1. Short title This Act may be cited as the Innovation Corps Act of 2017 . 2. Findings Congress finds the following: (1) The acceleration of artificial intelligence is enabling the automation of jobs that have traditionally required human labor. (2) Such automation opens up new opportunities for individuals, the economy, and society, but such automation also has the potential to disrupt the employment landscape for millions of people in the United States. (3) The potential for artificial intelligence to improve the livelihoods and quality of life for the United States workforce over the long run depends on the institutions and policies in place. (4) Job training for dislocated workers in the skills needed in the innovation economy will be critical to maintaining the stability of the larger economy and individual families. (5) Young people are often well equipped to adapt to changes in technology and may be able to provide unique expertise in retraining dislocated workers. (6) The outstanding balance of Federal student loans now exceeds $1 trillion. This debt burden is limiting the ability of recent graduates to fully participate in the economy. 3. Job-training grant program for workers displaced by automation (a) Establishment The Secretary of Commerce, in consultation with the Chief Executive Officer of the Corporation for National and Community Service, shall establish a competitive program to make grants to institutions of higher education to establish or enhance education programs that retrain workers displaced from their jobs by automation to provide such workers with skills needed for jobs in the STEM fields. (b) Management plan Not later than 90 days after the date of the enactment of this Act, and not less frequently than every 5 years thereafter, the Secretary shall submit to the Committee on Energy and Commerce and the Committee on Appropriations of the House of Representatives and the Committee on Commerce, Science, and Transportation and the Committee on Appropriations of the Senate a management plan