Employment Tax Credit Legislation Statement on Action by the Senate Finance Committee.

It is with great satisfaction that I note the approval today by the Senate Finance Committee of the administration's proposed legislation to provide substantial tax credits to employers willing to hire disadvantaged young workers, 18 to 24 years of .age.

Continued, unacceptably high levels of unemployment for young and disadvantaged Americans, especially black and Hispanic young people, require vigorous national action. This tax credit, introduced as part of my urban policy legislation in March, would enlist the private business sector as an effective partner with government to help us move toward a solution of one of our most serious problems.