50-643: The Frazier–Lemke Farm Bankruptcy Act was an Act of Congress passed in the United States in 1934 that restricted the ability of banks to repossess farms. The U.S. 73rd Congressional Senate bill S. 3580 was signed into law by the 32nd President of the United States Franklin Roosevelt. Between 1933 and 1936, the US Congress in conjunction with US President Franklin D. Roosevelt , passed several economic programs with
100-501: A cost estimated to be $ 9.5 million (~$ 13 million in 2023) through January 2010. On July 20, 2009, the Drudge Report published links to pages on Recovery.gov that Drudge alleged were detailing expensive contracts awarded by the U.S. Department of Agriculture for items such as individual portions of mozzarella cheese, frozen ham and canned pork, costing hundreds of thousands to over a million dollars. A statement released by
150-417: A larger economic stimulus to counter the economic downturn. While in favor of a stimulus package, Feldstein expressed concern over the act as written, saying it needed revision to address consumer spending and unemployment more directly. Just after the bill was enacted, Krugman wrote that the stimulus was too small to deal with the problem, adding, "And it's widely believed that political considerations led to
200-727: A plan that was weaker and contains more tax cuts than it should have – that Mr. Obama compromised in advance in the hope of gaining broad bipartisan support." Conservative economist John Lott was more critical of the government spending. On January 28, 2009, a full-page advertisement with the names of approximately 200 economists who were against Obama's plan appeared in The New York Times and The Wall Street Journal . This included Nobel Memorial Prize in Economic Sciences laureates Edward C. Prescott , Vernon L. Smith , and James M. Buchanan . The economists denied
250-482: Is promulgated , or given the force of law, in one of the following ways: The president promulgates acts of Congress made by the first two methods. If an act is made by the third method, the presiding officer of the house that last reconsidered the act promulgates it. Under the United States Constitution , if the president does not return a bill or resolution to Congress with objections before
300-427: Is allocated to federal spending programs such as transportation, communication, wastewater, and sewer infrastructure improvements; energy efficiency upgrades in private and federal buildings; extension of federal unemployment benefits; and scientific research programs. The following are details to the different parts of the final bill and the selected citizen to receive this Government Grants have to come up with $ 350 for
350-547: Is deprecated by some dictionaries and usage authorities. However, the Bluebook requires "Act" to be capitalized when referring to a specific legislative act. The United States Code capitalizes "act". The term "act of Congress" is sometimes used in informal speech to indicate something for which getting permission is burdensome. For example, "It takes an act of Congress to get a building permit in this town." An act adopted by simple majorities in both houses of Congress
400-430: The 111th United States Congress . Public laws are also often abbreviated as Pub. L. No. X–Y. When the legislation of those two kinds are proposed, it is called public bill and private bill respectively. The word "act", as used in the term "act of Congress", is a common, not a proper noun . The capitalization of the word "act" (especially when used standing alone to refer to an act mentioned earlier by its full name)
450-798: The Cato Institute . On February 8, 2009, a letter to Congress signed by about 200 economists in favor of the stimulus, written by the Center for American Progress Action Fund , said that Obama's plan "proposes important investments that can start to overcome the nation's damaging loss of jobs", and would "put the United States back onto a sustainable long-term-growth path". This letter was signed by Nobel Memorial laureates Kenneth Arrow , Lawrence R. Klein , Eric Maskin , Daniel McFadden , Paul Samuelson and Robert Solow . The New York Times published projections from IHS Global Insight, Moodys.com, Economy.com and Macroeconomic Advisers that indicated that
500-653: The Congressional Budget Office (CBO) said that while the stimulus would increase economic output and employment in the short run, the GDP would, by 2019, have an estimated net decrease between 0.1% and 0.3% (as compared to the CBO estimated baseline). The CBO estimated that enacting the bill would increase federal budget deficits by $ 185 billion over the remaining months of fiscal year 2009, by $ 399 billion in 2010, and by $ 134 billion in 2011, or $ 787 billion over
550-514: The Federation of Canadian Municipalities conference passed a resolution that would potentially shut out U.S. bidders from Canadian city contracts, in order to help show support for Prime Minister Stephen Harper 's opposition to the "Buy American" provision. Sherbrooke Mayor Jean Perrault , president of the federation, stated, "This U.S. protectionist policy is hurting Canadian firms, costing Canadian jobs and damaging Canadian efforts to grow in
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#1732790189708600-542: The Fifth Amendment . Congress responded by enacting the revised Frazier–Lemke Act and naming it the "Farm Mortgage Moratorium Act" in 1935. The terms were modified to limit the moratorium to a three-year period. The revision also gave secured creditors the opportunity to force a public sale, but the farmer could redeem the sale by paying the same amount. The law was challenged, but the Supreme Court upheld
650-586: The Freedom Act of 2009 , an amendment proposed by Senate Finance Committee members Maria Cantwell (D) and Orrin Hatch (R) to include tax incentives for plug-in electric vehicles . The Senate called a special Saturday debate session for February 7 at the urging of President Obama. The Senate voted, 61–36 (with 2 not voting) on February 9 to end debate on the bill and advance it to the Senate floor to vote on
700-623: The Majority Leader , co-sponsored by 16 other Democrats and Joe Lieberman , an independent who caucused with the Democrats . The Senate then began consideration of the bill starting with the $ 275 billion tax provisions in the week of February 2, 2009. A significant difference between the House version and the Senate version was the inclusion of a one-year extension of revisions to the alternative minimum tax , which added $ 70 billion to
750-685: The Recovery Act , was a stimulus package enacted by the 111th U.S. Congress and signed into law by President Barack Obama in February 2009. Developed in response to the Great Recession , the primary objective of this federal statute was to save existing jobs and create new ones as soon as possible. Other objectives were to provide temporary relief programs for those most affected by the recession and invest in infrastructure, education, health, and renewable energy. The approximate cost of
800-432: The 2009–2019 period. In a February 11 letter, CBO Director Douglas Elmendorf noted that there was disagreement among economists about the effectiveness of the stimulus, with some skeptical of any significant effects while others expecting very large effects. Elmendorf said the CBO expected short term increases in GDP and employment. In the long term, the CBO expects the legislation to reduce output slightly by increasing
850-758: The Constitution may be declared unconstitutional by the courts. A judicial declaration that an act of Congress is unconstitutional does not remove the act from the Statutes at Large or the United States Code; rather, it prevents the act from being enforced. However, the act as published in annotated codes and legal databases is marked with annotations indicating that it is no longer good law. American Recovery and Reinvestment Act of 2009 The American Recovery and Reinvestment Act of 2009 ( ARRA ) ( Pub. L. 111–5 (text) (PDF) ), nicknamed
900-504: The House bill, which had more closely followed the Obama plan. A comparison of the $ 827 billion economic recovery plan drafted by Senate Democrats with an $ 820 billion version passed by the House and the final $ 787 billion conference version shows huge shifts within these similar totals. Additional debt costs would add about $ 350 billion or more over 10 years. Many provisions were set to expire in two years. The main funding differences between
950-495: The Recovery Act into law. Section 3 of ARRA listed the basic intent behind crafting the law. This Statement of Purpose included the following: The Act specifies that 37% of the package is to be devoted to tax incentives equaling $ 288 billion and $ 144 billion, or 18%, is allocated to state and local fiscal relief (more than 90% of the state aid is going to Medicaid and education). The remaining 45%, or $ 357 billion,
1000-483: The Senate bill and the House bill were: More funds for health care in the Senate ($ 153.3 vs $ 140 billion), renewable energy programs ($ 74 vs. $ 39.4 billion), for home buyers tax credit ($ 35.5 vs. $ 2.6 billion), new payments to the elderly and a one-year increase in AMT limits. The House had more funds appropriated for education ($ 143 vs. $ 119.1 billion), infrastructure ($ 90.4 vs. $ 62 billion) and for aid to low income workers and
1050-402: The ability of banks to repossess farms, amended the previously voluntary Section 75, and added subsection (s), which delayed foreclosure of a bankrupt farmer's property for five years during which the farmer made rental payments. The farmer could then buy back the property at its currently-appraised value over six years at 1% interest or remain in possession as a paying tenant. The S. 3580 bill
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#17327901897081100-662: The activation and they must clear the state tax according to the state percentage that will be refund it back along with the Grants.: Total: $ 237 billion Total: $ 51 billion ARRA included the enactment of the Health Information Technology for Economic and Clinical Health Act , also known as the HITECH Act. Total health care spending: $ 155.1 billion Total: $ 100 billion Total: $ 82.2 billion Total: $ 105.3 billion Total: $ 48.1 billion, some in
1150-485: The bill itself. On February 10, the Senate voted 61–37 (with one not voting) All the Democrats voted in favor, but only three Republicans voted in favor ( Susan Collins , Olympia Snowe , and Arlen Specter ). Specter switched to the Democratic Party later in the year. At one point, the Senate bill stood at $ 838 billion. Senate Republicans forced a near unprecedented level of changes (near $ 150 billion) in
1200-511: The bill's total. Republicans proposed several amendments to the bill directed at increasing the share of tax cuts and downsizing spending as well as decreasing the overall price. President Obama and Senate Democrats hinted that they would be willing to compromise on Republican suggestions to increase infrastructure spending and to double the housing tax credit proposed from $ 7,500 to $ 15,000 and expand its application to all home buyers, not just first-time buyers. Other considered amendments included
1250-606: The bill, H.R. 1 , was introduced on January 26, 2009 by Dave Obey , the chairman of the House Committee on Appropriations , and was co-sponsored by nine other Democrats. On January 23, Speaker of the House Nancy Pelosi said that the bill was on track to be presented to President Obama for him to sign into law before February 16, 2009. Although 206 amendments were scheduled for floor votes, they were combined into only 11, which enabled quicker passage of
1300-429: The bill. On January 28, 2009, the House passed the bill by a 244–188 vote. All but 11 Democrats voted for the bill, but not a single Republican voted in favor: 177 Republicans voted against it, while one Republican did not vote. The Senate version of the bill, S. 1 , was introduced on January 6, 2009, and later substituted as an amendment to the House bill, S.Amdt. 570 . It was sponsored by Harry Reid ,
1350-414: The bills started before President Obama officially took office on January 20, 2009, top aides to President-Elect Obama held multiple meetings with committee leaders and staffers. On January 10, 2009, President-Elect Obama's administration released a report that provided a preliminary analysis of the impact to jobs of some of the prototypical recovery packages that were being considered. The House version of
1400-472: The economic stimulus package was estimated to be $ 787 billion at the time of passage, later revised to $ 831 billion between 2009 and 2019. The ARRA's rationale was based on the Keynesian economic theory that, during recessions, the government should offset the decrease in private spending with an increase in public spending in order to save jobs and stop further economic deterioration. The politics around
1450-597: The economy may have been worse without the ARRA. A 2019 study in the American Economic Journal found that the stimulus had a positive impact on the US economy, but that the positive impact would have been greater if the stimulus had been more frontloaded. The CBO estimated ARRA would positively impact GDP and employment. It projected an increase in the GDP of between 1.4 percent and 3.8 percent by
1500-447: The end of 2009, between 1.1 percent and 3.3 percent by the end of 2010, between 0.4 percent and 1.3 percent by the end of 2011, and a decrease of between zero and 0.2 percent beyond 2014. The impact to employment would be an increase of 0.8 million to 2.3 million by the end of 2009, an increase of 1.2 million to 3.6 million by the end of 2010, an increase of 0.6 million to 1.9 million by
1550-454: The end of 2011, and declining increases in subsequent years as the U.S. labor market reaches nearly full employment, but never negative. Decreases in GDP in 2014 and beyond are accounted for by crowding out , where government debt absorbs finances that would otherwise go toward investment. A 2013 study by economists Stephen Marglin and Peter Spiegler found the stimulus had boosted GDP in line with CBO estimates. A February 4, 2009, report by
Frazier–Lemke Farm Bankruptcy Act - Misplaced Pages Continue
1600-427: The form of Transportation Investment Generating Economic Recovery (TIGER) Grants Total: $ 18 billion Total: $ 7.2 billion Total: $ 10.5 billion Total: $ 21.5 billion Total: $ 27.2 billion Total: $ 14.7 billion Total: $ 7.6 billion Total: $ 10.6 billion ARRA included a protectionist 'Buy American' provision, which imposed a general requirement that any public building or public works project funded by
1650-463: The general public, or private laws , relating to specific institutions or individuals. Since 1957, all Acts of Congress have been designated as "Public Law X–Y" or "Private Law X–Y", where X is the number of the Congress and Y refers to the sequential order of the bill (when it was enacted). For example, P. L. 111–5 ( American Recovery and Reinvestment Act of 2009 ) was the fifth enacted public law of
1700-496: The goals of giving work (relief) to the unemployed, reforming business and financial practices, and causing economic recovery during the Great Depression . Roosevelt was interested in farm issues and believed that general prosperity would not return until farming was prosperous. Many different programs were directed at farmers. The first 100 days of his presidency produced a federal program to raise farm incomes by raising
1750-449: The government site, the privately run Recovery.org is actually providing detailed information about how the $ 787 billion in stimulus money is being spent." Reports regarding errors in reporting on the Web site made national news. News stories circulated about Recovery.gov reporting fund distribution to congressional districts that did not exist. A new Recovery.gov website was redesigned at
1800-589: The law in Wright v. Vinton Branch of Mountain Trust Bank of Roanoke . After expiring in 1938, the act was renewed four times until 1949, when it expired. Act of Congress An act of Congress is a statute enacted by the United States Congress . Acts may apply only to individual entities (called private laws ), or to the general public ( public laws ). For a bill to become an act,
1850-588: The law is accomplished by the president, or the relevant presiding officer in the case of an overridden veto, delivering the act to the archivist of the United States . The archivist provides for its publication as a slip law and in the United States Statutes at Large after receiving the act. Thereafter, the changes are published in the United States Code . Through the process of judicial review , an act of Congress that violates
1900-419: The nation's debt and crowding out private investment, but noted that other factors, such as improvements to roads and highways and increased spending for basic research and education may offset the decrease in output and that crowding out was not an issue in the short term because private investment was already decreasing in response to decreased demand. In February 2015, the CBO released its final analysis of
1950-516: The new stimulus package must use only iron, steel and other manufactured goods produced in the United States. A May 15, 2009, Washington Post article reported that the 'Buy American' provision of the stimulus package caused outrage in the Canadian business community, and that the government in Canada "retaliated" by enacting its own restrictions on trade with the U.S. On June 6, 2009, delegates at
2000-681: The prices farmers received, which was achieved by reducing total farm output. The Agricultural Adjustment Act created the Agricultural Adjustment Administration (AAA) in May 1933 and reflected the demands of leaders of major farm organizations, especially the Farm Bureau and debates among Roosevelt's farm advisers such as Secretary of Agriculture Henry A. Wallace , Rexford Tugwell , Lewis C. Gray and George Peek . The Frazier–Lemke Farm Bankruptcy Act restricted
2050-498: The quoted statement by President Obama that there was "no disagreement that we need action by our government, a recovery plan that will help to jumpstart the economy". Instead, the signers believed that "to improve the economy, policymakers should focus on reforms that remove impediments to work, saving, investment and production. Lower tax rates and a reduction in the burden of government are the best ways of using fiscal policy to boost growth." The funding for this advertisement came from
Frazier–Lemke Farm Bankruptcy Act - Misplaced Pages Continue
2100-606: The results of the law, which found that during six years: A May 21, 2009, article in The Washington Post stated, "To build support for the stimulus package, President Obama vowed unprecedented transparency, a big part of which, he said, would be allowing taxpayers to track money to the street level on Recovery.gov..." But three months after the bill was signed, Recovery.gov offers little beyond news releases, general breakdowns of spending, and acronym-laden spreadsheets and timelines." The same article also stated, "Unlike
2150-510: The stimulus were very contentious, with Republicans criticizing the size of the stimulus. On the right, it spurred the Tea Party movement and may have contributed to Republicans winning the House in the 2010 midterm elections . Not a single Republican member of the House voted for the stimulus, and only three Republican senators voted for it. Most economists have argued that the stimulus
2200-407: The text must pass through both houses with a majority, then be either signed into law by the president of the United States , be left unsigned for ten days (excluding Sundays) while Congress remains in session, or, if vetoed by the president, receive a congressional override from 2 ⁄ 3 of both houses. In the United States, acts of Congress are designated as either public laws , relating to
2250-430: The time limit expires, then the bill automatically becomes an act; however, if the Congress is adjourned at the end of this period, then the bill dies and cannot be reconsidered (see pocket veto ). If the president rejects a bill or resolution while the Congress is in session, a two-thirds vote of both houses of Congress is needed for reconsideration to be successful. Promulgation in the sense of publishing and proclaiming
2300-520: The unemployed ($ 71.5 vs. $ 66.5 billion). Congressional negotiators said that they had completed the Conference Report on February 11. On February 12, House Majority Leader Steny Hoyer scheduled the vote on the bill for the next day, before wording on the bill's content had been completed and despite House Democrats having previously promised to allow a 48-hour public review period before any vote. The Report with final handwritten provisions
2350-520: The world-wide recession." On February 16, 2010, the United States and Canada agreed on exempting Canadian companies from Buy American provisions, which would have hurt the Canadian economy . Economists such as Martin Feldstein , Daron Acemoğlu , National Economic Council director Larry Summers , and Nobel Memorial Prize in Economic Sciences winners Joseph Stiglitz and Paul Krugman favored
2400-736: Was named for North Dakota Senator Lynn Frazier and North Dakota Representative William Lemke . The 73rd Congress passed legislation in June 1934 to amend the Bankruptcy Act of 1898 . The law was challenged by secured creditors , and by May 1935, the US Supreme Court reviewed the law in Louisville Joint Stock Land Bank v. Radford . The Act was ruled unconstitutional because it deprived secured creditors of their property rights, in violation of
2450-510: Was posted on a House website that evening. On February 13, the Report passed the House, 246–183, largely along party lines with all 246 Yes votes given by Democrats and the Nay vote split between 176 Republicans and 7 Democrats. The Senate passed the bill, 60–38, with all Democrats and Independents voting for the bill along with three Republicans. On February 17, 2009, President Barack Obama signed
2500-447: Was smaller than needed. Surveys of economists show overwhelming agreement that the stimulus reduced unemployment, and that the benefits of the stimulus outweigh the cost. According to the CBO's final report in February 2015, the ARRA spent $ 121,313 to create or save each job. Both the House and the Senate versions of the bills were primarily written by Democratic congressional committee leaders and their staffs. Because work on
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