President Obama signed the fourth job creation measure of the year in to law yesterday, which is expected to be the last before the midterm elections November 2nd. The bill will provide tax cuts to small businesses, and aims to promote job creation.
Obama signed the Small Business Jobs Act during a ceremony in the East Room of the White House. It is the fourth jobs measure to clear Congress this year and is likely the last before the Nov. 2 midterm congressional elections.
According to the Tax Prof Blog, President Obama signed H.R. 1586 into law yesterday. The legislation creates a “$10 billion fund to prevent teacher layoffs and provide a temporary increase in the Federal Medical Assistance Percentage, funded with corporate international tax changes.”
You can find more information on the new law through the official links below:
White House.gov: Another Step Towards Sustainable Recovery
As was expected, President Obama signed the new financial reform bill into law earlier today. The bill, which was over a year in the making, will be used to regulate financial institutions and protect the U.S. consumers and taxpayers.
"These reforms represent the strongest consumer financial protections in history," President Obama said. "And these protections will be enforced by a new consumer watchdog with just one job: looking out for people - not big banks, not lenders, not investment houses - in the financial system."
In a major signing ceremony at the Ronald Reagan Building in Washington, President Obama was flanked by a number of lawmakers who worked on the legislation, including Sen. Christopher Dodd, D-Conn., and Rep. Barney Frank, D-Mass., the two committee chairmen who sponsored the bill.
The new law attempts to shine a light on complex financial products called derivatives and immediately gives regulators stronger powers to break up financial companies that have grown too big.
Among its many provisions, the law also creates a new consumer protection agency which would set rules to curb unfair practices in consumer loans and credit cards.
After weeks of renovation and a long approval process, Obama is now making his way to Denver, to sign his Stimulus Bill into law at a science museum. NECN.com posted a video and article discussing the plan and how it went. A portion of the article can be found below, but the video and full post can be viewed here.
As President Obama boarded Air Force One this morning for Denver, he left behind Washington D.C., where the stimulus bill faced nearly unanimous Republican opposition.
Instead, he'll sign the bill at a science museum, and focus on investment in green jobs and technology like wind and solar power.
It's a massive bill combining spending and tax breaks -- $787 billion dollars in all.
Some of the first money, $27 billion, will go to states for projects like road and bridge repair.
The bill also includes a $400 tax credit and incentives to buy first homes and new cars.
There's $100 billion in new spending for schools and colleges.
Unemployment and food benefits will be extended, a bit of help for these auto industry employees, who learned just yesterday, they're losing their jobs.
But will it work, and how fast? So far, stocks have tumbled as Wall Street investors worry it may be some time before the stimulus money helps turn the economy around.
GM and Chrysler, which have already received billions in federal loans, must submit plans to the government for staying viable by the end of the business day.
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