Sec. 2. Establishment of Youth Jobs Fund
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There is established in the Treasury of the United States an account that shall be known as the Youth Jobs Fund (referred to in this Act as the Fund ). Out of any amounts in the Treasury not otherwise appropriated, there is appropriated $3,000,000,000 for fiscal year 2014, which shall be paid to the Fund, to be used by the Secretary of Labor to carry out this Act. Of the amounts available to the Fund under subsection (b), the Secretary of Labor shall— allot $1,500,000,000 in accordance with section 3 to provide summer and year-round employment opportunities to low-income youth; and award $1,500,000,000 in allotments and competitive grants in accordance with section 4 to local entities to carry out work-based training and other work-related and educational strategies and activities of demonstrated effectiveness to unemployed, low-income young adults and low-income youth to provide the skills and assistance needed to obtain employment.
The amounts appropriated under this Act shall be available for obligation by the Secretary of Labor until December 31, 2014, and shall be available for expenditure by grantees (including subgrantees) until September 30, 2015.