Unemployment Insurance Modernization and Recession Readiness Act

The Unemployment Insurance Modernization and Recession Readiness Act establishes minimum standards for unemployment benefits, requiring states to provide at least 26 weeks of regular benefits with a minimum replacement rate of 75% of earnings. It creates a new jobseeker allowance program providing up to $250 weekly (adjusted for inflation) for unemployed individuals actively seeking work, with increased amounts during high unemployment periods. The bill also increases extended benefits during recessions, with up to 52 weeks available when unemployment is high, and expands eligibility to include survivors of violence, part-time workers, and students. States would receive 100% federal funding for extended benefits and the new jobseeker allowances, with implementation required by January 2025.