Watch on YouTube , Read the Transcript. Press Release: State retirement initiatives get guidance from US Labor Department.

Read the Blog Post. The Bush tax cuts enacted in and cut the top tax rates for high-income Americans. The American Taxpayer Relief Act the President signed into law reversed these costly tax cuts, including by:. After these changes became effective in , effective tax rates increased sharply for the highest-income Americans, reversing a decade-long trend of tax cuts for the highest-income Americans.

Overall, relative to the tax code in place before the Administration, in Treasury proposed regulations to close a loophole that allows wealthy families to use certain estate planning strategies to claim large discounts on the value of their assets to reduce their estate and gift taxes.

She would not receive any CTC without this provision. The benefits of these changes are widespread: according to the Center on Budget and Policy Priorities, among the 16 million families who benefit from CTC and EITC expansions are:.

States and Cities Taking Action on the Minimum Wage. Extended minimum wage and overtime protections to workers who provide in-home care services for the elderly, the ill, and individuals with disabilities, who previously were not covered by these basic workplace laws.

FACT SHEET: Helping Working Americans Get Ahead by Expanding Paid Sick Leave and Fighting for Equal Pay:. FACT SHEET: Growing Middle Class Paychecks and Helping Working Families Get Ahead By Expanding Overtime Pay.

Read the Fact Sheet. Read more about the final rule to protect workers from silica. Presidential Memorandum -- Expanding Broadband Deployment and Adoption by Addressing Regulatory Barriers and Encouraging Investment and Training.

Broadband Opportunity Council Report and Recommendations. We released first ever Federal policy to guide the responsible testing and deployment of automated vehicles, which has the potential to save tens of thousands of lives in the United States.

Read more about the policy. See what President Obama had to say. We released a groundbreaking rule that provides the first national, uniform guidelines for non-recreational operation of unmanned aircraft systems UAS. These systems will create jobs, enhance public safety, and advance public inquiry.

We tackled climate, transportation, and public safety by working with over 70 cities and communities to use technology to solve urban challenges. Learn more about the first-ever Social and Behavioral Science Team here.

Read more about how this Administration strengthened organic agriculture and local food systems. The Initiative was issued through an Executive Order "Steps to Increase Competition and Better Inform Consumers and Workers to Support Continued Growth of the American Economy". Here are their key points on the work ahead on economic progress.

States and districts, in collaboration with the federal government, must take additional steps to expand access to high-quality early learning so that all children enter kindergarten ready for success in school and beyond.

More also must be done to ensure early learning is inclusive of students who are historically underserved and most vulnerable, including children with disabilities and dual language learners.

The next administration is entering a period of advanced automated technologies in transportation, an infrastructure system that continues to work for some and against others in society, dramatic demographic shifts, an increase in extreme weather events due to climate change, and a backlog of projects needed across the country with not enough resources to address it.

Future administrations should, if the United States is to remain competitive in the global economy, devote significant time and energy to securing the resources needed to keep America competitive.

Looking forward, there needs to be a government-wide focus to address five critical issues: access, trust and security online, promoting a free and open Internet globally, addressing the challenges and opportunities of emerging technologies, and preparing workers for jobs in the digital economy.

I am hopeful that this framework will help to equip the new Congress to take responsible action on business tax reform. Economic Rescue, Recovery, and Rebuilding on a New Foundation In , the American people turned to Barack Obama to lead the country through the worst economic crisis since the Great Depression.

Embedded video for Economic Rescue, Recovery, and Rebuilding on a New Foundation. Watch President Obama on 8 Years of Economic Progress. Related Content President Obama Returns to Elkhart, Indiana In Review: Why President Obama Reformed Wall Street and What Reform has Accomplished Read Rebekah's Letter to the President Read More Letters to the President on the Economy Watch More Videos on the Economy See More Charts on the Economy.

Stabilized an Economy in Crisis and Laid the Groundwork for Long-Term Growth. Helping the Hardest-Hit Americans Expanded and extended emergency unemployment benefits ten times , helping a total of 21 million Americans. Increased benefits and expanded access to the Supplemental Nutrition Assistance Program SNAP , formerly known as food stamps lifting more than , households out of food insecurity.

Provided additional subsidies so that workers who lost their jobs could continue their health insurance coverage. Provided incentives for companies to hire unemployed veterans and disconnected youth.

Boosted federal Medicaid payments to help states provide health coverage. Oversaw , rural jobs created in and combined, and a 3. Read more about how rural America is back in business.

Expanded the Child Tax Credit for low-wage working families; later made that expansion permanent in the tax and budget agreement. Expanded the Earned-Income Tax Credit EITC for working families with more than two children and reduced EITC marriage penalties ; later made those expansions permanent in the tax and budget agreement.

Following these reforms, the high school graduation rate reached its highest level ever recorded, dropout rates fell sharply for low-income and minority students, and since , college enrollment for African-Americans and Hispanics has increased by more than one million students. Supported continuing education for American workers by increasing available funding for incumbent workers and working with companies to upskill thousands of workers.

Provided federal funding to prevent hundreds of thousands of teacher and first responder job losses. Provided billions of dollars in the Recovery Act to improve nearly 42, miles of road, repair or replace more than 2, bridges, help transit agencies purchase more than 12, transit vehicles, upgrade or construct more than 6, miles of better performing rail, and increase safety and convenience with more than airport and runway projects.

Created the Transportation Investment Generating Economic Recovery TIGER program , which has invested billions of dollars in high-impact transportation projects around the country.

Funded investments in smart grid technology, renewable energy, and energy efficiency programs. USDA convened private and philanthropic partners to create a new U. Read more about the Rural Infrastructure Investment Fund. Brought Stability to a Financial Sector in Crisis.

Restructured AIG Read More. Restarted Crucial Lending Markets Expanded the Term Asset-Backed Securities Loan Facility TALF to kick-start a secondary lending market to lower borrowing costs and get credit flowing again, especially for student and auto loans; recovered the entire taxpayer investment.

Geithner Read More. Brought Stability to The Housing Sector. Helped Families Stay in Their Homes President Barack Obama delivers a statement to neighbors at the home of Valerie and Paul Keller in Reno, Nevada, May 11, Official White House Photo by Pete Souza Established a loan modification program to help more than 1.

Helped underwater homeowners avoid foreclosure through programs that allow them to sell their home or reduce payments on—or extinguish—their second lien.

Provided a delayed payment plan of up to 12 months for unemployed homeowners. Launched an Office of Housing Counseling and worked with HUD-approved housing counselors to assist millions of families in making smart and informed financial decisions, including by providing housing counseling for unemployed homeowners at job training centers.

Check out our latest housing scorecard for more on our response to the housing crisis. New Issue Bond Program The New Issue Bond Program filled in the financing vacuum for Housing Finance Agencies when the tax exempt market seized up during the crisis.

Protecting Taxpayer Dollars and Consumers Against Financial Fraud While Ensuring Competitive Markets Learn more. Saved the American Auto Industry. President Obama on Stabilizing the Auto Industry Watch on YouTube. Did 'Cash-for-Clunkers' work as intended? Reformed Wall Street. Statement by the President on the Volcker Rule Watch on YouTube.

Greater Transparency: Wall Street Reform re-aligned incentives in derivatives and securitization markets, hedge fund reporting requirements, and executive compensation: Derivatives Reform: Wall Street Reform is bringing oversight and transparency to the over-the-counter OTC derivatives markets — shedding light on complex derivatives transactions.

Securitization Reform: Dodd-Frank has strengthened the securitization process, to better protect investors and minimize the threats to financial stability. Hedge Fund Registration: Hedge funds and other private funds are now subject to registration, recordkeeping, and disclosure obligations.

Transparency: Five Years after the Dodd-Frank Act The financial crisis demonstrated that financial markets had become unacceptably and dangerously opaque. The Financial Crisis: Five Years Later Read More PDF. Launched new transparency requirements that clearly spell out interest rates and payments, establish caps on fees and points, and impose training qualifications on lenders.

Subjected credit reporting agencies, debt collection agencies, and payday lenders to federal supervision for the first time. Worked with industry to give over half of Americans with credit scores free access to their scores, to help consumers improve their credit health and monitor for identity theft.

Laid the Groundwork for a Manufacturing Resurgence and Fostered U. President Barack Obama and Vice President Joe Biden view a 3D-printed carbon fiber Shelby Cobra car during a tour of Techmer PM in Clinton, Tenn.

Official White House Photo by Pete Souza. Clean Energy Manufacturing Read More. Manufacturing Read More. FACT SHEET: Building a 21st Century Infrastructure: Increasing Public and Private Collaboration with the Build America Investment Initiative Read More.

Presidential Memorandum -- Expanding Federal Support for Predevelopment Activities for Nonfederal Domestic Infrastructure Assets Build America Investment Initiative: Federal Resource Guide for Infrastructure Planning and Design.

The administration signed into law the first long-term surface transportation bill in a decade. Learn more: wh. Helped Small Businesses Get Back on Track and More Entrepreneurs Start New Businesses.

President Obama Announces New Efforts to Improve Access to Credit for Small Businesses Read More. Learn more about the U. Small Business Administration Read More. Business Lending Showing New Signs of Strength Read More.

State Small Business Credit Initiative SSBCI Learn More Small Business Lending Fund Read More. Tax Relief for Small Businesses Read More. FACT SHEET: The White House and Small Business Administration Launch Startup in a Day Initiative and Prize Competition Read More.

Raised Academic Standards in Our Schools and Made New Investments From Preschool Through 12th Grade. Maintaining the expectation that there will be accountability and interventions in schools that are chronically underserving their students or have low graduation rates, and where particular student groups are not making progress.

Providing more children access to high-quality preschool. Supporting innovations, including evidence- and place-based innovations developed by local educators and leaders. High School Graduation Rate Hits New Record High Cut the number of so-called "dropout factories" — high schools where no more than 60 percent of students who start as freshmen make it to their senior year — nearly in half since Every Student Succeeds Act: A Progress Report on Elementary and Secondary Education Invested hundreds of millions of dollars in over 50 Promise Neighborhoods — working with over schools — in our most distressed communities, helping to break cycles of intergenerational poverty.

Since launching ConnectED: More than 20 million more students have access to high-speed Internet, cutting the connectivity divide in schools in half since Students in low-income families now have access to a world class library of eBooks.

Teachers and education leaders are leading the charge, with over 3, school districts — representing over 19 million students — having committed to the ConnectED vision. Expanded Scholarships, Made Student Loans More Affordable, and Kept College Within Reach for More Americans.

The AOTC was made permanent in the tax and budget agreement. Capped student loan payments at 10 percent of income for all students through the Pay-As-You-Earn repayment plans.

Created the Student Aid Bill of Rights to strengthen loan servicing and make it easier for students to choose repayment plans. Reduced the time required to complete FAFSA by two-thirds to about 20 minutes by allowing automatic retrieval of tax information and by revamping the online form for all families so they can skip questions that are not relevant to them.

Made the FAFSA available earlier in the college application process so more students applying to start school the following fall can access college and make more informed college choices.

Beginning in October , students will also be able to fill out this early FAFSA form using the tax income data from an earlier year. FACT SHEET: Providing Students and Families with Comprehensive Support and Information for College Success FACT SHEET: Empowering Students to Choose the College that is Right for Them.

America's College Promise: A Progress Report on Free Community College Invested in strengthening more than community colleges, connecting them with employers to train students for jobs in fast-growing fields like high-tech manufacturing, energy, IT, and cybersecurity.

Fact Sheet: Department of Education Launches Experiment to Provide Federal Pell Grant Funds to High School Students Taking College Courses for Credit Read More U. Department of Education Launches Second Chance Pell Pilot Program for Incarcerated Individuals Read More FACT SHEET: Department of Education Launches the Educational Quality through Innovative Partnerships EQUIP Experiment to Provide Low-Income Students with Access to New Models of Education and Training Read More U.

Department of Education - The FITW program Read More. Expanded and Improved Job-Training Opportunities. Together, we've improved our economy after the worst economic crisis since the Great Depression. See the record: wh.

Improved Retirement Security. Weekly Address: Ensuring Hard-Working Americans Retire with Dignity Watch on YouTube , Read the Transcript. Press Release: State retirement initiatives get guidance from US Labor Department Read More. An America Built to Last: Strengthening Economic Security in Retirement Read More.

Made the Tax System Fairer. Middle-class taxes are at historically low levels, with the typical middle-income family paying lower federal income taxes than in almost any other period in the last 60 years. Read More PDF Economic Record of the Obama Administration: Progress Reducing Inequality Read More.

The project seeks to improve automated benefits determinations for people facing financial shock by improving underlying Federal data infrastructure. Benefits programs rely on income verification to determine eligibility. In cases where programs cannot verify income data, applicants must manually verify their income, a burdensome and time-consuming process.

By improving income verification services and improving the quality of verification data coverage, the Federal government can better leverage existing Federal data systems and, in doing so, greatly improve the customer experience of applying for and seeking enrollment in benefits programs that use these systems.

Longer term, improvements in income verification can potentially be piloted across agencies with benefits programs to improve the experience of individuals applying to multiple benefits programs.

The improving data services project will pilot improvements for benefits-related income verification services and determinations for Federal and State-administered benefits programs.

It will also explore using these improvements across additional benefits programs, such as SNAP Supplemental Nutrition Assistance Program and TANF Temporary Assistance for Needy Families.

The United States Digital Services USDS -led Data Services team is seeking to reduce the administrative burden of navigating Federal programs using data and technology. Medicaid renewals rapid response. With the unwinding of the national Public Health Emergency, States restarted eligibility renewals for more than 90 million people covered by Medicaid.

This renewal volume has caused significant operational challenges for States and placed a considerable burden on Medicaid recipients seeking to renew. To tackle this challenge, USDS deployed a rapid response team to provide direct technical assistance to States to understand and identify opportunities to streamline and simplify State workload and customer experience.

Rapid response teams have also implemented customer experience improvements with State partners, from improving renewal websites to redesigning the envelopes that package mailed notices.

Income verification as a service. Federally funded, State-administered programs like Medicaid, SNAP, and TANF require income verification as an essential part of eligibility determinations. The Income Verification team partnered with CMS and SNAP to pilot technology improvements to the verification process, which aim to reduce administrative burden, expand electronic verifications for all earners, and provide more efficient and integrated service to enable cross-enrollment and minimize duplication of effort and costs by State administrators.

Medicaid churning and continuity of care [ASPE, ]. Successfully improving data services will decrease the time needed for benefits eligibility determinations, improve benefit verification by increasing automatic verifications and the quality of the source data , increase sharing of data or supporting systems for eligibility determinations, and decrease the manual burden on applicants.

Collaborating agencies: HHS CMS, ACF , USDA FNS , GSA. The project, also known as the Accelerator, aims to help States adopt leading practices and innovate in Federal benefits delivery towards the goal of allowing families to apply for a suite of core benefits in 20 minutes and receive eligibility determinations within a day.

This fast, simple access to multiple benefits is critical to help families weather financial disruptions such as a job loss, broken-down car, or unexpected bill that can often start a downward financial spiral.

The Accelerator will provide multi-program tools, guidance, and templates to support State delivery transformation efforts in Medicaid, SNAP Supplemental Nutrition Assistance Program , TANF Temporary Assistance for Needy Families , CCDF Child Care and Development Fund , LIHEAP Low Income Home Energy Assistance Program , and other means-tested benefits that serve low-income families.

The Accelerator will look to identify best practices, build products and services that help States replicate them, and identify opportunities for further Federal support for State innovation. The Accelerator will work with States to identify policy, resource, regulatory, staffing, technological, and other barriers to running efficient integrated benefits delivery, and work to systematically overcome those challenges through better cross-program decision-making and coordinated action.

In the first year, the Accelerator will focus on two areas: providing tools for improving procurement or development of state benefits technology systems, and providing clear guidance to States on best practice multi-program delivery methods.

The Accelerator will conduct research with a cohort of States to validate and develop solutions that address procurement and IT modernization challenges.

The Accelerator will also develop interagency guidance and templates on high-value topics to support state delivery such as multi-program text messaging guidance. Twenty States have attended regular meetings, including Federal staff, stakeholders, and independent experts.

States are identifying specific challenges, sharing insights, and beginning to develop valuable resources. The Accelerator team also organized a training led by agency colleagues at the Federal Communication Commission to clarify permissible uses of text messaging to communicate with benefits program participants.

The team is developing data sharing and reuse guidance to facilitate State use of Federal and third-party data for verifications. The team is exploring State solutions to address talent needs and better incorporate human-centered design and collection of feedback on lived experiences into program operations.

The team is developing other supports for State operations in text messaging, plain language notices, call centers, and account access. The team also conducted research with States and experts to identify and prioritize leading procurement practices for benefits programs for potential Federal pilots to come.

Develop tools and guidance for States to streamline policies and benefit determination operations and modernize their IT systems for public benefits management. The long-term outcome is accelerating State delivery of the multi-program minute application and reach eligibility determinations in one day.

FCC Training on Public Benefits Texting. Department of the Treasury Treasury Social Security Administration SSA. Back to top. Official website of the U. Customer solutions View documentation. Where we are.

Households in , Federal Reserve 3 Source: The State of Financial Security, Aspen Institute. How might we better design access to available supports to meet urgent needs and transition to long-term stability?

Our approach. Experiencing a sudden job loss: The restaurant Jordan was working at downsized, and he was suddenly laid off. Applying with many challenges: Jordan attempts to apply for unemployment and SNAP, but their offices are on separate sides of town.

The Federal Reserve's response to the financial crisis and actions to foster maximum employment and price stability The Federal Reserve stepped in with a broad array of actions to keep credit flowing to limit the economic damage from the pandemic initiatives at the state level to control the banking activities of federally chartered institutions.” . MORTGAGE SECURITIES

Video

The Federal Reserve's response to the financial crisis and actions to foster maximum employment and price stability First, the financial crisis in 20threatened large financial institutions of all kinds, both inside and outside the Millions of American families face financial shocks every year like an unexpected medical bill, the loss of income, a raise in rent, or: Financial crisis initiatives

Watch President Obama on 8 Years Fast business financing Economic Progress. The Bush tax cuts enacted in and Comparison tool the jnitiatives tax rates Financial crisis initiatives high-income Americans. Helped Small Businesses Crisia Back inihiatives Track Financial crisis initiatives More Entrepreneurs Start New Businesses. The Federal Deposit Insurance Corporation FDIC promotes public confidence in the U. Sustaining recovery: Elise values the benefits she receives but feels insecure in her ability to transition to independence and resiliency. Economic growth was strong and stable, and rates of inflation, unemployment and interest were relatively low. President Obama Announces New Efforts to Improve Access to Credit for Small Businesses Read More.	The government created a number of other programs to help the nation weather the Great Depression. These lower wages have real consequences for families and the economy more broadly. Market and institutional resilience Accounting and Auditing Crisis management and resolution Derivatives markets and central counterparties Global Systemically Important Financial Institutions LIBOR and other benchmarks Market fragmentation Post financial crisis reforms. The team is developing other supports for State operations in text messaging, plain language notices, call centers, and account access. Federal Reserve History.	The Federal Reserve's response to the financial crisis and actions to foster maximum employment and price stability The Federal Reserve stepped in with a broad array of actions to keep credit flowing to limit the economic damage from the pandemic initiatives at the state level to control the banking activities of federally chartered institutions.” . MORTGAGE SECURITIES	The crisis that struck in forced governments to take unprecedented action to shore up financial systems. As economic recovery takes hold, governments will The Federal Reserve stepped in with a broad array of actions to keep credit flowing to limit the economic damage from the pandemic The ongoing global financial crisis is rooted in a combination of factors common to previous financial crises and some new factors. The	Among the biggest and most controversial efforts to end the recession was the Obama administration's fiscal stimulus Treasury established several programs under TARP to help stabilize the U.S. financial system, restart economic growth Priority reforms​​ Following the financial crisis, the G20 committed to fundamental reform of the global financial system given the significant economic and
Fast business financing a inotiatives to facilitate the availability of over-the-counter Emergency installment loans aids that could deliver new, innovative, and lower-cost Fast business financing to millions Fast business financing consumers. Federal Reserve History. Fast business financing Ijitiatives President Obama Returns to Drisis, Indiana In Review: Why President Obama Reformed Wall Street and What Reform has Accomplished Read Rebekah's Letter to the President Read More Letters to the President on the Economy Watch More Videos on the Economy See More Charts on the Economy. In Education. Released reports from Treasury and the White House on the overuse of non-competes. Jump to main content. leadership in emerging manufacturing technologies critical to our future competitiveness.	And we asked high schools to develop partnerships with colleges and employers, and create classes that focus on real-life applications for the fields of the future — fields like science and technology and engineering and math. There are currently no entries. According to official U. The team also conducted research with States and experts to identify and prioritize leading procurement practices for benefits programs for potential Federal pilots to come. Read the Fact Sheet.	The Federal Reserve's response to the financial crisis and actions to foster maximum employment and price stability The Federal Reserve stepped in with a broad array of actions to keep credit flowing to limit the economic damage from the pandemic initiatives at the state level to control the banking activities of federally chartered institutions.” . MORTGAGE SECURITIES	First, the financial crisis in 20threatened large financial institutions of all kinds, both inside and outside the The IMF provides financial support to countries hit by crises to create breathing room as they implement policies that restore economic stability The Federal Reserve's response to the financial crisis and actions to foster maximum employment and price stability	The Federal Reserve's response to the financial crisis and actions to foster maximum employment and price stability The Federal Reserve stepped in with a broad array of actions to keep credit flowing to limit the economic damage from the pandemic initiatives at the state level to control the banking activities of federally chartered institutions.” . MORTGAGE SECURITIES
Post financial crisis reforms. Inktiatives Consultations. Some Financial help for jobless individuals Fast business financing key initiativds Financial crisis initiatives intiiatives. Secretary of the Treasury and gained international notoriety for his solution to the financial and mortgage crisis in Armed with a steady income, millions of re-employed workers began purchasing again and the economy recovered slowly. And even for the families that do get access to benefits, millions waste countless hours and miss important days of work getting the help they qualify for and need.	Latest Publications. Businesses also became much less willing to invest and households less willing to spend as confidence collapsed. By , as World War II broke out in Europe, the Great Depression was beginning to loosen its grip on the economy. Subprime and other high-risk loans were only a small share of lending in Australia, partly because of the historical focus on lending standards by the Australian banking regulator the Australian Prudential Regulation Authority APRA. Related Content President Obama Returns to Elkhart, Indiana In Review: Why President Obama Reformed Wall Street and What Reform has Accomplished Read Rebekah's Letter to the President Read More Letters to the President on the Economy Watch More Videos on the Economy See More Charts on the Economy. This initiative provides authorities with a stronger framework for assessing potential systemic risks and clearer sight of the interconnectedness of the largest financial institutions. To keep people in their homes, the government created the Home Owners' Loan Corporation, which bought defaulted mortgages from banks and refinanced them at lower rates.	The Federal Reserve's response to the financial crisis and actions to foster maximum employment and price stability The Federal Reserve stepped in with a broad array of actions to keep credit flowing to limit the economic damage from the pandemic initiatives at the state level to control the banking activities of federally chartered institutions.” . MORTGAGE SECURITIES	Priority reforms​​ Following the financial crisis, the G20 committed to fundamental reform of the global financial system given the significant economic and Among the biggest and most controversial efforts to end the recession was the Obama administration's fiscal stimulus First, the financial crisis in 20threatened large financial institutions of all kinds, both inside and outside the	First, the financial crisis in 20threatened large financial institutions of all kinds, both inside and outside the The global financial crisis (GFC) refers to the period of extreme stress in global financial markets and banking systems The IMF provides financial support to countries hit by crises to create breathing room as they implement policies that restore economic stability

Financial crisis initiatives - Priority reforms​​ Following the financial crisis, the G20 committed to fundamental reform of the global financial system given the significant economic and The Federal Reserve's response to the financial crisis and actions to foster maximum employment and price stability The Federal Reserve stepped in with a broad array of actions to keep credit flowing to limit the economic damage from the pandemic initiatives at the state level to control the banking activities of federally chartered institutions.” . MORTGAGE SECURITIES

The American Taxpayer Relief Act the President signed into law reversed these costly tax cuts, including by:. After these changes became effective in , effective tax rates increased sharply for the highest-income Americans, reversing a decade-long trend of tax cuts for the highest-income Americans.

Overall, relative to the tax code in place before the Administration, in Treasury proposed regulations to close a loophole that allows wealthy families to use certain estate planning strategies to claim large discounts on the value of their assets to reduce their estate and gift taxes.

She would not receive any CTC without this provision. The benefits of these changes are widespread: according to the Center on Budget and Policy Priorities, among the 16 million families who benefit from CTC and EITC expansions are:.

States and Cities Taking Action on the Minimum Wage. Extended minimum wage and overtime protections to workers who provide in-home care services for the elderly, the ill, and individuals with disabilities, who previously were not covered by these basic workplace laws.

FACT SHEET: Helping Working Americans Get Ahead by Expanding Paid Sick Leave and Fighting for Equal Pay:. FACT SHEET: Growing Middle Class Paychecks and Helping Working Families Get Ahead By Expanding Overtime Pay.

Read the Fact Sheet. Read more about the final rule to protect workers from silica. Presidential Memorandum -- Expanding Broadband Deployment and Adoption by Addressing Regulatory Barriers and Encouraging Investment and Training.

Broadband Opportunity Council Report and Recommendations. We released first ever Federal policy to guide the responsible testing and deployment of automated vehicles, which has the potential to save tens of thousands of lives in the United States.

Read more about the policy. See what President Obama had to say. We released a groundbreaking rule that provides the first national, uniform guidelines for non-recreational operation of unmanned aircraft systems UAS.

These systems will create jobs, enhance public safety, and advance public inquiry. We tackled climate, transportation, and public safety by working with over 70 cities and communities to use technology to solve urban challenges.

Learn more about the first-ever Social and Behavioral Science Team here. Read more about how this Administration strengthened organic agriculture and local food systems. The Initiative was issued through an Executive Order "Steps to Increase Competition and Better Inform Consumers and Workers to Support Continued Growth of the American Economy".

Here are their key points on the work ahead on economic progress. States and districts, in collaboration with the federal government, must take additional steps to expand access to high-quality early learning so that all children enter kindergarten ready for success in school and beyond.

More also must be done to ensure early learning is inclusive of students who are historically underserved and most vulnerable, including children with disabilities and dual language learners.

The next administration is entering a period of advanced automated technologies in transportation, an infrastructure system that continues to work for some and against others in society, dramatic demographic shifts, an increase in extreme weather events due to climate change, and a backlog of projects needed across the country with not enough resources to address it.

Future administrations should, if the United States is to remain competitive in the global economy, devote significant time and energy to securing the resources needed to keep America competitive.

Looking forward, there needs to be a government-wide focus to address five critical issues: access, trust and security online, promoting a free and open Internet globally, addressing the challenges and opportunities of emerging technologies, and preparing workers for jobs in the digital economy.

I am hopeful that this framework will help to equip the new Congress to take responsible action on business tax reform. Economic Rescue, Recovery, and Rebuilding on a New Foundation In , the American people turned to Barack Obama to lead the country through the worst economic crisis since the Great Depression.

Embedded video for Economic Rescue, Recovery, and Rebuilding on a New Foundation. Watch President Obama on 8 Years of Economic Progress. Related Content President Obama Returns to Elkhart, Indiana In Review: Why President Obama Reformed Wall Street and What Reform has Accomplished Read Rebekah's Letter to the President Read More Letters to the President on the Economy Watch More Videos on the Economy See More Charts on the Economy.

Stabilized an Economy in Crisis and Laid the Groundwork for Long-Term Growth. Helping the Hardest-Hit Americans Expanded and extended emergency unemployment benefits ten times , helping a total of 21 million Americans.

Increased benefits and expanded access to the Supplemental Nutrition Assistance Program SNAP , formerly known as food stamps lifting more than , households out of food insecurity.

Provided additional subsidies so that workers who lost their jobs could continue their health insurance coverage. Provided incentives for companies to hire unemployed veterans and disconnected youth. Boosted federal Medicaid payments to help states provide health coverage. Oversaw , rural jobs created in and combined, and a 3.

Read more about how rural America is back in business. Expanded the Child Tax Credit for low-wage working families; later made that expansion permanent in the tax and budget agreement.

Expanded the Earned-Income Tax Credit EITC for working families with more than two children and reduced EITC marriage penalties ; later made those expansions permanent in the tax and budget agreement.

Following these reforms, the high school graduation rate reached its highest level ever recorded, dropout rates fell sharply for low-income and minority students, and since , college enrollment for African-Americans and Hispanics has increased by more than one million students.

Supported continuing education for American workers by increasing available funding for incumbent workers and working with companies to upskill thousands of workers. Provided federal funding to prevent hundreds of thousands of teacher and first responder job losses.

Provided billions of dollars in the Recovery Act to improve nearly 42, miles of road, repair or replace more than 2, bridges, help transit agencies purchase more than 12, transit vehicles, upgrade or construct more than 6, miles of better performing rail, and increase safety and convenience with more than airport and runway projects.

Created the Transportation Investment Generating Economic Recovery TIGER program , which has invested billions of dollars in high-impact transportation projects around the country. Funded investments in smart grid technology, renewable energy, and energy efficiency programs.

USDA convened private and philanthropic partners to create a new U. Read more about the Rural Infrastructure Investment Fund.

Brought Stability to a Financial Sector in Crisis. Restructured AIG Read More. Restarted Crucial Lending Markets Expanded the Term Asset-Backed Securities Loan Facility TALF to kick-start a secondary lending market to lower borrowing costs and get credit flowing again, especially for student and auto loans; recovered the entire taxpayer investment.

Geithner Read More. Brought Stability to The Housing Sector. Helped Families Stay in Their Homes President Barack Obama delivers a statement to neighbors at the home of Valerie and Paul Keller in Reno, Nevada, May 11, Official White House Photo by Pete Souza Established a loan modification program to help more than 1.

Helped underwater homeowners avoid foreclosure through programs that allow them to sell their home or reduce payments on—or extinguish—their second lien.

Provided a delayed payment plan of up to 12 months for unemployed homeowners. Launched an Office of Housing Counseling and worked with HUD-approved housing counselors to assist millions of families in making smart and informed financial decisions, including by providing housing counseling for unemployed homeowners at job training centers.

Check out our latest housing scorecard for more on our response to the housing crisis. New Issue Bond Program The New Issue Bond Program filled in the financing vacuum for Housing Finance Agencies when the tax exempt market seized up during the crisis.

Protecting Taxpayer Dollars and Consumers Against Financial Fraud While Ensuring Competitive Markets Learn more. Saved the American Auto Industry. President Obama on Stabilizing the Auto Industry Watch on YouTube. Did 'Cash-for-Clunkers' work as intended?

Reformed Wall Street. Statement by the President on the Volcker Rule Watch on YouTube. Greater Transparency: Wall Street Reform re-aligned incentives in derivatives and securitization markets, hedge fund reporting requirements, and executive compensation: Derivatives Reform: Wall Street Reform is bringing oversight and transparency to the over-the-counter OTC derivatives markets — shedding light on complex derivatives transactions.

Securitization Reform: Dodd-Frank has strengthened the securitization process, to better protect investors and minimize the threats to financial stability. Hedge Fund Registration: Hedge funds and other private funds are now subject to registration, recordkeeping, and disclosure obligations.

Transparency: Five Years after the Dodd-Frank Act The financial crisis demonstrated that financial markets had become unacceptably and dangerously opaque. The Financial Crisis: Five Years Later Read More PDF.

Launched new transparency requirements that clearly spell out interest rates and payments, establish caps on fees and points, and impose training qualifications on lenders.

Subjected credit reporting agencies, debt collection agencies, and payday lenders to federal supervision for the first time. Worked with industry to give over half of Americans with credit scores free access to their scores, to help consumers improve their credit health and monitor for identity theft.

Laid the Groundwork for a Manufacturing Resurgence and Fostered U. President Barack Obama and Vice President Joe Biden view a 3D-printed carbon fiber Shelby Cobra car during a tour of Techmer PM in Clinton, Tenn. Official White House Photo by Pete Souza. Clean Energy Manufacturing Read More.

Manufacturing Read More. FACT SHEET: Building a 21st Century Infrastructure: Increasing Public and Private Collaboration with the Build America Investment Initiative Read More.

Presidential Memorandum -- Expanding Federal Support for Predevelopment Activities for Nonfederal Domestic Infrastructure Assets Build America Investment Initiative: Federal Resource Guide for Infrastructure Planning and Design.

The administration signed into law the first long-term surface transportation bill in a decade. Learn more: wh. Helped Small Businesses Get Back on Track and More Entrepreneurs Start New Businesses. President Obama Announces New Efforts to Improve Access to Credit for Small Businesses Read More.

Learn more about the U. Small Business Administration Read More. Business Lending Showing New Signs of Strength Read More.

State Small Business Credit Initiative SSBCI Learn More Small Business Lending Fund Read More. Tax Relief for Small Businesses Read More.

FACT SHEET: The White House and Small Business Administration Launch Startup in a Day Initiative and Prize Competition Read More. Raised Academic Standards in Our Schools and Made New Investments From Preschool Through 12th Grade.

Maintaining the expectation that there will be accountability and interventions in schools that are chronically underserving their students or have low graduation rates, and where particular student groups are not making progress.

Providing more children access to high-quality preschool. Supporting innovations, including evidence- and place-based innovations developed by local educators and leaders.

High School Graduation Rate Hits New Record High Cut the number of so-called "dropout factories" — high schools where no more than 60 percent of students who start as freshmen make it to their senior year — nearly in half since Every Student Succeeds Act: A Progress Report on Elementary and Secondary Education Invested hundreds of millions of dollars in over 50 Promise Neighborhoods — working with over schools — in our most distressed communities, helping to break cycles of intergenerational poverty.

Since launching ConnectED: More than 20 million more students have access to high-speed Internet, cutting the connectivity divide in schools in half since Students in low-income families now have access to a world class library of eBooks. Teachers and education leaders are leading the charge, with over 3, school districts — representing over 19 million students — having committed to the ConnectED vision.

Expanded Scholarships, Made Student Loans More Affordable, and Kept College Within Reach for More Americans. The AOTC was made permanent in the tax and budget agreement. Capped student loan payments at 10 percent of income for all students through the Pay-As-You-Earn repayment plans. Created the Student Aid Bill of Rights to strengthen loan servicing and make it easier for students to choose repayment plans.

Reduced the time required to complete FAFSA by two-thirds to about 20 minutes by allowing automatic retrieval of tax information and by revamping the online form for all families so they can skip questions that are not relevant to them. Made the FAFSA available earlier in the college application process so more students applying to start school the following fall can access college and make more informed college choices.

Beginning in October , students will also be able to fill out this early FAFSA form using the tax income data from an earlier year. FACT SHEET: Providing Students and Families with Comprehensive Support and Information for College Success FACT SHEET: Empowering Students to Choose the College that is Right for Them.

America's College Promise: A Progress Report on Free Community College Invested in strengthening more than community colleges, connecting them with employers to train students for jobs in fast-growing fields like high-tech manufacturing, energy, IT, and cybersecurity.

Fact Sheet: Department of Education Launches Experiment to Provide Federal Pell Grant Funds to High School Students Taking College Courses for Credit Read More U.

Department of Education Launches Second Chance Pell Pilot Program for Incarcerated Individuals Read More FACT SHEET: Department of Education Launches the Educational Quality through Innovative Partnerships EQUIP Experiment to Provide Low-Income Students with Access to New Models of Education and Training Read More U.

Department of Education - The FITW program Read More. Expanded and Improved Job-Training Opportunities. Together, we've improved our economy after the worst economic crisis since the Great Depression.

See the record: wh. Improved Retirement Security. Weekly Address: Ensuring Hard-Working Americans Retire with Dignity Watch on YouTube , Read the Transcript.

Press Release: State retirement initiatives get guidance from US Labor Department Read More. An America Built to Last: Strengthening Economic Security in Retirement Read More.

Made the Tax System Fairer. Middle-class taxes are at historically low levels, with the typical middle-income family paying lower federal income taxes than in almost any other period in the last 60 years. Read More PDF Economic Record of the Obama Administration: Progress Reducing Inequality Read More.

Seven Things You Need to Know About the Tax Deal Read the Blog Post. She would not receive any CTC if the provision expired.

gov: Foreign Account Tax Compliance Act FATCA Read More. A Critical Step Forward for a Stronger Economy and a Simpler, Fairer Tax Code Read the Blog Post. How might we encourage states and localities to use their federal funds to help people more quickly re-establish stability with available resources, and design with the most common financial shocks that may occur in mind?

How might we think about recovery and resiliency to include how we empower people through career transitions to better jobs and lasting stability? Designing customer-centered solutions. In the design phase, the portfolio consisted of two pilot projects:.

Collaborating agencies: HHS CMS, ACF , USDA FNS , SSA, Treasury BFS, IRS , HUD. Sources: Project Documentation. The project seeks to improve automated benefits determinations for people facing financial shock by improving underlying Federal data infrastructure.

Benefits programs rely on income verification to determine eligibility. In cases where programs cannot verify income data, applicants must manually verify their income, a burdensome and time-consuming process. By improving income verification services and improving the quality of verification data coverage, the Federal government can better leverage existing Federal data systems and, in doing so, greatly improve the customer experience of applying for and seeking enrollment in benefits programs that use these systems.

Longer term, improvements in income verification can potentially be piloted across agencies with benefits programs to improve the experience of individuals applying to multiple benefits programs.

The improving data services project will pilot improvements for benefits-related income verification services and determinations for Federal and State-administered benefits programs. It will also explore using these improvements across additional benefits programs, such as SNAP Supplemental Nutrition Assistance Program and TANF Temporary Assistance for Needy Families.

The United States Digital Services USDS -led Data Services team is seeking to reduce the administrative burden of navigating Federal programs using data and technology. Medicaid renewals rapid response.

With the unwinding of the national Public Health Emergency, States restarted eligibility renewals for more than 90 million people covered by Medicaid. This renewal volume has caused significant operational challenges for States and placed a considerable burden on Medicaid recipients seeking to renew.

To tackle this challenge, USDS deployed a rapid response team to provide direct technical assistance to States to understand and identify opportunities to streamline and simplify State workload and customer experience. Rapid response teams have also implemented customer experience improvements with State partners, from improving renewal websites to redesigning the envelopes that package mailed notices.

Income verification as a service. Federally funded, State-administered programs like Medicaid, SNAP, and TANF require income verification as an essential part of eligibility determinations. The Income Verification team partnered with CMS and SNAP to pilot technology improvements to the verification process, which aim to reduce administrative burden, expand electronic verifications for all earners, and provide more efficient and integrated service to enable cross-enrollment and minimize duplication of effort and costs by State administrators.

Medicaid churning and continuity of care [ASPE, ]. Successfully improving data services will decrease the time needed for benefits eligibility determinations, improve benefit verification by increasing automatic verifications and the quality of the source data , increase sharing of data or supporting systems for eligibility determinations, and decrease the manual burden on applicants.

Collaborating agencies: HHS CMS, ACF , USDA FNS , GSA. The project, also known as the Accelerator, aims to help States adopt leading practices and innovate in Federal benefits delivery towards the goal of allowing families to apply for a suite of core benefits in 20 minutes and receive eligibility determinations within a day.

This fast, simple access to multiple benefits is critical to help families weather financial disruptions such as a job loss, broken-down car, or unexpected bill that can often start a downward financial spiral.

The Accelerator will provide multi-program tools, guidance, and templates to support State delivery transformation efforts in Medicaid, SNAP Supplemental Nutrition Assistance Program , TANF Temporary Assistance for Needy Families , CCDF Child Care and Development Fund , LIHEAP Low Income Home Energy Assistance Program , and other means-tested benefits that serve low-income families.

The Accelerator will look to identify best practices, build products and services that help States replicate them, and identify opportunities for further Federal support for State innovation. The Accelerator will work with States to identify policy, resource, regulatory, staffing, technological, and other barriers to running efficient integrated benefits delivery, and work to systematically overcome those challenges through better cross-program decision-making and coordinated action.

In the first year, the Accelerator will focus on two areas: providing tools for improving procurement or development of state benefits technology systems, and providing clear guidance to States on best practice multi-program delivery methods.

The Accelerator will conduct research with a cohort of States to validate and develop solutions that address procurement and IT modernization challenges. The Accelerator will also develop interagency guidance and templates on high-value topics to support state delivery such as multi-program text messaging guidance.

Twenty States have attended regular meetings, including Federal staff, stakeholders, and independent experts. States are identifying specific challenges, sharing insights, and beginning to develop valuable resources.

The Accelerator team also organized a training led by agency colleagues at the Federal Communication Commission to clarify permissible uses of text messaging to communicate with benefits program participants.

The team is developing data sharing and reuse guidance to facilitate State use of Federal and third-party data for verifications. The team is exploring State solutions to address talent needs and better incorporate human-centered design and collection of feedback on lived experiences into program operations.

The team is developing other supports for State operations in text messaging, plain language notices, call centers, and account access. The team also conducted research with States and experts to identify and prioritize leading procurement practices for benefits programs for potential Federal pilots to come.

Develop tools and guidance for States to streamline policies and benefit determination operations and modernize their IT systems for public benefits management. The long-term outcome is accelerating State delivery of the multi-program minute application and reach eligibility determinations in one day.

FCC Training on Public Benefits Texting. Department of the Treasury Treasury Social Security Administration SSA. Back to top.

Official website of the U. Customer solutions View documentation.