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Economic Recovery: Sustaining U.S. Economic Growth in a Post-Crisis Economy

Description: The 2007-2009 recession was long and deep, and according to several indicators was the most severe economic contraction since the 1930s (but still much less severe than the Great Depression). This report examines the state of the economy in light of the recession.
Date: April 18, 2013
Creator: Elwell, Craig K.
Partner: UNT Libraries Government Documents Department

Economic Slowdown: Issues and Policies

Description: This report first discusses the current state of the economy, including measures that have already been taken by the monetary authorities, and assesses the need for and potential consequences of fiscal stimulus. The second part of the report reviews the proposals discussed during debate on the recently enacted fiscal stimulus, both those adopted and those considered but not adopted.
Date: September 5, 2008
Creator: Gravelle, Jane G.; Hungerford, Thomas L.; Labonte, Marc; Weiss, N. E. & Whittaker, Julie M.
Partner: UNT Libraries Government Documents Department

Why Has the Economy Become Less Volatile?

Description: The 2001 recession was unusually mild and brief by historical standards. At 120 months, the expansion that preceded it had been the longest in U.S. history. Is this a coincidence? A body of research concludes that it is not. This report discusses several theories for what caused this phenomenon.
Date: April 11, 2007
Creator: Labonte, Marc
Partner: UNT Libraries Government Documents Department

The Global Financial Crisis: Analysis and Policy Implications

Description: The world has entered a global recession that is causing widespread business contraction, increases in unemployment, and shrinking government revenues. The process for coping with the crisis by countries across the globe has been manifest in four basic phases. The first has been intervention to contain the contagion and restore confidence in the system. The second has been coping with the secondary effects of the crisis, particularly the global recession and flight of capital from countries in emerging markets and elsewhere that have been affected by the crisis. The third phase of this process is to make changes in the financial system to reduce risk and prevent future crises. The fourth phase of the process is dealing with political, social, and security effects of the financial turmoil. The role for Congress in this financial crisis is multifaceted. This report describes this role, as well as the financial crisis in general, in detail.
Date: July 2, 2009
Creator: Nanto, Dick K.
Partner: UNT Libraries Government Documents Department

The Global Financial Crisis: Analysis and Policy Implications

Description: The world has entered a global recession that is causing widespread business contraction, increases in unemployment, and shrinking government revenues. The crisis has exposed fundamental weaknesses in financial systems worldwide, demonstrated how interconnected and interdependent economies are today, and has posed vexing policy dilemmas. This report describes the financial crisis in detail, including various countries' methods of coping with and adapting to the situation; the role of Congress in the solution and recovery process; and the Obama Administration proposal for financial regulatory reform.
Date: July 10, 2009
Creator: Nanto, Dick K.
Partner: UNT Libraries Government Documents Department

China and the Global Financial Crisis: Implications for the United States

Description: This report discusses the economy of China and how it is has been affected by the recent economic downturn. China has recently enjoyed one of the world's fastest-growing economies and has been a major contributor to world economic growth, but several Chinese industries have been hard by the crisis, and millions of workers have been laid off. This report explores this issue in brief, including what actions the Chinese government is taking to combat the problem, as well as what actions China may take to assist in stabilizing the U.S. economy.
Date: June 3, 2009
Creator: Morrison, Wayne M.
Partner: UNT Libraries Government Documents Department

Countercyclical Job Creation Programs

Description: To counter the effect of recessions on workers, Congress has passed legislation to spur job creation through increased spending on public works (infrastructure) and public service programs, revenue sharing with state governments, and employment tax credits. Although the economic stimulus measure enacted during the 110th Congress did not include these direct job creation approaches, additional spending on infrastructure in particular was considered before Congress recessed. (See CRS Report RL34349, Economic Slowdown: Issues and Policies, coordinated by Jane G. Gravelle et al.) Infrastructure spending continues to be mentioned in the context of a second stimulus package, as do state and local government revenue sharing and a jobs tax credit. The focus of this report is on the four countercyclical job creation approaches and related legislation enacted since the Great Depression's end.
Date: January 15, 2009
Creator: Levine, Linda
Partner: UNT Libraries Government Documents Department

The Special Inspector General for the Troubled Asset Relief Program (SIG TARP)

Description: This report discusses the Special Inspector General provisions in the Emergency Economic Stabilization Act of 2008, H.R. 1424, which was enacted as P.L. 110-343 on October 3, 2008. This Act created a Special Inspector General (SIG) for the Troubled Asset Relief Program (TARP). This report will compare the duties and authorities of the SIG TARP to those of the Special Inspector General for Iraq Reconstruction (SIGIR) and the Special Inspector General for Afghanistan Reconstruction (SIGAR), as well as statutory IGs under the Inspector General Act of 1978, as amended (IG Act).
Date: November 5, 2008
Creator: Burrows, Vanessa K.
Partner: UNT Libraries Government Documents Department

"Fast Track" Parliamentary Procedures of the Emergency Economic Stabilization Act

Description: The Emergency Economic Stabilization Act of 2008 (Division A of H.R. 1424, P.L. 110-343) empowers the Secretary of the Treasury to purchase certain "troubled assets" as a means to stabilize the economy. This report examines this procedure and explains how it differs from the regular parliamentary mechanisms of the House and Senate.
Date: November 14, 2008
Creator: Davis, Christopher M.
Partner: UNT Libraries Government Documents Department

Iceland's Financial Crisis

Description: On November 19, 2008, Iceland and the International Monetary Fund (IMF) finalized an agreement on a $6 billion economic stabilization program supported by a $2.1 billion loan from the IMF. Iceland's banking system had collapsed as a culmination of a series of decisions the banks made that left them highly exposed to disruptions in financial markets. The collapse of the banks also raises questions for U.S. leaders and others about supervising banks that operate across national borders, especially as it becomes increasingly difficult to distinguish the limits of domestic financial markets.
Date: November 20, 2008
Creator: Jackson, James K.
Partner: UNT Libraries Government Documents Department

H.R. 6076: Home Retention and Economic Stabilization Act of 2008

Description: The Home Retention and Economic Stabilization Act of 2008 would defer foreclosure for eligible mortgage borrowers for up to 270 days. If passed, the bill would give extra time to some borrowers and lenders to consider alternatives to foreclosure, including traditional loss mitigation and participation in the new Federal Housing Administration (FHA) program for refinancing troubled loans. Some policymakers believe that a moratorium on foreclosures could help stabilize housing markets and alleviate problems from the subprime financial turmoil. This report explores this issue in detail and analyzes the individual aspects of the relevant legislation.
Date: August 29, 2008
Creator: Murphy, Edward Vincent
Partner: UNT Libraries Government Documents Department

U.S. Foreign Aid to the Palestinians

Description: In response to ongoing financial turmoil that began in the subprime mortgage-backed securities market, the federal government has intervened with private corporations on a large scale and in an ad hoc manner three times from the beginning of 2008 through September 19, 2008. These interventions have prompted questions regarding the taxpayer costs and the sources of funding. The federal government may or may not end up seeing a positive fiscal contribution from the recent interventions. The results of previous government financial interventions are summarized in this report.
Date: October 15, 2008
Creator: Webel, Baird; Weiss, N. Eric & Labonte, Marc
Partner: UNT Libraries Government Documents Department

The Cost of Government Financial Interventions, Past and Present

Description: In response to ongoing financial turmoil that began in the subprime mortgage-backed securities market, the federal government has intervened with private corporations on a large scale and in an ad hoc manner three times from the beginning of 2008 through September 19, 2008. These interventions have prompted questions regarding the taxpayer costs and the sources of funding. The federal government may or may not end up seeing a positive fiscal contribution from the recent interventions. The results of previous government financial interventions are summarized in this report.
Date: September 23, 2008
Creator: Webel, Baird; Weiss, N. Eric & Labonte, Marc
Partner: UNT Libraries Government Documents Department

Proposal to Allow Treasury to Buy Mortgage-Related Assets to Address Financial Instability

Description: Financial markets underwent severe stress during the week of September 15 - 22, 2008. After Lehman Brothers declared bankruptcy and AIG received a bridge loan from the Federal Reserve, policymakers reassessed their case-by-case approach to resolving financial problems. Secretary of the Treasury Paulson announced a plan to allow Treasury to purchase mortgage-related assets from U.S. financial institutions. The announced intent of the plan is to unclog financial markets, increase the health of the banking sector, and reduce ongoing risks to the economy. This report discusses a draft of the proposal as it stood on September 21, 2008, and analyzes frequently asked questions.
Date: September 22, 2008
Creator: Murphy, Edward V. & Webel, Baird
Partner: UNT Libraries Government Documents Department

The U.S. Financial Crisis: Lessons from Japan

Description: Japan's five bank bailout packages in the late 1990s may hold some lessons for the United States. Overcoming the crisis in Japan's banks took a combination of capital injections, new laws and regulations, stronger oversight, a reorganization of the banking sector, moderate economic recovery, and several years of banks working off their non-performing loans.
Date: September 29, 2008
Creator: Nanto, Dick K.
Partner: UNT Libraries Government Documents Department

The U.S. Financial Crisis: Lessons from Chile

Description: From 1981-1984, Chile experienced a banking crisis that in relative terms had a cost comparable in size to that perhaps facing the United States today. The Chilean Central Bank acted quickly and decisively in three ways to restore faith in the credit markets. It restructured firm and household loans, purchased nonperforming loans temporarily, and facilitated the sale or liquidation of insolvent financial institutions. These three measures increased liquidity in the credit markets and restored the balance sheets of the viable financial institutions. This report explores this incident in detail and in relation to the current financial situation in the U.S.
Date: September 29, 2008
Creator: Hornbeck, J. F.
Partner: UNT Libraries Government Documents Department

The U.S. Financial Crisis: Lessons from Sweden

Description: In the early 1990s, Sweden faced a large banking and exchange rate crisis which it eventually resolved. Four lessons that emerged from Sweden's experience are: 1) the resolution process must be transparent; 2) the resolution agency must be politically and financially independent; 3) market discipline must be maintained; and 4) there must be a plan to jump-start credit flows in the financial system. This report provides an overview of the Swedish banking crisis and an explanation of the measures Sweden used to restore its banking system to health.
Date: September 29, 2008
Creator: Jackson, James K.
Partner: UNT Libraries Government Documents Department

Financial Market Intervention

Description: Financial markets continue to experience significant disturbance and the banking sector remains fragile. Efforts to restore confidence have been met with mixed success thus far. After attempting to deal with troubled institutions on a case-by-case basis, Treasury has proposed a plan to purchase mortgage-related assets to alleviate stress in financial markets and in the banking system. This report provides answers to some frequently asked questions concerning the financial disruptions of September 2008 and the Troubled Asset Relief Program (TARP) in H.R. 3997.
Date: September 29, 2008
Creator: Murphy, Edward V.
Partner: UNT Libraries Government Documents Department

Financial Turmoil: Comparing the Troubled Asset Relief Program to the Federal Reserve's Response

Description: As financial conditions have deteriorated over the past year, the Federal Reserve (FeD) has greatly increased its lending to financial firms. It has also expanded the scope of eligible borrowers to include non-bank financial firms. Some have asked why these loans have not restored financial stability, and if the purchase of up to $700 billion of distressed assets through the recently enacted Troubled Asset Relief Program (TARP) might lead to a different result. Financial assistance to financial firms entails considerable risks to taxpayers. This report analyzes the risks and possible benefits of federally-assisted loans to banks and financial firms, especially in light of the financial crisis that came to a head in September 2008.
Date: October 8, 2008
Creator: Labonte, Marc
Partner: UNT Libraries Government Documents Department

Troubled Asset Relief Program (TARP): Implementation and Status

Description: The Troubled Asset Relief Program (TARP) was created by the Emergency Economic Stabilization Act (EESA) enacted on October 3, 2008 to address the ongoing financial crisis. This report provides a brief outline of the programs created under TARP, recent changes made by Congress, and a summary of the current status and estimated costs of the program. It also provides an Appendix that contains detailed discussions of the individual TARP programs.
Date: January 31, 2011
Creator: Webel, Baird
Partner: UNT Libraries Government Documents Department