Displaced Worker Assistance Act of 2002

[AI summary unavailable — showing source text] Displaced Worker Assistance Act of 2002 - Provides for assistance to displaced workers through a temporary extension of unemployment benefits and a health insurance tax credit. Temporary Extended Unemployment Compensation Act of 2002 - Establishes a temporary extended unemployment compensation (TEUC) program. Amends Social Security Act provisions relating to transfers of funds from the Federal unemployment account to State accounts in the Unemployment Trust Fund to: (1) repeal certain provisions added by the Balanced Budget Act of 1997; and (2) provide for special transfers in FY 2002. Amends the Internal Revenue Code to establish a displaced worker health insurance credit. Directs the Secretary of the Treasury to establish a program to make advance payments to providers of health insurance on behalf of individuals eligible for such credit. Amends the Public Health Service Act (PHSA) to direct the Secretary of Health and Human Services to make: (1) a grant to each State that has not created a qualified high risk pool, for the State's costs of creation and initial operation of such a pool; and (2) a matching grant to cover 50 percent of the losses incurred by a State in operating su…