During a recent address, Deputy Secretary of the Treasury, Wally Adeyemo, highlighted the transformative potential of State and Local Fiscal Recovery Funds (SLFRF) for workforce development. He emphasized the urgency of utilizing the funds and the nearing deadline.
"Governments do not need to wait to make these investments in preparing their local workers for the jobs of the future—they have these SLFRF funds in hand now and can be spending them to set their regions up for long-term prosperity," Adeyemo said in the address.
Adeyemo delivered the address at the recent Treasury Department Convening on Leveraging State and Local Fiscal Recovery Funds to Support the Workforce. The event, held on July 18, 2023, aimed to explore the potential of State and Local Fiscal Recovery Funds (SLFRF) in creating job opportunities and fostering economic growth.
The address emphasized the importance of SLFRF as an opportunity for local governments to strengthen their investments in workforce development. It highlighted the initiative's crucial role in the Biden-Harris Administration's overarching Investing in America Agenda, which aims to generate well-paying jobs nationwide, particularly in historically marginalized regions.
The Investing in America agenda, as described on its official homepage, mobilizes historic levels of private sector investment in the United States, revitalizes domestic manufacturing, and creates new, quality jobs, including those that do not require a college degree.
Adeyemo stressed that by leveraging the SLFRF, state and local governments can train their communities for employment opportunities in sectors such as climate, infrastructure and technology.
"Governments do not need to wait to make these investments in preparing their local workers for the jobs of the future—they have these SLFRF funds in hand now and can be spending them to set their regions up for long-term prosperity," he said in the address.
Recognizing the need for additional expertise and support to effectively utilize the funds, Adeyemo emphasized the importance of collaboration with private businesses. By partnering with the private sector, local governments can facilitate effective communication and secure the necessary workforce support to meet job demand.
"Treasury is doing what we can to lift up promising examples and best practices from governments engaged in this important work through our quarterly data releases and blog posts, and participation in conferences and webinars throughout the year. But Treasury and the Administration cannot do this work alone," said Adeyemo.
With the deadline for fund allocation approaching, Adeyemo emphasized the urgency of the task. All funds must be allocated by December 31, 2024, and many recipients are currently in the final stages of their budgeting season.