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ETA News Release: [07/18/2006]
Contact Name: Michael Volpe or David James
Phone Number: (202) 693-4676 or x3984
Release Number: 06-1140-NAT

Secretary of Labor Announces Nearly $6 Million in Grants to Train Workers in the Financial Services Industry

WASHINGTON — U.S. Secretary of Labor Elaine L. Chao today announced five grants totaling $5,989,023 to train workers for careers in the financial services industry. Today's announcements are part of the President's High Growth Job Training Initiative, a strategic plan to prepare workers for jobs in expanding industries.

"Financial services has been among the strongest sectors of America's growing economy and there is need for skilled new workers as well as upgrading the skills of existing workers," said Secretary Chao. "These nearly $6 million in grants will provide skills training to those workers seeking to move up the career ladder and give workers with disabilities and out-of-school youth an opportunity to acquire the training needed to join the high-growth financial services industry."

Awardees include the Connecticut Department of Economic and Community Development ($2,748,405); the Florida Agency for Workforce Innovation ($793,000); the International Association of Jewish Vocational Services ($1 million); ARCH Training Center ($269,193); and the Ohio Board of Regents ($1,178,425). These grants will support projects for the financial services industry in Florida., Ohio, California, New Jersey, Connecticut, Louisiana and Washington, D.C.

Partners in the projects funded through these grants include Allstate, Bank of America, Citigroup, JP Morgan Chase, First Data Corporation, Freddie Mac, Sallie Mae, Jobs for America's Graduates, Wachovia Bank, Wells Fargo, Pacific Western Bank, Pershing, PNC Bank, the Fannie Mae Foundation, and state government agencies and community college systems.

"The financial services industry has experienced the combined effects of technology, restructuring, and new service strategies that diversify and expand the education and skill levels required for its workforce," said Assistant Secretary of Labor for Employment and Training Emily Stover DeRocco. "At the same time, the strength and stability of the financial services industry are essential to our economic infrastructure, and these public-private partnerships will help develop the skilled workforce critical to the industry."

The President's High Growth Job Training Initiative is a strategic effort to better prepare workers to take advantage of new job opportunities in high growth sectors of the American economy. Through executive forums with leaders of expanding industries, critical workforce gaps and issues are identified. Solutions are then created in cooperation with employers, educational institutions and the public workforce system. For more information, visit www.doleta.gov/BRG/JobTrainInitiative/.