Government action during periods of unemployment

The Employment Act of 1946 (15 U.S.C. 1021 et seq.) is amended by adding at the end the following: 12. Government action during periods of unemployment (a) Definitions In this subsection: (1) Agency The term agency has the meaning given the term in section 551 of title 5, United States Code. (2) Quarter The term quarter means one of the following 3-month periods: (A) January through March. (B) April through June. (C) July through September. (D) October through December. (3) Rate of unemployment The term rate of unemployment means, with respect to a quarter, the average of the seasonally adjusted national monthly rates of total unemployment for the 3 months of the quarter, as published by the Commissioner of Labor Statistics. (b) 6 percent unemployment During the period beginning on the date on which the Secretary of Labor determines that the rate of unemployment has exceeded 6 percent during 2 consecutive quarters and ending on the date on which the Secretary of Labor determines that the rate of unemployment has been less than 6 percent for 2 consecutive quarters, the head of each agency administering a discretionary grant or loan program shall consider the employment impacts of a discretionary grant or loan when reviewing applications for the discretionary grant or loan. (c) 7.5 percent unemployment During the period beginning on the date on which the Secretary of Labor determines that the rate of unemployment has exceeded 7.5 percent during 2 consecutive quarters and ending on the date on which the Secretary of Labor determines that the rate of unemployment has been less than 7.5 percent for 2 consecutive quarters— (1) the chair of the Council of Economic Advisers shall convene an emergency interagency taskforce to address increases in unemployment composed of each head of an agency who is a member of the President's Cabinet; (2) the Comptroller General of the United States shall— (A) conduct a review of the activities of each agency; and (B) provide recommendations on how to alter those activities to incentivize public and private sector employment; and (3) the Director of the Congressional Budget Office shall assign a score to each bill or joint resolution for which the Director of the Congressional Budget Office prepares a statement under section 424(a) of the Congressional Budget Act of 1974 (2 U.S.C. 658c(a)) during that period with respect to anticipated employment impacts. (d) 9 percent unemployment During the period beginning on the date on which the Secretary of Labor determines that the rate of unemployment has exceeded 9 percent during 2 consecutive quarters and ending on the date on which the Secretary of Labor determines that the rate of unemployment has been less than 9 percent for 2 consecutive quarters, the Board of Governors of the Federal Reserve System shall prioritize the maximum employment mandate of the Federal Reserve System in its activities..