Job Security Bank Act of 1985

Job Security Bank Act of 1985 - Amends the Trade Act of 1974 to revise provisions relating to trade adjustment assistance program benefits.

Requires workers, before receiving such benefits, to agree to repay certain amounts of such assistance whenever the worker begins full-time employment after total separation from the adversely affected employment. Requires such repayment in monthly installments over the course of the first year of such full-time employment. Sets forth formulas for determining the applicable repayment amount on the basis of the amount of income exceeding specified poverty levels from the full-time employment and the amount of program benefits received.

Prohibits payment of program benefits to any worker if: (1) any amount was previously paid under retraining provisions for such worker; and (2) the worker continued or resumed, after the 60 day-period after the retraining ended, the adversely affected employment which had made the worker eligible for such retraining.

Revises conditions for eligibility of workers for trade adjustment allowance payments. Removes the condition that all rights to unemployment insurance be exhausted. Adds a requirement that the worker submit a written certification that such worker will undertake retraining in a program approved by a private industry council established under the Job Training Partnership Act. Removes provisions relating to the prescription of regulations requiring workers to accept certain training or to search actively for work outside a certain area.

Revises provisions relating to the weekly and maximum total amounts of trade adjustment allowances. Provides that, for any week during which the worker receives any unemployment insurance benefits, the allowance shall equal 50 percent of the amount of unemployment insurance benefits payable to such worker for a week within the period covered by the certification that occurs prior to the first exhaustion of unemployment insurance benefits. Sets the allowance at 100 percent of such amount for any week for which the worker does not receive any unemployment insurance benefits. Sets the maximum total amount of such allowances payable to a worker at 26 times such weekly amount of unemployment insurance benefits. Allows workers to elect: (1) the portion of the period for which such allowance is to be made (which may or may not include any week for which the worker is paid unemployment insurance benefits); and (2) to accept an allowance less than that to which such worker is entitled.

Eliminates provisions relating to the application of State laws and to employment services.

Revises provisions for retraining. Entitles certain workers to have approved retraining costs up to $3,000 paid for under the trade adjustment assistance program. Sets forth conditions relating to such retraining approval and payments. Prohibits such retraining payments to any employer who previously received such a payment for on-the-job training of a worker and who terminated such worker's employment within two years after such training began. Requires that retraining approval and determinations of the entitlement of a worker for payment of retraining costs be made without regard to whether a worker is separated from the adversely affected employment. Eliminates provisions relating to discretionary supplemental assistance, refusal to accept or continue training, and failure to make satisfactory progress.

Eliminates provisions for job search allowances.

Revises provisions for determining the amount of relocation allowances. Limits the amount of subsistence expenses to be taken into account to the lesser of the actual per diem subsistence expenses or 50 percent of the prevailing per diem allowance rate authorized under Federal travel regulations. Limits the amount of travel expenses to be taken into account to the prevailing rate authorized under Federal travel regulations.

Eliminates provisions which provide for the termination of the trade adjustment assistance for workers program on September 30, 1985.

Directs the Secretary of Labor to consult with the U.S. International Trade Commission and representatives of all organized labor unions at least twice every year on the determinations of eligibility as adversely affected workers and on the operation and effectiveness of the trade adjustment assistance for workers program. Directs the Secretary to report annually to the Congress on such matters.

Revises group eligibility requirements under the trade adjustment assistance for workers to include coverage of certain situations where there are increased imports of articles like or directly competitive with articles that are composed of any other article produced by the worker's firm or an appropriate subdivision of such firm.

Eliminates, effective one year after the enactment of this Act, provisions for an authorization of appropriations to the Department of Labor to carry out the trade adjustment assistance for workers program.

Establishes, effective one year after the enactment of this Act, the Job Security Bank as a trust fund within the Treasury. Directs the Secretary of the Treasury, as trustee of the Bank, to make annual reports to the Congress and to invest certain portions of the funds in the Bank. Authorizes appropriations out of the Bank to carry out the trade adjustment assistance for workers program. Requires that the Bank's funds consist of amounts received from the import duty imposed under this Act and any worker repayments of such assistance.

Directs the President to immediately undertake to negotiate change in the General Agreement on Tariffs and Trade so as to allow any country to impose a uniform duty of not more than one percent ad valorem on all imports in order to fund a trade adjustment assistance program for its workers.

Imposes such a duty on all imports into the United States, effective one year after the enactment of this Act. Sets such duty at two-thirds of one percent ad valorem, but authorizes the President (at any time after two years after the enactment of the Act) to modify such rate to a uniform ad valorem rate which does not exceed one percent and which is sufficient to fund the trade adjustment assistance for workers program.

Provides that, with specified exceptions, the amendments made by this Act shall be effective two years after its enactment.