Yesterday, the House of Representatives passed a jobs package (H.R. 2847 -Jobs for Mainstreet Act of 2010) that provides $75 billion of unspent funds from the Troubled Asset Relief Program (TARP) for assistance to states and local governments in avoiding government layoffs and supporting infrastructure repair and modernization.
Of note to the higher education community in the bill is an additional $300 million for the College Work-Study program, as well as the following aid for public colleges and universities:
“Education Jobs Fund: $23 billion for an Education Jobs Fund to help States support an estimated 250,000 education jobs over the next two years. 95% of the funds will be allocated by States to school districts and public institutions of higher education to retain or create jobs to provide educational services and to modernize, renovate, and repair public education facilities. The remaining 5% of funds is reserved for State education-related jobs and administration of the Education Jobs Fund.”
The Senate will not act on a companion bill until January at the earliest.