Labor Productivity Assistance Act

[AI summary unavailable — showing source text] Labor Productivity Assistance Act - Establishes a program of loans for individuals who are unemployed, underemployed, displaced homemakers, or dislocated workers to upgrade job skills, learn new job skills, better their employment opportunities, and increase overall labor productivity. Establishes in the Treasury a Labor Productivity Trust Fund. Authorizes the Secretary of the Treasury, as Trustee of the Fund, to issue to the Federal Financing Bank notes or other obligations in an amount not to exceed specified total and fiscal year limits. Sets forth requirements for the issuance of obligations and the deposit of proceeds from their sale or redemption. Directs the Trustee (the Secretary of the Treasury) to transfer funds in each fiscal year out of the Fund to the Secretary of Labor (the Secretary) in amounts necessary to carry out this Act, subject to the specified limitations. Provides that such transferred funds shall be available for making loans and for payment of administrative expenses under this Act. Directs the Trustee to make such expenditures from the Fund as are necessary for the redemption of notes and obligations issued pursuant to this Act. Directs the Secretary to a…