American Recovery and Reinvestment Act of 2009
Recovery.gov is the official website for the American Recovery and Reinvestment Act of 2009 (ARRA). For the first time, the general public can see how states and agencies are benefiting, and will be able to observe how monies are being spent. The act itself, H.R.1, was signed by President Barack Obama on February 17, 2009. Public comment is welcome and an online form is available.
Michigan’s Recovery and Reinvestment Plan allows residents to see where federal recovery funds are going within the state. Michigan Governor, Jennifer Granholm, identified five key areas for the spending of Michigan’s share of the recovery money. These priorities, as outlined on the website, include:
- Creation of jobs to jumpstart Michigan’s economy.
- Training Michigan workers and educating Michigan students so they will be qualified for the good jobs that already exist as well as the jobs to be created.
- Rebuilding Michigan’s infrastructure such as roads, bridges, water and sewer systems, mass transit, broadband, health information technology, and schools.
- Providing assistance for families in Michigan that are struggling.
- Investing in energy efficient, renewable energy technologies to create jobs, save money, and reduce our reliance on fossil fuels.
Financialstability.gov is a full force, comprehensive set of financial initiatives that seek to stabilize the financial system and get credit flowing again. This site lists four initiatives towards that goal that include:
- A Capital Assistance Program that ensures banks have adequate capital
- A Consumer and Business Lending Initiative to unfreeze secondary credit markets
- A Making Home Affordable Program to help families stay in their homes
- A Public-Private Investment Program to address the challenge of legacy assets
A timeline, put together by the Federal Reserve Bank of St. Louis, tells the story of the current economic crisis with a chronological list of significant events beginning in February 2007.
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