Ways and Means Law and Legal Definition
Way and means refers to a committee of a legislative body committee whose duties are to inquire into, and propose to the house, the ways and means to be adopted to raise funds for the use of the government. The U.S. Committee on Ways and Means was first established as an ad hoc committee in the first session of the First Congress, on July 24, 1789 to deal with the finances of the country.
The U.S. Committee on Ways and Means has jurisdiction over the following:
- Customs, collection districts, and ports of entry and delivery.
- Reciprocal trade agreements.
- Revenue measures generally.
- Revenue measures relating to insular possessions.
- The bonded debt of the United States, subject to the last sentence of clause 4(f). [The last sentence of clause 4(f) requires the Committee on Ways and Means to include in its annual report to the Committee on the Budget a specific recommendation, made after holding public hearings, as to the appropriate level of the public debt that should be set forth in the concurrent resolution on the budget and serve as the basis for an increase or decrease in the statutory limit on such debt.]
- Deposit of public monies.
- Transportation of dutiable goods.
- Tax exempt foundations and charitable trusts.
- National Social Security (except health care and facilities programs that are supported from general revenues as opposed to payroll deductions and except work incentive programs).
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