American Worker Assistance Act of 2001

[AI summary unavailable — showing source text] American Worker Assistance Act of 2001 - Provides for programs of emergency unemployment compensation (EUC) and emergency health coverage assistance. Sets forth EUC program requirements for Federal-State agreements, formulas for determining amounts in individual EUC accounts and weekly benefits, payments to States, and financing. Includes among eligibility requirements an individual's not having rights, with respect to a week, to other compensation (including both regular and extended compensation). Makes an individual's period of EUC eligibility consist of any week which: (1) begins on or after the first day of the first week after the date on which an EUC agreement is entered into; and (2) ends on or before December 31, 2001. Prohibits any period of eligibility unless the individual's benefit year ends on or after January 1, 2001. Directs the Secretary of Labor to establish an emergency health coverage assistance program to provide a limited period of premium assistance for certain qualified individuals for Consolidated Omnibus Budget Reconciliation Act of 1985 (COBRA) continuation coverage, under the Employee Retirement Income Security Act of 1974 (ERISA). Allows a State to elec…