The American Recovery and Reinvestment Act of 2009 Law and Legal Definition
The American Recovery and Reinvestment Act of 2009, ( ARRA ) is an economic stimulus package enacted by the 111th United States Congress. The bill was signed into law on February 17, 2009 by President Barack Obama. It is an effort to jumpstart American economy, create or save millions of jobs, and put a down payment on addressing long-neglected challenges so that the country can thrive in the 21st century. Spearheaded by a new Recovery Board, this Act contains built-in measures to root out waste, inefficiency, and unnecessary spending. The Act provides for unprecedented levels of transparency and accountability.
The Statement of purpose of the Act includes the following:
To preserve and create jobs and promote economic recovery.
To assist those most impacted by the recession.
To provide investments needed to increase economic efficiency by spurring technological advances in science and health.
To invest in transportation, environmental protection, and other infrastructure that will provide long-term economic benefits.
To stabilize State and local government budgets, in order to minimize and avoid reductions in essential services and counterproductive state and local tax increases.
Legal Definition list
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