Trade Adjustment Assistance Act

Trade Adjustment Assistance Act - Title I: Transfer of Functions and Establishment of Administration and Interagency Committee - States that it is the purpose of this Act to establish a comprehensive program of trade adjustment assistance, under the direction of the Secretary of Labor, administered by the Departments of Labor and Commerce, with the advice of an Interagency Committee on Trade Adjustment, in order to deal with problems caused by economic dislocation resulting from foreign trade flows.

Establishes within the Department of Labor the Trade Adjustment Assistance Administration to assist the Secretary of Labor in carrying out the purposes of this Act.

Establishes an Interagency Committee on Trade Adjustment to: (1) advise and assist the Secretary and Administrator with respect to the activities of the Trade Adjustment Assistance Administration under this Act; (2) review and evaluate the effectiveness of programs carried out under this Act; (3) conduct surveys and establish area and industry priorities for the application of trade adjustment assistance under this Act; (4) carry out studies and prepare projections of future areas of economic activity in which the United States can expect to be competitively disadvantaged and identify industries in which economic adjustment assistance may be necessary; and (5) conduct research and propose new measures and programs to provide economic adjustment assistance to workers and firms who may be eligible for assistance under this Act.

Title II: Trade Adjustment Assistance - Prescribes the requirements for a firm, individual, or community to receive trade adjustment assistance under this Act.

Provides that upon the filing of a petition the Secretary shall determine whether a firm, the workers of a firm, or a community is eligible for economic adjustment assistance under this Act.

States that a firm certified as eligible for economic adjustment assistance under this Act may, at any time within 2 years after the date of such certification, file an application with the Secretary for such economic adjustment assistance. States that, within a reasonable time after filing its application, the firm shall present a proposal for its economic adjustment.

Provides that trade adjustment assistance under this Act consists of technical assistance, financial assistance, and tax assistance, which may be furnished singly or in combination.

Authorizes the Secretary to provide a firm, on such terms and conditions as he determines to be appropriate, such technical assistance, financial assistance in the form of guarantees of loans, and tax assistance as the Secretary determines will materially contribute to the economic adjustment of the firm.

States that the Secretary and the Comptroller General of the United States shall have access for the purpose of audit and examination to any books, documents, papers, and records of the recipient pertaining to economic adjustment assistance under this Act.

Stipulates that whoever makes a false statement of a material fact knowing it to be false, or knowingly fails to disclose a material fact, or whoever willfully overvalues any security, for the purpose of influencing in any way the action of the Secretary under this Act, or for the purpose of obtaining money, property, or anything of value under this Act, shall be fined not more than $5,000 or imprisoned for not more than two years, or both.

Authorizes any adversely affected worker to file an application with the Secretary for economic adjustment assistance in the form of readjustment allowances, training benefits, relocation allowances, and early retirement benefits.

Sets forth the amounts and limits on payments to adversely affected workers, and provides time limitations on such readjustment allowances.

Requires every adversely affected worker who applies for a readjustment allowance under this Act to apply for testing, counseling, training and placement assistance.

Directs the Secretary, insofar as possible, to provide assistance under this Act through existing programs established by law.

Directs the Secretary to contract for basic and supplemental hospital and medical care for persons reciving assistance under this Act under such insurance plans as he deems appropriate.

Provides that a relocation allowance may be granted to assist an adversely affected worker in relocating within the United States if the Secretary determines that such worker cannot reasonably be expected to secure suitable employment in the commuting area in which he resides and that such worker: (1) has obtained suitable employment affording a reasonable expectation of long-term duration in the area in which he wishes to relocated, or (2) has obtained a bona fide offer of such employment.

Authorizes the Secretary to provide early retirement payments to eligible, adversely affected workers in specified amounts.

Authorizes the Secretary on the behalf of the United States to enter into an agreement with any State or State agency under which such State or agency will receive applications for, and will provide assistance under, the programs established by this Act.

Provides that a community certified as eligible to apply for adjustment assistance may, at any time within two years after the date of such certification, file an application with the Secretary of Commerce for adjustment assistance under this Act.

Directs the Interagency Committee, in conjunction with labor, business, and community representatives of the concerned community, to develop a proposal for the community's economic adjustment. Specifies technical and financial assistance available to communities under this Act.

Title III: Location of Firms - Requires every firm with plans to relocate facilities outside the United States to apply for all economic adjustment assistance for which its workers are entitled under this Act and to offer first choice of future employment in their other facilities to individuals employed in the old facilities.

Provides that any firm which fails without good cause to comply with the requirements of this section shall be liable to the United States for one-half the cost incurred in providing economic adjustment assistance to its workers.

Title IV: Establishment of an Early Warning System - Requires the Trade Adjustment Assistance Administration to undertake to develop an integrated system of foreign and domestic economic statistics, which would provide the data necessary to forecast problems of economic adjustment, and to shift industrial and manpower planning into priority economic areas.

Requires each firm engaged in the manufacture, sale, or transportation of products in the interstate or foreign commerce of the United States to give the Trade Adjustment Assistance Administration advance notice of decisions to relocate facilities outside the United States, which would cause any total separations, partial separations, or other reductions in their work force.

Provides that any firm or individual who willfully violates this section shall be assessed a civil penalty by the Administrator of not more than $5,000 for each such violation.