NEW PROMISE Act

O'Halleran, Tom

National Energy Workforce and Providing Recovery Opportunities to Manage the Industry&rsquo;s Shifting Economics Act or the NEW PROMISE Act This bill assists economically distressed communities and workers impacted from the closure of certain electric generation stations transition to changes in their local economies and job-market, including by establishing a Covered Electric Generating Station Cessation Mitigation Fund, a White House Council on Energy Transitions, Regional Transition Advisory Committees, a workforce pilot program, and related requirements. The bill establishes the fund for payments to economically distressed communities to mitigate the impact from the loss of certain net revenues due to such closures. Additionally, the bill establishes the council to publish a Coal Community Resource Clearinghouse of financial resources for such communities. The council must also assess and publish data on the economic and societal impacts of closures, occurring on or after January 1, 2010, of such stations on existing and potentially economically distressed communities. The council must assist such communities facilitate the establishment of a Regional Transition Advisory Committee upon request. Furthermore, the council must assist such committees in developing, implementing, assessing, and evaluating, economic development transition plans. In consultation with the council, the Department of Labor must establish a 10-year pilot program to assist dislocated workers in economically distressed communities.