Congressman Tim Ryan Announces Akron JP Morgan Chase Employees Will Receive Trade Adjustment Assistance

Dec 22, 2015 Issues: Helping Working Families

Akron, Ohio – Congressman Tim Ryan is pleased to announce the certification petition for Trade Adjustment Assistance for Akron JP Morgan Chase & Company’s Anti-Money Laundering analysts whose positions were outsourced to a foreign country. Trade Adjustment Assistance (TAA) will assist workers in their search for re-employment through income support, training, assistance with healthcare premium costs, employment and case management services, and may include job search and relocation allowances.

“Unfair trade laws are impacting men and women throughout our region, and this goes to show that they are not just negatively affecting our manufacturing industry, but also our financial institutions. As the holiday season approaches and Congress continues to negotiate the Trans-Pacific Partnership, we must make sure that we are protecting workers from all industries from unfair trade laws,” said Congressman Ryan. “I’m pleased that JP Morgan Chase employees in our community who lost their jobs through no fault of their own will have the resources and services they need to get back on their feet. I stand ready to do everything in my power to assist them during this difficult transition.

The Trade Adjustment Assistance (TAA) Program is a federal program that assists US workers who have lost their jobs as a result of foreign trade. The program provides trade-affected workers with opportunities to obtain the skills, resources, and support they need to become reemployed. For example, Trade Readjustment Allowances will provide income support while workers are participating in full-time training, which may include classroom and/or on the-job training, customized training, post-secondary education, prerequisite education or coursework and remedial education. The cost of training is paid to the training provider by the State with TAA Program funds. In addition, the Health Care Tax Credit makes health insurance more affordable for trade-affected workers by paying 72.5% of health insurance premiums.