WASHINGTON, DC - As the Obama Administration convened its Jobs Summit today, U.S. Senator Jack Reed (D-RI) introduced The Helping Unemployed Workers Act to help stabilize our economy and drive down record-high unemployment rates.

"While the economy continues to show signs of fragile economic recovery, those signs still aren't pointing to improved jobs numbers. We must take smart, responsible steps to prevent layoffs and accelerate job growth, restore consumer confidence, and get our economy back on track," said Reed. "Extending unemployment benefits to jobless Americans who are looking for work will help families put food on the table and a roof over their heads. Expanding work share will preserve jobs, help businesses, and keep more Americans working."

Reed's legislation, which is currently cosponsored by Senators Leahy, Dodd, Kerry, Schumer, Casey, Whitehouse, and Shaheen, would extend unemployment insurance (UI) programs, set to expire on December 31, for 12 months through 2010. While Congress recently expanded UI benefits by providing up to 20 additional weeks to job seekers who had exhausted benefits, millions more will lose their benefits if UI is not extended before the end of the year.

"We need to ensure that hard-hit families continue to receive these benefits, but there is more we need to do. We need to keep seeking ways to encourage job creation by investing in infrastructure, giving small businesses access to credit, and boosting exports of products made here at home. I am focused on pushing these policies and creating jobs."

An estimated one million unemployed Americans will lose jobless benefits in January, and by March this number could skyrocket to three million. Rhode Island has a 12.9% unemployment rate, and each week approximately 200 Rhode Islanders exhaust their benefits.

Unemployment benefits are based on work history and past wages. The average weekly payment in Rhode Island is about $355.

The Helping Unemployed Workers Act also includes Reed's work share provision to help preserve jobs, prevent future lay-offs, and aid struggling businesses. Work share has saved 150,000 jobs so far this year in the 17 states that currently have work share programs. Reed's bill, which is estimated to cost up to $300 million per year, would enable all 50 states to take advantage of this program and is estimated to save up to 500,000 jobs annually. See the attached chart for a state-by-state breakdown of jobs saved in the states which are already using work share.

"Work share works in red states and blue states. It is a cost-effective, proven job saver that helps businesses retain skilled workers, and allows workers to maintain their health insurance and retirement benefits through difficult economic times. It also helps to speed economic recovery, as every dollar devoted to finance state work share programs results in $1.69 in GDP," said Reed.