The bill, Substitute House Bill No. 5385, introduced as 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 that could be eligible for grants from the fund and assess the feasibility of using the fund for workforce housing, employment opportunities for disadvantaged youth, and work-study opportunities for students at secondary and post-secondary levels. The findings of the study are to be submitted to the joint standing committee of the General Assembly with jurisdiction over 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 no further costs are anticipated in the subsequent fiscal years. The Labor and Public Employees Committee has given a Joint Favorable vote to the bill.