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This is an excellent question that people really need to know more about.When we solve a problem, after a while, we tend to forget what solved the problem and go back to what we used to do that caused the thing to go over the cliff in the first place.That was the 2008 mortgage and financial crisis, as it forgot the lessons of the Great Depression.History up to the Great DepressionIn the 1920’s, when the economy was booming and it seemed like the party would never stop, banks lent out a ton of money on credit, with the presumption that all that money would be paid back and that there was sufficient collateral to cover it.Except, there wasn’t.One of the biggest assets that people might own that a bank could recover is real property. As Will Rogers once noted: “Buy land. They ain’t makin’ any more of the stuff.” Real property was something that pretty much always appreciated in value.Prior to the early 1900’s, most people didn’t own their own homes. Most people rented. Many lived in tenements and apartments in cities, or lived as tenants on farms in rural areas. Land speculators often bought what was left of the government land grants as the frontier closed.But, in the 1920’s, that began to change as banks felt more confident in lending credit for new construction. There were significant speculation bubbles. People bought property and built homes on future credit that wasn’t based on anything but hope.And as the stock market ticked ever higher and higher, banks bet on it. With the deposit money of their customers.And then the Stock Market Crash of 1929 hit.Banks that were significantly overleveraged and undercapitalized were hit hard. Many just failed, and those who had their deposits at banks that became insolvent just lost everything. There was no deposit insurance. If your bank went under, you were screwed out of your entire savings.And if you lost your job, that meant you also lost any means of continuing to pay back that home loan.Additionally, there were suddenly vast quantities of new construction for sale… that nobody could afford any longer. That drove down property values everywhere.Suddenly, your property that was worth $10,000 last year might now only be worth $5,000. But you might still owe $8,000 - what we call “underwater.” If you default or declare bankruptcy, the bank loses. And you’re out on the street.And then, what could the bank do with the house? How could they sell it? Nobody was buying. So, the bank suddenly has a ton of illiquid assets.More foreclosures in a neighborhood continues to lower the property values further, and the destructive cycle just ends up repeating itself.The Hoover administration tried economic protectionism. At the administration’s pushing, Congress passed the Smoot-Hawley Act of 1930, which imposed schedules of high tariffs on over twenty thousand types of imported goods, to protect American business, by golly.It backfired spectacularly and greatly exacerbated the worsening Depression.Weather conditions didn’t help. A severe drought ravaged the Midwest and Great Plains starting in 1930. Farmers had been using what in retrospect were poor farming practices, tearing down line fences and forest windbreaks and not planting cover crops for winters. The thin layer of good topsoil in the Great Plains turned to dust and became an ecological nightmare.Farms started going under as crops failed. The Smoot-Hawley tariffs only made things worse.Additionally, the money supply dried up. The banks that survived, like J.P. Morgan Chase, just turned off the credit spigot to stay afloat. They stopped lending. Why? Again: illiquid assets. The banks were holding on to all these properties and other assets that they couldn’t sell. And people didn’t trust the banks because so many had lost everything depositing their savings there. Because the banks couldn’t sell anything they had, and nobody would give them any cash, they didn’t have any money to give out.Part of the problem was the gold standard. Under the Federal Reserve Act, at least 40% of the money in circulation had to be backed by gold reserves held by the federal government. So, there was no modern tool of being able to print more money to help increase liquidity.On top of that, gold became more expensive. Mortgages often had clauses that allowed banks to demand repayment in gold because of the gold standard. By 1932, that resulted in a disparity in payment between the dollar and the value of gold that meant that if a debtor was forced to repay in gold, it could cost him as much as $1.69 for every dollar he owed. This led to more bankruptcies and foreclosures still.Because of the tariffs, the lack of money supply, the collapse of agriculture, and lack of consumer spending, rampant deflation initially set in. This made exported American goods increasingly more expensive for overseas importers, even where other nations had not instituted retaliatory tariffs of their own. Manufacturing began to collapse. The steel industry followed.And the Depression spiraled out of control.When Roosevelt took over from Hoover in 1932, the nation was becoming increasingly desperate.The New DealRoosevelt ran on a radical new idea that he called “The New Deal.” The premise was that the government would intervene in the economy and prop it up through deficit spending and government borrowing. The New Deal would create government programs to put people back to work and get people back to farming and building things, and that eventually, once people got back on their feet, the government could take those supports out.Various New Deal reforms were leveled at the financial sector to try to get the credit flowing again.One reform was put on the banks directly: the Glass-Steagall Act. One of the problems with the banking crisis was that banks could gamble with depositor’s money. The Glass-Steagall Act separated investment banks from commercial banks. Investment banks are gamblers. These deal with stock and bonds and venture capital and hedge funds and Wall Street. Commercial banks are the Savings and Loan where you put your nest egg. The Glass Steagall Act put a firewall between the two. The idea was that Wall Street could melt to the ground and Main Street wouldn’t go with it.Keep this in mind. It will be important later.Another was to protect depositors. Commercial banks would be required to pay into a new Federal Deposit Insurance Corporation: the FDIC, which would make sure that depositors would get paid back if the bank collapsed. That encouraged people to trust banks again. People would deposit their money, and banks could use that money to start giving out loans again.A third was to help reduce the risk of default on certain types of loans through surety agreements. Sureties had been around forever: they’re a promise to pay a debt if the original debtor defaults.The Federal government aimed these programs at home loans in particular, to try to reduce the homelessness problem. And so, in 1938 with the National Housing Act, the government formed the Federal National Mortgage Association, or FNMA. FNMA, or “Fannie Mae,” would buy the mortgages from the banks, who would continue to “service” the mortgages. From the perspective of the consumer, it looked just like their ordinary transaction: get a loan from the bank, pay the bank. The bank kept some money for “service fees,” and the Feds took over the loan, and importantly: the risk of default. This created a secondary market for mortgages for the first time in history.But Fannie would only buy that mortgage if it met certain criteria, such as debt to income ratios, term of the loan, and more. If banks wanted to make other loans, that was fine, but Fannie wouldn’t buy them.And the program basically worked. Banks started lending again. Credit slowly started to thaw out. Banks started getting more liquidity in their balance sheets. People started being able to buy homes again.After World War II, the housing market took off again, fueled in part by the GI Bill and a push for suburbanization and the creation of easily duplicated, cheap ranch houses on a standardized template.But in the background still driving things along was always Fannie Mae and the prime 30 year fixed-rate mortgage, which had become as much a part of the standardized American experience as baseball. Housing prices rose steadily home ownership became a stable part of the American economy. Virtually every person in the country could see a viable path to owning their own home.By the 1960’s, FNMA owned more than 90% of the residential mortgages in the United States and individual home ownership had risen to the highest levels ever recorded. This led to the greatest expansion of the middle class in history.So, of course, like all wildly successful government programs, we had to fix it.PrivatizationIn 1954, FNMA was semi-privatized into a public-private hybrid where the government owned the preferred stock (with better voting rights within the corporation,) and the public held the common stock (which gave dividends, but inferior voting rights).And in 1968, Fannie Mae was privatized entirely, with a small slice of it (known as Ginnie Mae) carved off to maintain Federal Housing Authority loans, Veterans Administration loans, and Farmer’s Home Administration mortgage insurance. Because Fannie Mae had a near monopoly on the secondary mortgage market, the government created the Federal Home Loan Mortgage Corporation to compete with it: Freddie Mac.By 1981, Fannie and Freddie were doing well as private companies, and Fannie came up with a great idea that had been done in limited settings: pass-through mortgage derivatives. They would bundle up various mortgages and sell them as a type of bond to investors. Investors loved the idea. The housing market had been extremely stable for nearly fifty years and offered a modest, but highly reliable return. And so the commercial home loan mortgage backed security was born.Keep this in mind. It will be important later.The Savings and Loan CrisisBy the early 1980’s, the economy had been stable for 30 years (more or less,) and thanks to the Glass-Steagall Act, commercial banks were doing okay even with the “stagflation” of the 1970’s. Home prices continued to rise about on par with wage growth.But one type of commercial banks, the Savings and Loan banks, wanted to do better than okay. S&L’s were the kind of bank in It’s a Wonderful Life. S&L’s were specifically singled out in federal legislation, like credit unions, for a single purpose: to promote and facilitate home ownership, small businesses, car loans, that sort of stuff.A business-friendly Congress agreed. They passed two laws in 1980 (signed by Jimmy Carter) and 1982 (Signed by Ronald Reagan) that allowed banks to offer a variety of new savings and lending options, including the Adjustable Rate Mortgage, and dramatically reduced the oversight of these banks.Adjustable rate mortgages work by locking in a fixed rate for a short term, and then after that initial term, the mortgage rate would re-adjust every additional term after that. If the prime interest rates set by the Federal Reserve stayed high, lenders would get hammered.But S&L’s had a fix in mind for consumers: just keep refinancing your home every time the first term is up. Home prices would just always continue to rise, right? They could collect closing costs every couple of years, and consumers remained essentially chained to them in debt with a steady stream of revenue that would always be secured if something happened. It was perfect.Keep these types of mortgages in mind. It will be important later.By the mid-1980’s, the lack of oversight allowed S&L’s to start making riskier and riskier decisions, offering certificates of deposit with wild interest rates, as much as eight to ten percent. They were exempted from FDIC oversight, while still keeping deposits federally insured (what could go wrong there, right?)And then the Federal Reserve, in an effort to reduce inflation, raised short-term interest rates, which sent ripple effects through these S&L’s, who had been made very vulnerable to that particular issue through these bad decisions, lack of appropriate capitalization, and overpromising depositors.By 1992, almost a third of savings and loan banks nationwide had collapsed.This crisis led to the Financial Institutions Reform, Recovery and Enforcement Act of 1989 (FIRREA), which put back some of the same oversights that had been taken off because people wanted to make more money, particularly better capitalization rules (which were tied to risk,) increased deposit insurance premiums and brought back some FDIC oversight, and reduced these banks’ portfolio caps in non-residential mortgages.Keep this in mind. It will be important later.The Repeal of Glass-SteagallRemember how back in the 30’s, in the midst of the Great Depression, we instituted that firewall between investment banks and commercial banks?Again, it worked so well, we had to fix it.Starting in the 1960’s, the federal regulators began to start to allow commercial banks to get back into the securities game again. The list was limited, and was supposed to stay in relatively safe stuff.This accelerated under Reagan’s policy of deregulation, and continued under Clinton in the 1990’s. By 1999, Bill Clinton declared that Glass-Steagall no longer served any meaningful purpose, and most people had declared it dead well before that. The law was officially repealed in 1999 with the Gramm-Leach-Bliley Act.Immediately, investment and commercial banks start merging again. Bear Stearns, Lehman Brothers, Citibank, all of these investment banks start buying out the commercial banks or merging.And there’s a culture difference between those.Remember: investment banks are gamblers. These are the Wall Street guys. They’re risk takers. They’re hedge fund managers. These are your Gordon Gekko type guys. Commercial banks are Main Street guys. They’re generally conservative, George Bailey types.And the investment banker culture won out over the course of the 2000’s. George Bailey starts snorting coke and putting on Ray Bans with a blazer and jeans.Sub-Prime, NINJA, and ARM LoansIn the early 1990’s, affordable housing started to become a greater and greater issue. George H.W. Bush signed legislation in late 1992 amending Fannie and Freddie’s charters to push them to make loans to people with lesser means than the traditional prime criteria. The Clinton Administration continued pushing Fannie and Freddie to accept more low and moderate income earners.That meant taking on riskier loans.The Clinton administration put rules in place in 2000 to curb predatory lending practices, and rules that disallowed those risky loans from counting towards their low-income targets.The Bush administration took those predatory lending rules off in 2004, and allowed those risky, “sub-prime” mortgages to count towards the low-income targets set by Housing and Urban Development.Remember those ARM mortgages?Heh, heh. This is getting long, and you probably glossed over that, didn’t you? I told you it was going to be important.Banks started making riskier and riskier loans, often those ARM loans. They could meet their HUD targets and make tons of money. And again: the gravy train was endless, right? The housing market had not lost value for over fifty years, even in the recessions of the 70’s and 80’s.So, they put more people in houses. Bigger houses. More expensive houses. The economy was doing good. New construction was hot. Contractors couldn’t build the McMansions fast enough.Banks started a race to the bottom with these sub-prime loans, getting all the way to NINJA loans: No Income, No Job, No Assets required. You’re a homeless person selling Etsy products out of your car? You’re already prequalified on a quarter-million subdivision home with a quarter-acre. Congratulations.As long as you could afford the payments, you were in.De-regulationIn the early 2000’s, the Bush administration wanted to keep the economy going. There was a low-level recession from March 2001 to November 2001 following the dot-com crash. The administration lifted a number of securities and financial sector oversight rules. One of those rules was about capitalization.Remember that? I told you that was going to be important.Capitalization requirements are how much reserve cash a bank needs to keep on hand to prevent collapse if something happens, against their liability sheets. Remember: that’s how banks got in trouble before the Great Depression and again right before the Savings and Loan Crisis. They took on too many liabilities and didn’t have enough capital to actually pay it all out.The Bush administration relaxed the rules on required capitalization and what assets could count as capital. Some of those assets turned out not to be very useful.Collateralized Debt Obligations and the Mortgage Backed SecurityRemember, back in 1981, when Fannie starts issuing those mortgage backed securities, re-selling them as bonds with a low, but reliable interest rate?That gets more complicated after 2004–2005 with the increased use of a financial tool called the collateralized debt obligation. Basically, a CDO is just a promise to pay investors in a sequence based on the cash flow from something the CDO invests in. The rate of return was tied to how risky the CDO was.In the 70’s and 80’s, CDOs were pretty safe, mundane things. They were basically like index funds; they invested in a lot of stuff and did okay. But by the mid-2000’s, CDOs were becoming riskier and riskier, while providing more and more reward. CDOs bought up mortgages like crazy, because they had increasingly higher interest rates as the subprime mortgages started taking off.But people were nervous about investing solely in these high-risk CDOs. And so, investment banks that bought up those mortgage-backed securities started to bundle together some high-risk mortgages with some regular, low-risk mortgages and promising that they were safer.And then some investment banks started to lie about how many of those high-risk mortgages were in them. Why? Again: the housing market was super-stable and always going up. Those loans only looked high-risk on paper, right? I mean, those debtors could always just keep refinancing every couple of years.So banks bought up those assets and added them to their capitalization sheets.You see it, right? You see the problem here? Not yet?Keep this in mind. It will be important in just a minute.The CollapseI remember being in college in the early 2000’s, and asking the loan officer at our local bank how some of the people I knew were making maybe $10–12 an hour could afford these massive homes and boats and jet skis and campers. My parents were teachers; they weren’t doing bad, but we couldn’t afford all that and I knew they were doing better than some of those people. The loan officer shook his head and said, “They can’t. They can afford the payments.”Some of those people didn’t have furniture in their homes. If they had a party, they rented furniture for a couple days. I’m serious. That was a thing. Many of them were in deep, crippling credit card debt, paying off the balances of one with another, and justifying it with the idea that it would be okay when the next raise kicked in.It was a classic speculation bubble.Then in late 2006–2007, that bubble burst.The housing market became oversupplied. People stopped buying the new construction and the existing homes as much. And home values started to drop.And suddenly, because home values plateaued and then dropped, so too did the little bit of equity that many of these purchasers, in debt up to their eyeballs, had in their homes. Without more equity, they couldn’t refinance. And because they could’t refinance, those ARM loans or other loans kicked in, and the interest rates on them skyrocketed.And suddenly, they couldn’t make the payments anymore.And then they went into default on their mortgages.Followed by foreclosure.And often bankruptcy.It turned into a vicious cycle. Once one or two neighbors end up losing their homes in foreclosure, it affects the property values of everyone else around those properties like a contagion. Healthier borrowers started to become impacted as property values declined and now they couldn’t refinance.In 2007, lenders foreclosed on 79% more homes than in 2006: 1.3 million foreclosures. In 2008, this skyrocketed another 81% still: 2.3 million. By August of 2008, nearly one in ten mortgages nationally were in default and foreclosure proceedings. By one year later, this had risen to over 14% nationally.The RecessionRemember, the financial sector had heavily invested in all of those housing market securities. They thought they were safe. They thought that the housing market would never go anywhere but up. They built their whole foundation on it.And they had relied on those securities to meet their capitalization requirements.Securities that suddenly turned out to be nearly worthless.Huge banks ran out of liquid cash almost immediately. This is what happened to Bear Stearns, Lehman Brothers, Goldman Sachs, Citibank, and more. They were suddenly holding on to billions upon billions of dollars of assets that were either worthless, or completely frozen. They couldn’t sell the bits of stuff that was even worth anything.And because their assets weren’t liquid, they didn’t have money to lend anymore.And that lack of credit is what grinds the economy to a halt.That impacted every sector of business in the United States. Which impacted every sector of business in the world. And that meant that businesses started having to lay people off because they couldn’t get the money to keep paying them.And then because those people lost their jobs, they started to default on their mortgages. Which rippled through the CDO market again.This was why it was so critical for the Federal Reserve to buy those toxic assets and provide the banks with liquid cash in their place. They had to get the credit flowing again to re-start the gears of the economy. Without it, we almost certainly would have seen a full repeat of the Great Depression.And that brings us to today.That’s the abbreviated, oversimplified explanation. It’s more complicated than this, and there’s other factors that contributed, but that’s kind of the main story in basic terms. That’s roughly how 10 million homes went into foreclosure.And we still haven’t fully recovered. Over twice as many people rent as opposed to own. Less than one-third of people who have lost a home in foreclosure in the last decade will be able to repurchase another again. Roughly 2/3ds of those people who lost their homes have so damaged their credit that they will never qualify again. Hundreds of thousands, if not millions more, were so emotionally traumatized by the experience that they simply refuse to go through it again.And that number of renters to owners is substantially higher for my generation, the Millenials, who have never seen any substantial portion of the post-2008 recovery. We still haven’t made up the wages that would allow us to save enough to purchase, even setting aside the massive increase in student debt we carry.75% of my generation wants to own a home. Less than 35% do.And, in case reading this wasn’t chilling enough for you, the present administration has been lifting some of the exact rules and regulations that were put into place after the 2008 collapse that were lifted in 2004 that were put in place after the 1980’s collapse after those were lifted. Because it worked so well the first two times.Mostly Standard Addendum and Disclaimer: read this before you comment.I welcome rational, reasoned debate on the merits with reliable, credible sources.But coming on here and calling me names, pissing and moaning about how biased I am, et cetera and BNBR violation and so forth, will result in a swift one-way frogmarch out the airlock. Doing the same to others will result in the same treatment.Essentially, act like an adult and don’t be a dick about it.Look, this is pretty oversimplified. Ph.D. theses have been written about this. I’m trying to make it at least remotely accessible to those with the patience to read it. Don’t be pedantic about it, please?Getting cute with me about my commenting rules and how my answer doesn’t follow my rules and blah, blah, whine, blah is getting old. Stay on topic or you’ll get to watch the debate from the outside.Same with whining about these rules and something something free speech and censorship.If you want to argue and you’re not sure how to not be a dick about it, just post a picture of a cute baby animal instead, all right? Your displeasure and disagreement will be duly noted. Pinkie swear.If you have to consider whether or not you’re over the line, the answer is most likely yes. I’ll just delete your comment and probably block you, and frankly, I won’t lose a minute of sleep over it.Debate responsibly.

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and mountains in Maine’s North Woods designated as a national monument that will be protected by the National Park ServiceEndangered Species Aug 24 2016Scientists researching the potential benefits of medical marijuana can apply to grow their own marijuana after the DEA lifted the ban limiting the number of institutions allowed grow the plantMedical Marijuana Aug 11 2016214 prisoners serving excessive and unfair prison sentences for nonviolent crimes have sentences commutedPardons Aug 03 2016Transgender Americans able to serve openly in the military after the Department of Defense lifted a ban prohibiting them from servingCivil & Human Rights Jul 01 2016All Freedom of Information request responses to be posted online after a successful pilot program was permanately expanded and signed into lawFreedom of Press Jun 30 2016Students who were defrauded or had their contract breached by a college or university can more easily petition to have their student loans forgiven under new rules by the Department of EducationHigher Education Jun 13 201642 prisoners serving excessive and unfair prison sentences for nonviolent crimes have sentences commutedSentencing Jun 03 2016President Obama becomes the first President to visit Hiroshima laying a wreath at Peace Memorial ParkInternational Relations May 27 2016Senior Taliban leader Mullah Akhtar Mansour killed in Pakistan after U.S. drone strikeTaliban May 22 2016Nutritional labels updated and modernized to better inform consumers of what they are purchasing under new labeling rules by the Food and Drug AdministrationHealth & Welfare May 20 2016Suggested maximum daily sugar amount added to nutritional labels for the first time under new labeling rules by the Food and Drug AdministrationHealth & Welfare May 20 2016First openly gay Secretary of the Army confirmed unanimously by the SenateCivil & Human Rights May 18 2016Over four million Americans to qualify for overtime pay if they work more than 40 hours a week under new rule by the Labor Department that raised the salary threshold from $23,660 to $47,476 per yearLabor May 17 2016Environmentally dangerous methane emissions from the oil and gas sector regulated for the first time under new rule by the Environmental Protection AgencyFossil Fuels May 12 2016Transgender students in public schools must be allowed to use the bathrooms of their gender identity under new rule by the Obama AdministrationDiscrimination May 12 2016American bison named as the first national mammal after the National Bison Legacy Act was signed into lawGovernment May 09 2016Senior ISIS leader Abu Sa'ad al-Sudani killed in Syria after U.S. airstrikeIslamic State (ISIS) May 05 2016Stonewall Inn named the first national monument honoring the history of gays and lesbians in the United StatesCivil & Human Rights May 04 201640 ISIS operatives responsible for multiple attacks in Europe and the Middle East killed by Delta Force and Navy SEAL commandos during various raidsIslamic State (ISIS) Apr 27 2016First woman on American currency in more than 100 years will be Harriet Tubman after the Treasury Department announced she will replace Andrew Jackson on the $20 billWomen's Rights Apr 20 2016Individuals investing in retirement accounts protected under new rule requiring financial advisers to provide investment advice that puts their client's best interests above all elseFinancial Regulation Apr 15 2016387,000 Americans unable to to work due to a permanent disability have their student loan debts forgiven by the Department of EducationEducation Apr 12 2016Homeowners taken advantage of by deceptive mortgage practices from Goldman Sachs to receive monetary relief after agreement between the bank and the Justice DepartmentLaws & Crime Apr 11 2016American banks must identify the owners of shell companies they do business with under a new rule by the Treasury DepartmentMonetary Policy Apr 10 2016Gender neutral restrooms available for White House staff and visitors so individuals can use the bathroom that conforms to their gender identityDiscrimination Apr 07 2016Senior Al-Qaeda leader Abu Firas al-Suri killed in Syria after U.S. air strikeAl-Qaeda Apr 04 2016Sentences reduced and adapted for 61 people serving excessive and unfair punishment in federal prison for nonviolent crimesSentencing Mar 30 2016ISIS Finance Minister Haji Iman killed during U.S. operationIslamic State (ISIS) Mar 25 2016Hazardous industrial material crystalline silica which is known to pose serious risks of incurable lung disease and lung cancer regulated to lower the allowable exposure limitHealth & Welfare Mar 23 2016Workers must be informed of their employers and its contractors direct or indirect persuading against forming a union under a new rule by the Labor DepartmentUnion Workers Mar 23 2016Cuban citizens witnessed Cuban President Raul Castro take questions from the media for the first time during press conference with President ObamaInternational Relations Mar 22 2016Public Wi-Fi areas in Cuba greatly expanded since American telecommunication companies were allowed to do business in the countryInternational Relations Mar 20 2016President Obama becomes the first U.S. President to visit Cuba since 1928 after successful diplomatic negotiationsInternational Relations Mar 20 2016General Lori Robinson becomes first woman nominated to lead a combatant command in the United States militaryWomen's Rights Mar 18 2016Senior ISIS leader Omar al-Shishani and 12 additional ISIS fighters killed in Syria after a series of U.S. drone and manned aircraft strikesIslamic State (ISIS) Mar 15 2016Offshore drilling off the Atlantic Coast prohibited after local communities voiced strong oppositionOffshore Drilling Mar 15 2016Cubans may open U.S. bank accounts under new rule by the Treasury and Commerce DepartmentsInternational Relations Mar 15 2016U.S. citizens may travel to Cuba for people-to-people educational reasons under new rule by the Treasury and Commerce DepartmentsInternational Relations Mar 15 2016150 Al-Shabaab fighters killed at Somalia training camp after U.S. air strikeTerrorism Mar 08 2016Senior Al-Shabaab leader Yusuf Ali Ugas killed in Somalia after U.S. air strikeTerrorism Mar 05 2016Senior Al-Shabaab leader Mohamed Mire killed in Somalia after U.S. air strikeTerrorism Mar 05 2016Senior unnamed ISIS operative captured and detained during U.S. led raid in IraqIslamic State (ISIS) Mar 03 2016Moderates winning a majority in Iran's parliament and Assembly of Experts partially attributed to improved diplomacy and landmark nuclear deal with major world powersInternational Relations Feb 29 2016Senior ISIS leader Noureddine Chouchane and over thirty ISIS militants killed in Libya after U.S. airstrikesIslamic State (ISIS) Feb 19 2016American citizens may fly to Cuba for the first time in 50 years after the two countries sign an agreement restoring commercial air travelInternational Relations Feb 16 2016All active duty service members eligible for 12 weeks of fully paid maternity leave through new rule by the Department of DefenseMilitary & Defense Jan 28 2016Juveniles in federal prisons can no longer be placed in solitary confinement after executive order by President ObamaPrisons Jan 25 2016Consumers who reduce their electricity use during peak hours receive a discount through new rule by the Federal Energy Regulatory CommissionEnergy Jan 25 2016Four United States citizens imprisoned in Iran released after a prisoner swap between the United States and IranInternational Relations Jan 16 2016Ten Yemeni detainees held at Guantanamo Bay for fourteen years transferred to OmanGuantanamo Bay Jan 14 2016New coal mining leases on public lands halted under new rule by the Department of InteriorFossil Fuels Jan 14 2016Ten Navy sailors detained by Iran after accidentally sailing into their waters freed within 24 hours through diplomatic negotiationsInternational Relations Jan 13 2016ISIS cash depot holding millions of dollars bombed in Mosul, Iraq by U.S. air strikeIslamic State (ISIS) Jan 11 2016Senior ISIS leader Abu Mohammed al-Adnani injured and detained in Iraq after U.S. air strikeIslamic State (ISIS) Jan 07 2016Sentences reduced and adapted for 97 people serving excessive and unfair punishment in federal prison for nonviolent crimesSentencing Dec 18 2015Environmentally hazardous plastic microbeads found in personal care products banned from being manufactured in the U.S.Microbead-Free Waters Act Dec 18 2015Families with three or more children have their taxes reduced $200-$600 through the permanent expansion of the Child Tax CreditBipartisan Budget Act of 2015 Dec 18 2015College students can claim $2,500 towards tuition, fees, and course material on their taxes after the extension of the American Opportunity Tax CreditBipartisan Budget Act of 2015 Dec 18 2015Medical marijuana patients may purchase prescriptions without fear of arrest after DEA prohibited from raiding legal dispensariesBipartisan Budget Act of 2015 Dec 18 2015Solar and wind energy production to double in size through a five year extension of Federal tax creditsBipartisan Budget Act of 2015 Dec 18 2015World community pledges to prevent global temperatures from rising more than 2 degrees celsiusEnvironment Dec 12 2015Teacher performance evaluations no longer based off student test results after passage of the Every Student Succeeds ActEvery Student Succeeds Act Dec 10 2015Senior Al-Qaida leader Abdirahman Sandhere killed in Lybia by U.S. air strikeAl-Qaeda Dec 07 2015Female soldiers roles expanded to serve in any combat positionWomen's Rights Dec 03 2015Military personnel who handled service dogs in combat zones given first rights of adoption after the dog retires from dutyMilitary & Defense Nov 25 2015Senior ISIS leader Wisam al Zubaidi killed in Libya by U.S. air strikeIslamic State (ISIS) Nov 14 2015Senior ISIS leader Abu Nabil killed in Libya by U.S. air strikeIslamic State (ISIS) Nov 14 2015Senior ISIS leader Mohammed Emwazi (Jihadi John) killed in Syria by U.S. drone strikeIslamic State (ISIS) Nov 13 2015Senior ISIS leader Abu Nabil killed in Libya by U.S. air strikeIslamic State (ISIS) Nov 13 2015Veterans and their families offered in-state tuition rates at public colleges and universities in all fifty statesVeterans Benefits Nov 11 2015Final phase of Keystone pipeline rejected because it would not serve the national interest of the United StatesOil & Gas Industry Nov 06 2015Federal job applicants can't be denied employment solely for having a prior convictionLaws & Crime Nov 02 2015Seventy hostages held by ISIS in Iraq rescued after joint operation with Iraqi soldiers and US special forcesIslamic State (ISIS) Oct 22 2015Senior Al-Qaida leader Sanafi al-Nasr killed in Syria by U.S. air strikeAl-Qaeda Oct 18 2015Sentences reduced and adapted for 6,000 people serving excessive and unfair punishment in federal prison for nonviolent crimesSentencing Oct 06 2015First openly gay American nominated to become Secretary of the ArmyMilitary & Defense Sep 18 2015Employees of Federal government contractors must be offered seven days of paid sick leave per yearLabor Sep 07 2015Transgender Americans may not be discriminated against by health insurance companies or medical providersDiscrimination Sep 03 2015Tallest mountain in North America renamed Mount DenaliGovernment Aug 31 2015First openly transgender person hired by White House to work as civilian employeeCivil & Human Rights Aug 18 2015Each state must reduce carbon emissions by set amounts by 2030Global Warming Aug 04 2015Senior Al-Qaida leader Muhsin al-Fadhli killed in Syria by U.S. air strikeTerrorism Jul 21 2015Sexual orientation discrimination against Federal employees ruled illegal under Title VII of the Civil Rights ActProfiling Jul 16 2015Six major world powers reach agreement with Iran to curb their nuclear programNuclear Energy Jul 14 2015Sentences commuted for 46 people serving excessive & unfair punishment for nonviolent crimesPardons Jul 13 2015National monuments consist of 260 Million Acres throughout AmericaEnvironment Jul 12 2015United States and Cuba re-open embassies after 54 year diplomatic freezeTreaties & Agreements Jul 2015Government mandated threshold for all hourly workers to qualify for overtime pay increased from $23,660 to $50,440.Jobs Jun 30 2015Senior Al-Qaida leader Nasir al-Wuhayshi killed in Yemen by U.S. drone strikeAl-Qaeda Jun 12 2015Senior Al-Qaida leader Nasr al-Ansi killed in Yemen by a CIA-led U.S. drone strikeAl-Qaeda Apr 21 2015Medicare Access and CHIP Reauthorization Actsigned into lawMedicare Access and CHIP Reauthorization Act Apr 16 2015New Medicare formula changes the way doctors are reimbursed; rewards doctors when their patients have better health outcomesHealth Care Industry Apr 16 201553 political prisoners in Cuba released as a show of good will in the ongoing restoratiation of diplomatic relationship between the two countriesInternational Relations Dec 17 2014United States restores diplomatic relationship with Cuba after 50 year freezeInternational Relations Dec 17 2014Abortion coverage extended to Peace Corps volunteers who became pregnant because of rape, incest, and life endangermentContinuing Appropriations Act of 2015 Dec 16 2014President Obama issues executive order allowing the parents of children who are U.S. citizens or legal residents to continue residing in the United StatesImmigration Nov 20 2014President Obama pledges $3 Billion to global fund assisting poor countries coping with climate changeGlobal Warming Nov 14 2014China and the United States agree to cut greenhouse gas emissions by up to twenty-five percent by 2030Global Warming Nov 12 2014Senior Al-Shabaab leader Ahmed Godane killed in Somalia by U.S. airstrikeTerrorism Sep 05 2014Broad Coalition of Middle-Eastern countries conduct military campaign against ISIS inside of SyriaTerrorism Sep 2014President Obama signs executive order prohibiting federal contractors from discriminting against LGBT individualsCivil & Human Rights Jul 21 2014United States assumes control of weapons-grade plutonium and highly enriched uranium from Japan after the two countries signed an agreement to secure their stockpile to prevent it from theftNuclear Proliferation Mar 24 2014International Trade Data System created to streamline small business Export/Import processBusiness & Economy Feb 19 2014Minimum wage for Federal Contractors raised to $10.10 per hour.Minimum Wage Feb 12 2014Agriculture Act of 2014signed into lawAgriculture Act of 2014 Feb 07 2014Federal Government reopens after 16 day shutdown defeating Republican partisan attempt to cancel health care benefits for millions under ObamacareGovernment Shutdown Oct 17 2013President Obama and Iranian President Hassan Rouhani have first formal communication between the two nations in 35 yearsInternational Relations Sep 27 2013Syria agrees to dismantle chemical weapons stockpile after deal reached between the Obama Administration and RussiaTreaties & Agreements Sep 14 2013Defense of Marriage Act ruled unconstitutional by Supreme CourtCivil & Human Rights Jun 26 2013American Taxpayer Relief Act of 2012signed into lawAmerican Taxpayer Relief Act of 2012 Jan 02 2013Blind Chinese dissident Chen Guangcheng relocates to the United State after diplomatic agreement between China and the Obama administrationInternational Relations May 19 2012President Obama becomes first sitting president to publicly support marriage equalityCivil & Human Rights May 09 2012Senior Al-Qaida commander Fahd al-Quso killed in Yemen by a CIA-led U.S. drone strikeAl-Qaeda May 06 2012Members of Congress and certain government employees prohibited from using non-public information for personal profitSTOCK Act Apr 04 2012Federal unemployment benefits programs extended an additional 13 to 20 weeksMiddle Class Tax Relief and Job Creation Act Feb 22 2012Cuts in Medicare physician payment rates averted with extension of existing rates through 2012Middle Class Tax Relief and Job Creation Act Feb 22 2012Employee social security payroll tax reduction from 6.2% to 4.2 % extended through 2012Middle Class Tax Relief and Job Creation Act Feb 22 2012Self-employed social security payroll tax reduction from 12.4% to 10.4 % extended through 2012Middle Class Tax Relief and Job Creation Act Feb 22 2012U.S. drone attack in Yemen killed 12-15 militants, including at least four Al-Qaeda leadersAl-Qaeda Jan 30 2012Senior Al-Qaeda figure Aslam Awan killed in U.S. drone strikeAl-Qaeda Jan 2012War in Iraq ended with last American troops crossing border into Kuwait2003 Iraq War Dec 17 2011US government international campaign initiated to build respect for the human rights of LGBT persons worldwideDiscrimination Dec 06 2011$700 million annual funding for child protection, child abuse prevention, family support and adoption promotion through 2016Child and Family Services Improvement Act Sep 30 2011Senior Al Qaeda leader Anwar al-Awlaki killed in Yemen by a CIA-led U.S. drone strikeAl-Qaeda Sep 30 2011Entrepreneurs and businesses benefited by reduced average wait time for patent approvals from 3 years to 1 year.America Invents Act Sep 16 2011Patent litigation costs reduced through tightened patent standards, quality and processes to expedite challenges.America Invents Act Sep 16 2011Al-Qaeda's operations chief for Pakistan Abu Hafs al Shahri reported killed in U.S. Predator strikeAl-Qaeda Sep 11 2011U.S./Pakistani joint arrest of suspected Chief Al-Qaeda Younis al-Mauritani in QuettaAl-Qaeda Sep 06 2011Al-Qaeda No. 2 Atiyah Abd al-Rahman Killed in Pakistan by CIA predator drone strikeAl-Qaeda Aug 22 2011East Africa's Al-Qaeda senior leader Harun Fazul killed at security checkpoint in SomaliaAl-Qaeda Jun 07 2011Al-Qaeda Commander Ilyas Kashmiri Killed in U.S. Predator StrikeAl-Qaeda Jun 03 20116 senior Al-Qaeda figures killed in U.S. Air StrikeAl-Qaeda Jun 2011US Forces Kill Osama Bin Laden in PakistanAl-Qaeda May 02 2011Defense of Marriage Act declared unconstitutional and no longer defended in federal courts by the Obama AdministrationFeb 23 2011Number of US and Russian nuclear warheads deployed reduced by two-thirds by 2017New START Treaty Feb 05 2011Number of US and Russian strategic nuclear missile launchers reduced in half by 2017New START Treaty Feb 05 2011Small family farms selling locally exempted from federal regulations such as traceability and record keepingFood Safety Modernization Act Jan 04 2011Safety of imported food improved with new FSVP & VQIP programs that helps ensure it is safe, unadulterated and not misbrandedFood Safety Modernization Act Jan 04 2011Safety of U.S. grown food improved with requirements for large factory farms to register all food handlers and maintain records relating to food safetyFood Safety Modernization Act Jan 04 2011US sponsored measure to include “sexual orientation” in the definition of human rights adopted by the UN General Assembly, 122- 0.Discrimination Dec 22 2010Gays and lesbians allowed to serve openly in the militaryDon't Ask, Don't Tell Repeal Act Dec 22 2010$193 million saved over five years by eliminating recruiting and retraining costs of replacing soldiers discharged due to DADTDon't Ask, Don't Tell Repeal Act Dec 22 2010$186 billion in tax relief for all tax payers by extending the Bush income tax cuts for 2010 & 20112010 Tax & Jobs Compromise Dec 17 2010$136 billion in tax relief for 21 million middle class households through patch to the Alternative Minimum Tax for 2010 & 20112010 Tax & Jobs Compromise Dec 17 2010$111 billion in tax relief for workers by a reducing social security payroll tax from 6.2% to 4.2% for 2011.2010 Tax & Jobs Compromise Dec 17 2010Unemployment benefits extended for 13 months at a cost of $56 billion2010 Tax & Jobs Compromise Dec 17 2010$40 billion in tax credits for college students and lower income families with children2010 Tax & Jobs Compromise Dec 17 2010Number of eligible children enrolled in school meal programs increased by approximately 115,000 studentsHealthy, Hunger-Free Kids Act Dec 13 2010Schools and communities provided resources to utilize local farms and gardens to provide fresh produce for school food programs.Healthy, Hunger-Free Kids Act Dec 13 2010$1.5 billion awarded to some 75,000 black farmers who were victims of discrimination in applying for farm loans from 1983 to 1997Claims Resolution Act Dec 08 2010$3.4 billion settlement for Native Americans against the US government arising from incorrect accounting for royalties on mineral leasesClaims Resolution Act Dec 08 2010Veteran work-study programs expanded to include congressional offices, state agencies and institutions of higher learningVeterans' Benefit Act Oct 14 2010On-the-job training opportunities expanded for veterans by reimbursing energy sector employers for training costs.Veterans' Benefit Act Oct 14 2010Insurance policy amounts and terms enhanced for severely disabled veteransVeterans' Benefit Act Oct 14 2010Service members receiving relocation orders protected from early termination fees for certain contracts and residential leasesVeterans' Benefit Act Oct 14 2010$10 million in job training, counseling, placement services, and child care services for homeless women veterans and homeless veterans with childrenVeterans' Benefit Act Oct 14 2010Disabled veterans provided improved independent assisted living services, automobile adaptive equipment and allowances for automobile purchaseVeterans' Benefit Act Oct 14 2010$30 billion lending program created for community banks with incentives to increase small business lendingSmall Business Jobs Act Sep 27 2010$12 billion in assistance for small businesses through eight separate tax cutsSmall Business Jobs Act Sep 27 2010Large disparity in jail sentences reduced for crack cocaine related offenses that disproportionately affected African AmericansFair Sentencing Act Aug 03 2010Long-term economic stability improved through new FDIC powers to liquidate failing financial firms such as insurance companies and non-bank financial companiesWall Street Reform Act Jul 22 2010Borrowers protected from bad loans with rules and penalties requiring that lenders verify that they are able to repay the loans that they issueWall Street Reform Act Jul 22 2010Financial Stability Oversight Council established to identify and monitor excessive risks to the U.S. financial systemWall Street Reform Act Jul 22 2010Future economic downturns minimized with new rules and transparency regarding bank trading in credit default swaps and derivatives including the "Volker Rule"Wall Street Reform Act Jul 22 2010Risk in the financial system reduced with new SEC Office of Credit Ratings (OCR) to monitor credit rating agencies for conflict of interests & inaccuraciesWall Street Reform Act Jul 22 2010FDIC bank deposit insurance increased from $100,000 to $250,000Wall Street Reform Act Jul 22 2010Transparency of Federal Reserve improved with additional government oversight and new audits to be performed by the GAOWall Street Reform Act Jul 22 2010Consumer Financial Protection Bureau established to promote fairness and transparency for mortgages, credit cards, and other consumer financial productsWall Street Reform Act Jul 22 2010U.S. drone attack killed 7 known terrorists, most notable Al-Qaeda operative from Egypt Hawza al JawfiAl-Qaeda Jun 29 2010Federal benefits extended to same sex partners of workers through memorandum by Obama administrationCivil & Human Rights Jun 02 2010Transgender Americans able to list their gender identity on their passports under rule issued by the State DepartmentCivil & Human Rights Jun 01 2010Al-Qaeda’s number three commander Sheik Saeed al-Masri killed in U.S. drone attackAl-Qaeda May 21 2010Family caregivers of veterans granted eligibility to VA counseling and mental health servicesCaregivers & Veterans Health Services Act May 05 2010Health care services improved and expanded for women veterans at Veterans care facilitiesCaregivers & Veterans Health Services Act May 05 2010Counseling and care enhanced for military women victims of sexual trauma and post-traumatic stress disorder (PTSD)Caregivers & Veterans Health Services Act May 05 2010Care options expanded for veterans living in rural areas that lack the necessary VA medical facilitiesCaregivers & Veterans Health Services Act May 05 2010Housing and care options expanded for homeless veterans living in care sheltersCaregivers & Veterans Health Services Act May 05 2010Joint American and Iraqi operation killed Al-Qaeda leaders Abu Ayyub al-Masri and Abu Omar al-BaghdadiAl-Qaeda Apr 18 2010$68 billion to expand Pell grants & make it easier for students to repay outstanding loans after graduation through savings in the federal student loan programStudent Aid Act Mar 30 2010$2 billion investment to laid off workers for education and career training programs in community colleges over four years starting in 2010Student Aid Act Mar 30 2010People denied coverage for a pre-existing condition given access to a temporary high risk health insurance planObamacare (Affordable Care Act) Mar 23 2010Children under 19 can no longer be denied coverage or benefits for a pre-existing conditionObamacare (Affordable Care Act) Mar 23 2010Young adults can stay on parent's insurance plan up until age 26Obamacare (Affordable Care Act) Mar 23 2010$250 rebate for those in the Medicare Prescription drug "donut hole" during 2010Obamacare (Affordable Care Act) Mar 23 201050% discount on prescription drug costs for seniors in the Medicare "donut hole" starting in 2011Obamacare (Affordable Care Act) Mar 23 2010Health care insurance plans prohibited from putting a lifetime limit on the benefits you receiveObamacare (Affordable Care Act) Mar 23 2010Annual dollar limits on health benefits restricted and phased out by 2014Obamacare (Affordable Care Act) Mar 23 2010Insurers selling to groups of 50 or more employees must spend 85% of premiums on medical care and quality improvementObamacare (Affordable Care Act) Mar 23 2010Consumers guaranteed the right to choose the primary care doctor or pediatrician from their health plan’s provider networkObamacare (Affordable Care Act) Mar 23 2010HIV Testing Will Now Be Covered Under ObamacareObamacare (Affordable Care Act) Mar 23 2010Consumers are guaranteed the right to appeal decisions made by their health insurance providerObamacare (Affordable Care Act) Mar 23 2010Women are no longer charged higher premiums because of their genderObamacare (Affordable Care Act) Mar 23 2010Preventative services will be covered at no additional costObamacare (Affordable Care Act) Mar 23 2010Insurance companies must provide consumers a short, easy to understand summary of their benefits and coverageObamacare (Affordable Care Act) Mar 23 2010Health insurance companies can not charge higher premiums for out of network emergency room careObamacare (Affordable Care Act) Mar 23 2010People with a pre-existing condition cannot be denied health coverge by an insurance company starting in 2014Obamacare (Affordable Care Act) Mar 23 2010$143 billion in deficit reduction estimated between 2010-2019 from health care reform law provisionsObamacare (Affordable Care Act) Mar 23 2010Mental health and drug addiction coverage is an "essential benefit" that can not be deniedObamacare (Affordable Care Act) Mar 23 2010Insurance companies must spend 80% of the money raised from consumers premiums on health care and quality improvementObamacare (Affordable Care Act) Mar 23 2010Social Security payroll tax credits in 2010 for employers that hired people who have been unemployed for 60+ daysHire Act Mar 18 2010Tax credits to employers who keep new hires for 52 weeks to encourage retention of new hiresHire Act Mar 18 2010$17.5 billion in tax cuts, business credits and subsidies for state and local construction bonds to stimulate business investment and hiringHire Act Mar 18 2010$20 billion to the highway trust fund for spending on highway and transit programs.Hire Act Mar 18 2010Encourages job creation by expanding investments in schools and clean energy projectsHire Act Mar 18 2010Offsets costs through a 30 percent withholding tax on income from certain U.S. financial assets held by foreign banks who have not agreed to disclosures.Hire Act Mar 18 2010Al-Qaeda operative Hussein al-Yemeni killed by U.S. drone attack in PakistanAl-Qaeda Mar 2010Al-Qaeda and Taliban-linked Fedayeen-i-Islam leader Qari Zafar killed in US airstrikeAl-Qaeda Feb 24 2010Militant commander Muhammad Haqqani killed by U.S. drone attacksTerrorism Feb 2010Discrimination based on gender identity banned in federal workplacesDiscrimination Jan 01 2010Liquidation of General Motors and Chrysler avoided through government mandated restructuring plans and conditional investment and loan programsManufacturing Industry 2009115,000 jobs created at General Motors and Chrysler since government financing and restructuring implementedJobs 20091.45 million American jobs saved overall by government financing and restructuring of GM and Chrysler to avoid liquidationJobs 2009$96 billion in personal income losses avoided by government financing and restructuring of GM and Chrysler to avoid liquidationLabor 2009$28.6 billion net public benefit in income taxes and social security taxes paid because liquidation of GM and Chrysler avoidedTaxes 2009Al-Qaeda Operational Commander Abdallah Sa’id killed in U.S. drone attackAl-Qaeda Dec 17 2009Al-Qaeda Operational Commander Saleh al-Somali killed in U.S. drone attackAl-Qaeda Dec 08 2009People with HIV/AIDS no longer prohibited from entering the United StatesDiscrimination Oct 30 2009Federal hate crime law expanded to include crimes motivated by gender, sexual orientation, gender identity and disability.Matthew Shepard Act Oct 28 2009Existing hate crime laws strengthened with funding to investigate and prosecute those crimesMatthew Shepard Act Oct 28 2009Operation Celestial Balance: Navy Seals Kill Somalian Al-Qaeda leader Saleh Ali Saleh Nabhan in raidAl-Qaeda Sep 14 2009Somalian Al-Qaeda leader Saleh Ali Saleh Nabhan killed by U.S. raidAl-Qaeda Sep 14 2009White House voluntary disclosure of visitor logsSep 04 2009Co-founder of the Islamic Movement of Uzbekistan Tohir Yo‘ldosh killed by U.S. drone attacksTerrorism Aug 29 2009U.S. drone attack killed Tehrik e-Taliban Pakistan leader Baitullah Mahsud in PakistanPakistani Taliban Aug 05 2009First-ever reception at the White House honoring Lesbian, Gay, Transgendered, Bisexual Pride Month hosted by the President and First ladyDiscrimination Jun 29 2009Sonya Sotomayor nominated and approved as Supreme Court justiceMay 25 2009Dept of Defense systems analysis, engineering and developmental testing processes overhauled to reduce high rates of failure on defense acquisitionsWeapons Systems Acquisition Reform May 22 2009Defense Dept ordered to evaluate the technological maturity and product knowledge of critical weapons' technologies before letting defense contractsWeapons Systems Acquisition Reform May 22 2009Independent cost assesessment director initiated to ensure that cost estimates for major Defense contracts are fair, reliable, and unbiasedWeapons Systems Acquisition Reform May 22 2009Defense oversight council required to seek input from combat commanders in evaluating proposed weapons system capabilities and needsWeapons Systems Acquisition Reform May 22 2009Defense contractors prohibited from participating in both the systems engineering and the development /construction phases of the weapon systemsWeapons Systems Acquisition Reform May 22 2009Oversight and audit required of those major defense programs experiencing cost overruns to determine if the programs are essential and cost-effectiveWeapons Systems Acquisition Reform May 22 2009Funding provided to hire and retain highly skilled specialists to assess the cost, schedule and applicability of proposed Defense Dept weapons systemsWeapons Systems Acquisition Reform May 22 2009Annual awards program established to recognize individuals and teams making significant contributions to improving efficiency of defense aquisition programsWeapons Systems Acquisition Reform May 22 2009Credit cardholders protected against arbitrary interest rate increases, hidden and excessive fees, and due date gimmicksCredit Card Act May 22 2009Homeowners' foreclosures avoided by improved terms for loan modification and restructuring of their debtHelping Families Save Their Homes May 20 2009Lenders incentivized to reduce foreclosures by loss mitigation guarantees, compensation and lender protection from lawsuits by investors holding the loansHelping Families Save Their Homes May 20 2009$2.2 billion appropriated to help communities address the homeless crisis.Helping Families Save Their Homes May 20 2009Financial Crisis Inquiry commission created to examine and report on the domestic and global causes of the 2008 - 2009 financial and economic crisisFraud Enforcement Act May 20 2009Mortgage lending businesses added to list of financial institutions subject to Federal criminal law in fraudulent lending practicesFraud Enforcement Act May 20 2009Crime of major fraud against the United States amended to include Federal grants made to stimulate economic recovery for fiscal years 2009 and 2010Fraud Enforcement Act May 20 2009Securities fraud definition amended to include fraud related to commodities futures and derivatives fraudFraud Enforcement Act May 20 2009$140 million in special funding for the Federal Bureau of Investigation to investigate fraud in financial institutionsFraud Enforcement Act May 20 2009$100 million in special funding for the offices of the United States Attorneys to investigate and prosecute fraud in financial institutionsFraud Enforcement Act May 20 2009$80 million in special funding to the criminal, civil and tax divisions of the Dept of Justice to investigate and prosecute fraud in financial institutionsFraud Enforcement Act May 20 2009$60 million in special funding for the Postal Inspection Service to investigate financial institutions for fraudFraud Enforcement Act May 20 2009$60 million in special funding for Inspector General's Office at the U S Dept of Housing and Urban Development to investigate financial institutions for fraudFraud Enforcement Act May 20 2009$40 million in special funding for the Secret Service to investigate financial institutions for fraudFraud Enforcement Act May 20 2009$42 million in special funding for the Securities and Exchange Commission to investigate securites fraud in financial institutionsFraud Enforcement Act May 20 2009250,000 volunteers by 2017 for community service programs in low income neighborhoodsServe America Act Apr 21 2009Community volunteer program expanded to address the education, health care, energy and veterans needs of low income communitiesServe America Act Apr 21 2009Disadvantaged youth job opportunites enhanced by community service to gain skills/experience and earn education grants and stipendsServe America Act Apr 21 2009Restrictions eased on Cuba travel, money transfers, and cellular telephone/satellite service.International Relations Apr 13 2009Maersk Alabama Capt. Richard Phillips rescued during operation in which U.S. Navy Seal snipers kill three Somali Pirates holding him for ransom aboard lifeboatSomali Civil War Apr 11 2009Deeper recession or depression averted in 2009 and beyond with the help of stimulus bill provisions2009 Stimulus Bill Apr 01 2009Approximately 2.7 million jobs added to US payrolls and unemployment rate kept 1½ percentage points lower due to Stimulus spending2009 Stimulus Bill Apr 01 20092010 real GDP increased by about 3.4% due to stimulus spending2009 Stimulus Bill Feb 17 2009Tax credit of $400 per worker ($800 per couple) for middle income workers for 2009 & 2010 totaling $116 billion2009 Stimulus Bill Feb 17 2009$82.2 billion in aid for low income workers, unemployed and retirees (including job training)2009 Stimulus Bill Feb 17 2009$70 billion in tax relief for middle class workers by patching the Alternative Minimum Tax for one year2009 Stimulus Bill Feb 17 2009$155 billion in health care assistance for the poor & unemployed primarily for Medicaid, health information technology and insurance premium subsidies2009 Stimulus Bill Feb 17 2009$100 billion in education aid to prevent lay-offs, modernize schools, award Pell grants and help low income children & special education programs2009 Stimulus Bill Feb 17 2009$48.1 billion in investments for highway, bridge, high-speed rail & other transportation projects2009 Stimulus Bill Feb 17 20094 million more children insured under SCHIP in addition to the 6.6 million already coveredChildren's Health Insurance Program (SCHIP) Feb 04 2009Statute of limitations on filing equal-pay lawsuits eased by setting period to start from the date of the most recent paycheck.Lilly Ledbetter Fair Pay Act Jan 29 2009Pay discrimination based on gender, race, color, national origin, age and disability prohibited.Lilly Ledbetter Fair Pay Act Jan 29 2009Employers prompted to review, develop and update their criteria on employee compensation to ensure they are applied consistently and uniformly.Lilly Ledbetter Fair Pay Act Jan 29 2009Use of torture by CIA and military to interrogate prisoners prohibited.Torture Jan 21 2009