Unemployment Trust Fund Accountability Act

Hozzl · 2024-12-20T09:06:33Z

Explore the details of House Bill 3745 Unemployment Trust Fund Accountability Act currently in Congress. Get insights into its purpose, current status, sponsors, and potential impact on Labor and Employment. Stay informed on legislative developments.

12/20/2024, 9:06 AM

Summary of Bill HR 3745

Bill 118 hr 3745, also known as the Unemployment Trust Fund Accountability Act, aims to increase transparency and accountability in the management of state unemployment trust funds. The bill requires states to report annually on the status of their trust funds, including information on fund balances, solvency levels, and any loans or advances received from the federal government.

Additionally, the bill establishes a set of guidelines for states to follow in order to maintain the solvency of their trust funds. This includes requirements for states to regularly assess the adequacy of their tax rates, benefit levels, and reserve ratios in order to ensure that funds are sufficient to cover unemployment benefits for eligible individuals.

Furthermore, the bill includes provisions to prevent states from diverting funds from their unemployment trust funds for purposes unrelated to unemployment benefits. States are required to use trust fund monies solely for the payment of unemployment benefits and related administrative costs. Overall, the Unemployment Trust Fund Accountability Act seeks to promote responsible management of state unemployment trust funds in order to ensure the financial stability of these programs and the timely payment of benefits to eligible individuals.

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Current Status of Bill HR 3745

Bill HR 3745 is currently in the status of Bill Introduced since May 26, 2023. Bill HR 3745 was introduced during Congress 118 and was introduced to the House on May 26, 2023. Bill HR 3745's most recent activity was Referred to the Subcommittee on Work and Welfare. as of December 17, 2024

Bipartisan Support of Bill HR 3745

Total Number of Sponsors

Democrat Sponsors

Republican Sponsors

Unaffiliated Sponsors

Total Number of Cosponsors

Democrat Cosponsors

Republican Cosponsors

Unaffiliated Cosponsors

Policy Area and Potential Impact of Bill HR 3745

Primary Policy Focus

Labor and Employment

Alternate Title(s) of Bill HR 3745

Unemployment Trust Fund Accountability Act

To direct each State with an outstanding balance in excess of $1,000,000,000, as of January 1, 2023, of advances from the Federal unemployment account to submit to the Secretary of Labor a report detailing how such State intends to repay such advances.