WASHINGTON – Assistant Secretary of Labor for Employment and Training Emily Stover DeRocco today outlined details of the President’s FY 2008 employment and training budget to prepare workers and develop their talents for a global economy.

"This budget positions the workforce investment system to act as a catalyst for competitiveness in the 21^st century," said DeRocco. "Collaborative efforts underway in regions across the country illustrate the power of the public workforce system to implement talent development strategies that support sustained economic growth and job creation in the global economy."

To further these goals, approximately $3.4 billion has been requested for Career Advancement Accounts. These self-directed accounts would triple the number of new, transitioning, or incumbent workers who receive education and training to upgrade their skills. With account allotments of up to $3,000 per year, workers can gain access to a wide variety of education and training providers, including community colleges.

Besides Career Advancement Accounts, the President’s 2008 budget allocates $189.6 million in competitive Workforce Investment Act grants, including $150 million for the third round of Community-Based Job Training Grants and $39.6 million for the Reintegration of Ex-Offenders – a new initiative that combines the funding and resources of the President’s Prisoner Re-entry Initiative and Responsible Reintegration of Youthful Offenders into a single program.

The President’s 2008 Budget requests $50 million for YouthBuild, a program which was recently transferred from the Department of Housing and Urban Development to the Labor Department’s Employment and Training Administration (ETA). The Budget also carries on efforts to reduce improper payments in the unemployment insurance program and seeks additional funding to foster quicker re-employment among those left without work. For Fiscal Year 2008, the complete ETA budget request totals $9.29 billion.