Directs the Secretary of Labor to make such grants to qualified training programs in the following forms: (1) placement grants, upon placement of a qualified graduate in qualifying employment; and (2) retention grants, in an additional amount, upon retention of a qualified graduate in qualifying employment for one year.
Requires the Secretary, in determining the amount of such grants, to consider the economic benefit received by the Government from the employment of the qualified graduate, including increased tax revenue and decreased unemployment benefits or other support obligations. Sets forth criteria for qualified job training programs, qualified graduates, and qualifying employment.