Summary: H.R.5012 — 103rd Congress (1993-1994)All Information (Except Text)

There is one summary for H.R.5012. Bill summaries are authored by CRS.

Shown Here:
Introduced in House (08/21/1994)

Displaced Defense Worker Act of 1994 - Requires the Secretary of Defense to deposit in the Displaced Defense Worker Trust Fund established under this Act the Secretary's portion of any cost savings achieved and returned by a Department of Defense contractor is such savings are a result of the consideration of operations in a manner that causes the elimination of jobs in the community in which the contract is being carried out.

Directs the Secretary of Labor to use amounts appropriated from the Fund for: (1) job retraining assistance under the Job Training Partnership Act; and (2) job creation activities under the Public Works and Economic Development Act of 1965.

Appropriates to the Fund all cost savings realized by the Secretary under this Act. Provides for Fund management. Requires an annual report from the Secretary of the Treasury to the Congress on the financial condition and operations of the Fund during the preceding fiscal year and as expected for the next five fiscal years.