The bill, identified as Substitute House Bill No. 5385 with File No. 66, mandates the Labor Commissioner to conduct a study on the establishment of a Full Employment Trust Fund. This fund, to be administered by the Labor Department, would provide employment opportunity grants to public and nonprofit entities to create job opportunities and job-training programs. The study is to include an examination of existing programs eligible for grants and the feasibility of using the fund for workforce housing, employment for disadvantaged youth, and work-study opportunities for students. The findings of the study are to be submitted to the joint standing committee of the General Assembly that oversees labor and public employees by January 1, 2025.

The fiscal impact of the bill is contingent on the scope of the study. A limited study could be conducted within existing resources, while a broader study may incur a one-time cost of up to $275,000 in FY 25 for consultant services. This cost estimate is based on a similar analysis required for the Office of Workforce Strategy in July 2022. The bill does not have any municipal impact, and the fiscal note indicates that there are no anticipated costs in the out years beyond FY 25. The bill's effective date is from the passage, and it introduces a new section to the general statutes. The Labor and Public Employees Committee has given a Joint Favorable report on the bill.