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Governor M. Jodi Rell today announced that the six U.S. Senators from Connecticut, New York and New Jersey have joined her and her fellow Governors in urging U.S. Labor Secretary Elaine Chao to approve a $48.2 million, tri-state National Emergency Grant to help thousands of workers who are losing their jobs due to the financial crisis on Wall Street.
The grant would be used to provide training, retraining or other assistance to “back office” workers such as secretaries, administrative staffers, computer professionals and other employees who are losing their jobs in the waves of layoffs that have swept through investment companies, banks and other financial institutions.
Governor Rell, joined by Governors David Paterson of New York and Governor John Corzine of New Jersey, wrote Secretary Chao on Friday. Today, Connecticut Senators Christopher Dodd and Joe Lieberman joined Governor Rell at the State Capitol to announce all six Senators from the three states were backing the request.
“It is vital that in this economic crisis we speak with one voice,” Governor Rell said. “Our message is really loud and clear – the ripple effects of the Wall Street crisis are hitting home, and our families need as much support as we can give them at both the state and federal level. Here in Connecticut, we are bracing for a loss of more than 11,000 financial sector jobs in Fairfield, New Haven and Hartford counties. It has already had a devastating effect on our revenue stream – in effect, we have lost a big part of our paycheck in Connecticut, and we are not alone.
“New York and New Jersey are also staggered by the seismic changes in the stock market,” the Governor said. “In fact, it is projected that the tri-state region will lose 160,000 financial sector jobs by the end of this year and 82,000 in 2009. These figures are tremendously sobering.”
The letter from the Senators – co-signed by New York Senators Hillary Rodham Clinton and Charles E. Schumer and New Jersey Senators Frank R. Lautenberg and Robert Menendez – notes that the states are willing to work together to address the critical issues raised by the spike in job losses within the financial services industry.
“It is imperative that our states have the resources to cope with this rising wave of unemployment and to help transition these individuals to new jobs,” the Senators wrote. “This grant will provide our states with the crucial resources they need to support the extraordinary number of workers in our region left jobless and at risk in the midst of this recession.”
Governor Rell said the federal grant would allow the three states to provide individuals with training accounts of $12,500 for 24 months for job search and relocation assistance. The tri-state response would also include a labor market analysis and forecasting for the region and identification of high-paying, skilled job opportunities in industrial sectors and other areas, such as training for math and science teachers.
“This united front is essential to help us weather this economic crisis,” Governor Rell said. “There are tough times ahead, but we will get through it. It is reassuring to know that in this case we do not have to do it alone.”
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