Get 40% Off
👀 👁 🧿 All eyes on Biogen, up +4,56% after posting earnings. Our AI picked it in March 2024.
Which stocks will surge next?
Unlock AI-picked Stocks

White House panel: Build new tech infrastructure for future jobs

Published 05/19/2020, 12:13 AM
Updated 05/19/2020, 03:55 PM
© Reuters. FILE PHOTO: The spread of the coronavirus disease (COVID-19), in Fort Smith

By David Shepardson and Alexandra Alper

WASHINGTON (Reuters) - A White House advisory panel on Tuesday urged the government and private industry to work together on new technological infrastructure to support future jobs and underpin a solid economic recovery from the coronavirus pandemic.

The White House American Workforce Policy Advisory Board, co-chaired by White House adviser Ivanka Trump and U.S. Commerce Secretary Wilbur Ross, called for "an unprecedented investment in digital infrastructure." Members include Apple Inc (O:AAPL) Chief Executive Tim Cook, Lockheed Martin Corp (N:LMT) Chief Executive Marillyn Hewson and International Business Machines Corp (N:IBM) Executive Chairman Ginni Rometty.

The board "was focused on solving these challenges even prior to covid 19, but the pandemic has accelerated our need to take action," said Barbara Humpton, CEO of Siemens USA.

The board's efforts are aimed at helping connect displaced workers with pathways to upgrade their skills and learn new ones so they can move into "good jobs in rebounding fields as the health crisis abates and the economy begins to recover," according to a White House official briefed on the plan.

The board wants governments "to streamline occupational licensing, education requirements, reduce the cost of licensing, and increase reciprocity" and urges the federal government to "allow student financial aid for high-quality, short-term, market-aligned credential programs."

Workforce issues have taken on new importance as the coronavirus pandemic has decimated the economy.

The United States lost 20.5 million jobs in April, the steepest plunge since the Great Depression. The unemployment rate surged to 14.7%, shattering the post-World War Two record of 10.8% touched in November 1982.

3rd party Ad. Not an offer or recommendation by Investing.com. See disclosure here or remove ads .

In a statement, Ross said the advisory board's meeting comes at a "challenging" time, but expressed confidence the president's policies will lead to a rapid rebound.

Ivanka Trump said in a separate statement the board will work to find "solutions to combat the job loss caused by this pandemic and help the unemployed get reconnected to the workforce."

"By rallying around this call to action, leaders in business and government can help more people build skills that lead to good jobs, promote hiring that is based on skills not just degrees, and build a national skills infrastructure to connect workers with opportunities," IBM 's Rometty said in a statement.

Four major companies - Walmart Inc (N:WMT), Salesforce (N:CRM), IBM and Workday Inc (O:WDAY) - are announcing Tuesday they are creating "Interoperable Learning Records" to help workers and employers match applicants with jobs, the official said.

Latest comments

Yep.
No
Risk Disclosure: Trading in financial instruments and/or cryptocurrencies involves high risks including the risk of losing some, or all, of your investment amount, and may not be suitable for all investors. Prices of cryptocurrencies are extremely volatile and may be affected by external factors such as financial, regulatory or political events. Trading on margin increases the financial risks.
Before deciding to trade in financial instrument or cryptocurrencies you should be fully informed of the risks and costs associated with trading the financial markets, carefully consider your investment objectives, level of experience, and risk appetite, and seek professional advice where needed.
Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. The data and prices on the website are not necessarily provided by any market or exchange, but may be provided by market makers, and so prices may not be accurate and may differ from the actual price at any given market, meaning prices are indicative and not appropriate for trading purposes. Fusion Media and any provider of the data contained in this website will not accept liability for any loss or damage as a result of your trading, or your reliance on the information contained within this website.
It is prohibited to use, store, reproduce, display, modify, transmit or distribute the data contained in this website without the explicit prior written permission of Fusion Media and/or the data provider. All intellectual property rights are reserved by the providers and/or the exchange providing the data contained in this website.
Fusion Media may be compensated by the advertisers that appear on the website, based on your interaction with the advertisements or advertisers.
© 2007-2024 - Fusion Media Limited. All Rights Reserved.