsection (a) on any covered transaction with
respect to the initial issuance of any security described in
subparagraph (A), (B), or (C) of subsection (e)(1).
``(e) Definitions and Special Rules.--For purposes of this
section--
``(1) Security.--For purposes of this section, the term
`security' means--
``(A) any share of stock in a corporation,
``(B) any partnership or beneficial ownership
interest in a partnership or trust,
``(C) except as provided in paragraph (2), any
note, bond, debenture, or other evidence of
indebtedness, and
``(D) any derivative (as defined in section 4476).
``(2) Exception for certain traded short-term
indebtedness.--A note, bond, debenture, or other evidence of
indebtedness which--
``(A) is traded on, or is subject to the rules of,
a qualified board or exchange located in the United
States, and
``(B) has a fixed maturity of not more than 100
days,
shall not be treated as described in paragraph (1)(C).
``(3) Qualified board or exchange.--The term `qualified
board or exchange' has the meaning given such term by section
1256(g)(7).
``(f) By Whom Paid.--
``(1) In general.--The tax imposed by this section shall be
paid by--
``(A) in the case of a transaction which occurs on,
or is subject to the rules of, a qualified board or
exchange located in the United States, such qualified
board or exchange, and
``(B) in the case of a purchase not described in
subparagraph (A) which is executed by a broker (as
defined in section 6045(c)(1)) which is a United States
person, such broker.
``(2) Special rules for direct, etc., transactions.--In the
case of any transaction to which paragraph (1) does not apply,
the tax imposed by this section shall be paid by--
``(A) in the case of a transaction described in
subsection (d)(1)(A)--
``(i) the purchaser if the purchaser is a
United States person, and
``(ii) the seller if the purchaser is not a
United States person, and
``(B) in the case of a transaction described in
subsection (d)(1)(B)--
``(i) the payor if the payor is a United
States person, and
``(ii) the payee if the payor is not a
United States person.
``(g) Treatment of Exchanges and Payments With Respect to
Derivatives.--For purposes of this section--
``(1) Treatment of exchanges.--
``(A) 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 exchange.
``(B) Certain deemed exchanges.--In the case of a
distribution treated as an exchange for stock under
section 302 or 331, the corporation making such
distribution shall be treated as having purchased such
stock for purposes of this section.
``(2) Payments with respect to derivatives treated as
separate transactions.--Except as otherwise provided by the
Secretary, any payment with respect to any derivative shall be
treated as a separate transaction for purposes of this section.
``(h) Application to Transactions by Controlled Foreign
Corporations.--
``(1) In general.--For purposes of this section, a
controlled foreign corporation shall be treated as a United
States person.
``(2) Special rules for payment of tax on direct, etc.,
transactions.--In the case of any transaction which is a
covered transaction solely by reason of paragraph (1) and which
is not described in subsection (f)(1)--
``(A) Payment by united states shareholders.--Any
tax which would (but for this paragraph) be payable
under subsection (f)(2) by the controlled foreign
corporation shall, in lieu thereof, be paid by the
United States shareholders of such controlled foreign
corporation as provided in subparagraph (B).
``(B) Pro rata shares.--Each such United States
shareholder shall pay the same proportion of such tax
as--
``(i) the stock which such United States
shareholder owns (within the meaning of section
958(a)) in such controlled foreign corporation,
bears to
``(ii) the stock so owned by all United
States shareholders in such controlled foreign
corporation.
``(C) Definitions.--For purposes of this
subsection, the terms `United States shareholder' and
`controlled foreign corporation' have the meanings
given such terms in sections 951(b) and 957(a),
respectively.
``(i) Administration.--The Secretary shall carry out this section
in consultation with the Securities and Exchange Commission and the
Commodity Futures Trading Commission.
``(j) Guidance; Regulations.--The Secretary shall--
``(1) provide guidance regarding such information reporting
concerning covered transactions as the Secretary deems
appropriate, and
``(2) prescribe such regulations as are necessary or
appropriate to prevent avoidance of the purposes of this
section, including the use of non-United States persons in such
transactions.
``SEC. 4476. DERIVATIVE DEFINED.
``(a) In General.--For purposes of this subchapter, except as
otherwise provided in this section, the term `derivative' means any
contract (including any option, forward contract, futures contract,
short position, swap, or similar contract) the value of which, or any
payment or other transfer with respect to which, is (directly or
indirectly) determined by reference to one or more of the following:
``(1) Any share of stock in a corporation.
``(2) Any partnership or beneficial ownership interest in a
partnership or trust.
``(3) Any evidence of indebtedness.
``(4) Except as provided in subsection (b)(1), any real
property.
``(5) Any commodity which is actively traded (within the
meaning of section 1092(d)(1)).
``(6) Any currency.
``(7) Any rate, price, amount, index, formula, or
algorithm.
``(8) Any other item as the Secretary may prescribe.
Except as provided in regulations prescribed by the Secretary to
prevent the avoidance of the purposes of this subchapter, such term
shall not include any item described in paragraphs (1) through (8).
``(b) Exceptions.--
``(1) Certain real property.--
``(A) In general.--For purposes of this subchapter,
the term `derivative' shall not include any contract
with respect to interests in real property (as defined
in section 856(c)(5)(C)) if such contract requires
physical delivery of such real property.
``(B) Options to settle in cash.--
``(i) In general.--For purposes of
subparagraph (A), a contract which provides for
an option of cash settlement shall not be
treated as requiring physical delivery of real
property unless the option is--
``(I) not exercisable
unconditionally, and
``(II) exercisable only in unusual
and exceptional circumstances.
``(ii) Option of cash settlement.--For
purposes of clause (i), a contract provides an
option of cash settlement if the contract
settles in (or could be settled in) cash or
property other than the underlying real
property.
``(2) Securities lending, sale-repurchase, and similar
financing transactions.--To the extent provided by the
Secretary, for purposes of this subchapter, the term
`derivative' shall not include the right to the return of the
same or substantially identical securities transferred in a
securities lending transaction, sale-repurchase transaction, or
similar financing transaction.
``(3) Options received in connection with the performance
of services.--For purposes of this subchapter, the term
`derivative' shall not include any option described in section
83(e)(3) received in connection with the performance of
services.
``(4) Insurance contracts, annuities, and endowments.--For
purposes of this subchapter, the term `derivative' shall not
include any insurance, annuity, or endowment contract issued by
an insurance company to which subchapter L applies (or issued
by any foreign corporation to which such subchapter would apply
if such foreign corporation were a domestic corporation).
``(5) Derivatives with respect to stock of members of same
worldwide affiliated group.--For purposes of this subchapter,
the term `derivative' shall not include any derivative
(determined without regard to this paragraph) with respect to
stock issued by any member of the same worldwide affiliated
group (as defined in section 864(f)) in which the taxpayer is a
member.
``(6) Commodities used in normal course of trade or
business.--For purposes of this subchapter, the term
`derivative' shall not include any contract with respect to any
commodity if--
``(A) such contract requires physical delivery with
the option of cash settlement only in unusual and
exceptional circumstances, and
``(B) such commodity is used (and is used in
quantities with respect to which such derivative
relates) in the normal course of the taxpayer's trade
or business (or, in the case of an individual, for
personal consumption).
``(c) Contracts With Embedded Derivative Components.--
``(1) In general.--If a contract has derivative and
nonderivative components, then each derivative component shall
be treated as a derivative for purposes of this subchapter. If
the derivative component cannot be separately valued, then the
entire contract shall be treated as a derivative for purposes
of this subchapter.
``(2) Exception for certain embedded derivative components
of debt instruments.--A debt instrument shall not be treated as
having a derivative component merely because--
``(A) such debt instrument is denominated in a
nonfunctional currency (as defined in section
988(c)(1)(C)(ii)), or
``(B) payments with respect to such debt instrument
are determined by reference to the value of a
nonfunctional currency (as so defined).
``(d) Treatment of American Depository Receipts and Similar
Instruments.--Except as otherwise provided by the Secretary, for
purposes of this subchapter, American depository receipts (and similar
instruments) with respect to shares of stock in foreign corporations
shall be treated as shares of stock in such foreign corporations.''.
(b) Information Reporting With Respect to Controlled Foreign
Corporations.--Section 6038(a)(1)(B) of such Code is amended by
inserting ``and transactions which are covered transactions for
purposes of section 4475 by reason of the application of section
4475(h)(1) to such corporation'' before the semicolon at the end.
(c) Conforming Amendment.--The table of subchapters 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 trading transactions''.
(d) Effective Date.--The amendments made by this section shall
apply to transactions after December 31, 2021.
<all>