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Smart Savings Act
The Smart Savings Act () (Public Law No: 113-255) made the default investment in the Thrift Savings Plan (TSP) an age-appropriate target date asset allocation investment fund (L Fund) instead of the Government Securities Investment Fund (G Fund). The bill was introduced into the United States House of Representatives during the 113th United States Congress. A similar bill, , was introduced into the United States Senate. Background Federal workers are automatically enrolled in the G Fund when they sign up, a fund that "is very safe," it is simultaneously "widely viewed by investment professionals as an overly conservative investment, particularly for younger workers, and can leave many unprepared for retirement." Since August 2010, the Thrift Savings Plan has automatically enrolled all new federal employees to put 3% of their basic pay in the G Fund, unless the employee opted out. Employees get a match of 3% plus a 1% contribution from whatever agency they work at. Provisions ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Darrell Issa
Darrell Edward Issa ( ; born November 1, 1953) is an American businessman and politician who has served as the U.S. representative for California's 50th congressional district since 2021. A member of the Republican Party, he previously served in the United States House of Representatives from 2001 to 2019, representing two districts primarily covering North County in the San Diego area, first the 48th district for one term and then the 49th district. From January 2011 to January 2015, he chaired the House Oversight and Government Reform Committee. Issa served as CEO of Directed Electronics, which he co-founded in 1982. It is one of the largest makers of automobile aftermarket security and convenience products in the United States. With a net worth of approximately $250 million, Issa is the second-wealthiest serving member of Congress. On January 10, 2018, Issa announced that he would not seek reelection to the House. Democrat Mike Levin was elected on November 6, 2018 to beco ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Public Domain
The public domain (PD) consists of all the creative work A creative work is a manifestation of creative effort including fine artwork (sculpture, paintings, drawing, sketching, performance art), dance, writing (literature), filmmaking, and composition. Legal definitions Creative works require a cre ... to which no exclusive intellectual property rights apply. Those rights may have expired, been forfeited, expressly waived, or may be inapplicable. Because those rights have expired, anyone can legally use or reference those works without permission. As examples, the works of William Shakespeare, Ludwig van Beethoven, Leonardo da Vinci and Georges Méliès are in the public domain either by virtue of their having been created before copyright existed, or by their copyright term having expired. Some works are not covered by a country's copyright laws, and are therefore in the public domain; for example, in the United States, items excluded from copyright include the for ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Elijah Cummings
Elijah Eugene Cummings (January 18, 1951October 17, 2019) was an American politician and civil rights advocate who served in the United States House of Representatives for from 1996 until his death in 2019, when he was succeeded by his predecessor Kweisi Mfume. The district he represented included over half of the city of Baltimore, including most of the majority-black precincts of Baltimore County, and most of Howard County, Maryland. A member of the Democratic Party, Cummings previously served in the Maryland House of Delegates from 1983 to 1996. Cummings served as the chair of the Committee on Oversight and Reform from January 2019 until his death in October of the same year. Early life, education, and career Cummings was born on January 18, 1951, in Baltimore, son of Ruth Elma () and Robert Cummings. His parents were sharecroppers. He was the third child of seven. When he was 11 years old, Cummings and some friends worked to integrate a segregated swimming pool in South ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Unfunded Mandates Reform Act
The Unfunded Mandates Reform Act of 1995 (UMRA''(pdf)https://www.govinfo.gov/content/pkg/USCODE-1995-title2/html/USCODE-1995-title2-chap25.htm (text)] restricts the federal government of the United States, federal imposition of unfunded mandates on state, local and tribal governments in the United States. History UMRA was introduced on January 4, 1995, in the Senate by Dirk Kempthorne of Idaho as S. 1 to the Committees on the Budget and Governmental Affairs. It passed the full Senate on the 27th by a vote of 86 to 10; an identical version passed the House on February 1. It was signed into law by president Bill Clinton on March 22. Provisions The four titles of the Unfunded Mandates Reform Act are: Title I: Legislative Accountability and Reform. Any bill passed by committee must be submitted to the director of the Congressional Budget Office so that any federal mandates may be identified. No bill which contains any such mandate imposing a direct cost of more than fifty mi ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
PAYGO
PAYGO (Pay As You GO) is the practice in the United States of financing expenditures with funds that are currently available rather than borrowed. Budgeting The PAYGO compels new spending or tax changes not to add to the federal debt. Not to be confused with pay-as-you-go financing, which is when a government saves up money to fund a specific project. Under the PAYGO rules, a new proposal must either be "budget neutral" or offset with savings derived from existing funds. The goal of this is to require those in control of the budget to engage in the diligence of prioritizing expenses and exercising fiscal restraint. An important example of such a system is the use of PAYGO in both the statutes of the U.S. Government and the rules in the U.S. Congress. First enacted as part of the Budget Enforcement Act of 1990 (which was incorporated as Title XIII of the Omnibus Budget Reconciliation Act of 1990), PAYGO required all increases in direct spending or revenue decreases to be offset by o ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Joint Committee On Taxation
The Joint Committee on Taxation (JCT) is a Committee of the U.S. Congress established under the Internal Revenue Code at . Structure The Joint Committee is composed of ten Members: five from the Senate Finance Committee and five from the House Ways and Means Committee. The Joint Committee is chaired on a rotating basis by the Chair of the Senate Finance Committee and the Chair of the House Ways and Means Committee. During the first Session of each Congress the House has the joint committee chair and the Senate has the vice-chair; during the second session the roles are reversed. The Members of the Joint Committee choose the Chief of Staff of the Joint Committee, who is responsible for selecting the remainder of the staff on a nonpartisan basis. Since May 15, 2009, the Chief of Staff of the Joint Committee has been Thomas A. Barthold. Duties The duties of the Joint Committee are: # Investigating the operation, effects, and administration of internal revenue taxes # Investigate ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Lifecycle Fund
A target date fund (TDF), also known as a lifecycle fund, dynamic-risk fund, or age-based fund, is a collective investment scheme, often a mutual fund or a collective trust fund, designed to provide a simple investment solution through a portfolio whose asset allocation mix becomes more conservative as the target date (usually retirement) approaches. History Target-date funds were invented by Donald Luskin and Larry Tint of Wells Fargo Investment Advisors (later Barclays Global Investors), and first introduced in the early 1990s by BGI. Their popularity in the US increased significantly in recent years due in part to the auto-enrollment legislation Pension Protection Act of 2006 that created the need for safe-harbor type Qualifying Default Investment Alternatives, such as target-date funds, for 401(k) savings plans. With the UK enacting auto-enrollment legislation in 2012, target-date funds are used by the National Employment Savings Trust (NEST), and are expected to become ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Congressional Budget Office
The Congressional Budget Office (CBO) is a federal agency within the legislative branch of the United States government that provides budget and economic information to Congress. Inspired by California's Legislative Analyst's Office that manages the state budget in a strictly nonpartisan fashion, the CBO was created as a nonpartisan agency by the Congressional Budget and Impoundment Control Act of 1974. Whereas politicians on both sides of the aisle have criticized the CBO when its estimates have been politically inconvenient, economists and other academics overwhelmingly reject that the CBO is partisan or that it fails to produce credible forecasts. There is a consensus among economists that "adjusting for legal restrictions on what the CBO can assume about future legislation and events, the CBO has historically issued credible forecasts of the effects of both Democratic and Republican legislative proposals." History The Congressional Budget Office was created by Title II of th ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Congressional Research Service
The Congressional Research Service (CRS) is a public policy research institute of the United States Congress. Operating within the Library of Congress, it works primarily and directly for members of Congress and their committees and staff on a confidential, nonpartisan basis. CRS is sometimes known as Congress' think tank due to its broad mandate of providing research and analysis on all matters relevant to national policymaking. CRS has roughly 600 employees reflecting a wide variety of expertise and disciplines, including lawyers, economists, reference librarians, and scientists. In the 2016 fiscal year, it was appropriated a budget of roughly $106.9 million by Congress. CRS was founded during the height of the Progressive Era as part of a broader effort to professionalize the government by providing independent research and information to public officials. Its work was initially made available to the public, but between 1952 and 2018 was restricted only to members of Congr ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
United States House Committee On Oversight And Government Reform
The Committee on Oversight and Reform is the main investigative committee of the United States House of Representatives. The committee's broad jurisdiction and legislative authority make it one of the most influential and powerful panels in the House. Its chairman is one of only three in the House with the authority to issue subpoenas without a committee vote or consultation with the ranking member. However, in recent history, it has become practice to refrain from unilateral subpoenas. Carolyn Maloney ( D-New York) served as acting chair of the committee following the death of Elijah Cummings ( D-Maryland) on October 17, 2019; she was elected chair a month later. Representative Jim Jordan served as ranking member from January 3, 2019, until March 12, 2020. On March 31, 2020, Jordan started his second stint as ranking member. Representative Mark Meadows served as ranking member from March 13, 2020, until March 30, 2020, when he resigned his congressional seat to become White Ho ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
United States Senate
The United States Senate is the upper chamber of the United States Congress, with the House of Representatives being the lower chamber. Together they compose the national bicameral legislature of the United States. The composition and powers of the Senate are established by Article One of the United States Constitution. The Senate is composed of senators, each of whom represents a single state in its entirety. Each of the 50 states is equally represented by two senators who serve staggered terms of six years, for a total of 100 senators. The vice president of the United States serves as presiding officer and president of the Senate by virtue of that office, despite not being a senator, and has a vote only if the Senate is equally divided. In the vice president's absence, the president pro tempore, who is traditionally the senior member of the party holding a majority of seats, presides over the Senate. As the upper chamber of Congress, the Senate has several powers o ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
113th United States Congress
The 113th United States Congress was a meeting of the legislative branch of the United States federal government, from January 3, 2013, to January 3, 2015, during the fifth and sixth years of Presidency of Barack Obama, Barack Obama's presidency. It was composed of the United States Senate and the United States House of Representatives based on the results of the United States Senate elections, 2012, 2012 Senate elections and the United States House of Representatives elections, 2012, 2012 House elections. The seats in the House were United States congressional apportionment, apportioned based on the 2010 United States Census. It first met in Washington, D.C. on January 3, 2013, and it ended on January 3, 2015. Senators elected to regular terms in 2008 were in the last two years of those terms during this Congress. The Senate had a Democratic majority, while the House had a Republican majority; such a split would not be repeated until the 118th Congress. This was the last time ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
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