White House Begins Launch of Jobs Plan
June 12, 2017
Apprenticeships are going to a centerpiece of President Trump’s plan to fill record levels of open jobs in the U.S. economy. The Consumer Financial Protection Bureau is expected to lose some of its power in the wake of a recent Treasury report.
- White House will push for apprenticeships as cornerstone of labor policy. With the U.S. economy holding a record level of open jobs, President Trump is pushing for more apprenticeship programs to help those re-entering the job market. Apprenticeship programs have seen a 90% success rate in the United States, but are often looked past. The programs are usually paid and in conjunction with a school or employer, which is an attractive proposition for young people, especially. Labor Secretary Alexander Acosta believes that the programs could be instrumental in bridging the gap between those in the workforce and the skills they need to be successful at jobs currently available. While there are currently 13.3 million students enrolled in four-year colleges, there are only about 500,000 students in apprenticeship programs. The White House would like to expand programs beyond the fields they traditionally operate in – construction and manufacturing – to fields like retail. [WSJ]
- Consumer Financial Protection Bureau is in jeopardy. The Treasury Department is releasing a report on financial regulation and specifically the CFPB following an executive order by President Trump to review current regulations. The Treasury Report suggests limiting the agency and cutting regulation, however, not to the degree that the recent House bill has. The report recommends removing the CFPB’s ability to review banks but does not recommend that the single director be replaced with another leadership structure. Further, the report argues that smaller banks should be exempt from the Volker Rule, which prohibits banks from speculating unless it is for a customer. [WSJ]
Economic Indicators & News
- There are no major economic indicator releases today.