Private Sector Opportunities Act

Private Sector Opportunities Act - Amends title VII (Private Sector Opportunities for the Economically Disadvantaged) of the Comprehensive Employment and Training Act (CETA) to revise provisions for private sector programs.

Makes eligible for participation in such programs unemployed or underemployed individuals who reside in designated enterprise zones.

Retains the requirement that 95 percent of title VII funds be allocated among prime sponsors, but deletes a provision that the remainder of such funds be used by the Secretary of Labor to assist prime sponsors jointly establishing a single private industrial council and specified Native American entities in carrying out such programs. Retains other provisions for assistance to specified Native American entities.

Permits prime sponsors to use such program funds for coordination with other economic development activities.

Requires that descriptions of proposed private sector initiatives include provisions for training and placement activities in business concerns, especially in small businesses, and for involving, where feasible, community-based organizations.

Requires that prime sponsor (or specified Native American, Alaskan, or Hawaiian entities) designate enterprise zones within their jurisdictions, as a condition for receipt of financial assistance under the program.

Includes local economic development councils among those groups to which proposed plans for activities must be submitted for comment.

Sets forth provisions for the designation of enterprise zones for purposes of the private sector program.

Requires that prime sponsors and other specified entities consult with the appropriate private industrial council and, where feasible, with community-based organizations in designating any enterprise zone.

Sets forth requirements for the types of urban and rural areas that may be designated as enterprise zones. Directs the Secretary to approve the designation of an enterprise zone submitted by a prime sponsor or other specified entity, unless the application information does not meet such requirements.

Adds local economic development councils to those groups from which prime sponsors must appoint members of private industry councils.

Directs that, in appointing such members from educational agencies and institutions, particular consideration should be given to persons with expertise in onsite, industry specific vocational education.

Revises the list of activities that private-sector opportunities programs may include. Adds to such list the development of: (1) a small business intern program; (2) relationships between employment and training programs, educational institutions, community-based organizations, and the private sector; and (3) onsite, industry specific training programs supportive of industrial and economic development, in cooperation with State vocational education boards, if CETA title VII funds are supplemented, where feasible, by funds from other sources. Adds to such list the provision of on-the-job training subsidies on a declining ratio to wages over the period of training.

Provides that program activities may include upgrading and retraining in accordance with CETA title II occupational upgrading and retraining programs. Limits to 15 percent that portion of title VII funds that may be used for such upgrading and retraining.

Amends CETA title I administrative provisions to authorize the appropriation of necessary sums for fiscal years 1983 through 1985 to carry out the title VII private sector opportunities program.