A bill to extend the Reed Act and to authorize the designation of funds in State accounts as Reed Act funds in certain circumstances.

Amends title IX (Employment Security) of the Social Security Act (the Act) to extend, for ten years, the Reed Act (which provides for the transfer of Federal unemployment tax amounts to individual State accounts under certain conditions).

Amends title XII (Advances to State Unemployment Compensation Funds) of the Act to permit, upon the repayment of all advances, the designation of funds in a State account, transferred pursuant to the Reed Act and used to pay unemployment benefits, as Reed Act funds, so that such State qualifies for a title XII advance.