Franken introduces 'Cash for Jobs' plan on Senate floor

Sen. Al Franken introduced a plan Tuesday that he believes could put half a million workers back to work, including 15,000 Minnesotans.

Franken's dubbing the plan "Cash for Jobs," but its formal name is the "Strengthening Our Economy Through Employment and Development Act," or SEED Act.

On the Senate floor, Franken proposed using $5 billion from the Troubled Asset Relief Program to subsidize job creation in the private sector.

"The SEED Act will incentivize rapid job creation by offering small and medium-sized companies, and non-profit companies, a direct wage subsidy to hire new workers and expand their operations," Franken said.

The job creation subsidy would be available for 50 percent of wages, up to a $12 per hour subsidy. The employer eligibility period would last 12 months.

Franken also proposes re-allocating another $5 billion in TARP funds to provide states, local governments, and tribes with grants for green job creation.