Financial Innovation: The Iowa Case Study
The agricultural recession of the 1980s witnessed the emergence of Iowa’s community colleges as primary drivers in the diversification of the state’s economy. Since 1983, with passage of the Iowa New Jobs Training Program Act (NJTP), 140,000 Iowans have been trained in new jobs through the sale of general obligation bonds issued and managed by the community colleges; the administrative fees from this customized job training program finance the ongoing provision of regional economic development coordination through the community colleges. The NJTP served as the model for comparable programs in Missouri and Kansas and may be useful as states respond to the current recession.
KeywordsCommunity College Financial Innovation Workforce Development Vocational Program Iowa Department
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