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ETA News Release: [06/07/2007]
Contact Name: Jennifer Coxe or Matthew Faraci
Phone Number: (202) 693-4676
Release Number: 07-0832-PHI

U.S. Labor Department and Pennsylvania announce plans to link New York City and 'Wall Street West' through broadband-like infrastructure

Fiber optic network will maintain financial services operations in the event of disaster

POCONO MANOR, Pa. — A fiber optic network will be established to link New York City's financial services district to northeast Pennsylvania, or "Wall Street West," which will allow the industry to continue operations in the event of a disaster or major power outage, officials from the U.S. Department of Labor, Ben Franklin Technology Partners and regional leaders announced today.

"This is an especially productive application of the Workforce Innovation in Regional Economic Development Initiative, which northeast Pennsylvania has been participating in since the beginning," said Secretary of Labor Elaine L. Chao from the department's headquarters in Washington. "Northeast Pennsylvania will be positioned for a significant financial services presence and in so doing perform a public service by providing backup for New York-based entities that are critical to America's economic security."

The department launched the Workforce Innovation in Regional Economic Development (WIRED) Initiative in February 2006 with 13 regions across the country successfully competing for $15 million each over a three-year period. WIRED seeks to transform economies by enlisting the efforts of regional leaders to research and execute long-term strategic plans that build their areas' talent bases and prepare them for the high-skill, high-wage opportunities of the 21st century global economy.

"Today's good news allows northeast Pennsylvania to take the next step of building a financial services talent pipeline filled with young people eager to start their lives in the region, as well as transitioning and experienced workers looking to make a new start," said Assistant Secretary of Labor for Employment and Training Emily Stover DeRocco, who participated in the Pocono Manor event where the announcement was made.

The commonwealth of Pennsylvania has chosen Level 3 Communications Inc. to link the two regions.

The Wall Street West initiative is in line with recommendations from the Federal Reserve, the Securities and Exchange Commission, and the Office of the Comptroller of the Currency urging financial services firms to establish reliable backup solutions outside of the New York City metropolis.

Northeast Pennsylvania is one of 13 regions chosen in 2006 as part of the first generation of the WIRED Initiative. WIRED goes beyond traditional strategies for worker preparation by bringing together state, local and federal entities; academic institutions (including K-12, community colleges and universities); investment groups; foundations; and business and industry to address the challenges associated with building a globally competitive and prepared workforce.

For more information on the WIRED Initiative and other Employment and Training Administration programs, please visit www.doleta.gov/wired.