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data-tracking-container="true" ><span class="link__wrapper">Economy</span></a></li> <li id="mntl-breadcrumbs__item_2-0" class="comp mntl-breadcrumbs__item mntl-block"><a href="https://www.investopedia.com/fiscal-policy-4689796" rel="nocaes" class="mntl-text-link mntl-breadcrumbs__link" id="mntl-text-link_2-0" data-tracking-container="true" ><span class="link__wrapper">Fiscal Policy</span></a></li></ul> <h1 id="mntl-taxonomysc-heading_1-0" class="comp mntl-taxonomysc-heading mntl-text-block">Fiscal Policy</h1></div></div> <div id="mntl-taxonomysc-header__bottom_1-0" class="comp mntl-taxonomysc-header__bottom mntl-block"><div id="mntl-taxonomysc-intro_1-0" class="comp mntl-taxonomysc-intro mntl-sc-page mntl-block" data-sc-sticky-offset="60" data-sc-ad-label-height="24" data-sc-ad-track-spacing="100" data-sc-min-track-height="250" data-sc-max-track-height="600" data-sc-breakpoint="50em" data-sc-load-immediate="1" data-sc-content-positions="[300,600,900,1200,1500,1800,2100]" data-bind-scroll-on-start="true"><p id="mntl-sc-block_1-0" class="comp mntl-sc-block finance-sc-block-html mntl-sc-block-html"> Fiscal policy refers to taxing and spending policies of governments, often with a specific focus on budgeting and the effect of taxing and spending on the broader economy. Fiscal policy is one of, if not the, largest way in which governments affect economies. </p> <div id="sponsorship-wrapper_1-0" class="comp sponsorship-wrapper mntl-block"></div></div></div></div><div id="mntl-taxonomysc-content_1-0" class="comp mntl-taxonomysc-content mntl-sc-page mntl-block" data-sc-sticky-offset="60" data-sc-ad-label-height="24" data-sc-ad-track-spacing="100" data-sc-min-track-height="250" data-sc-max-track-height="600" data-sc-breakpoint="50em" data-sc-load-immediate="1" data-sc-content-positions="[300,600,900,1200,1500,1800,2100]" data-bind-scroll-on-start="true"><div id="mntl-sc-block_2-0" class="comp mntl-sc-block finance-sc-block-spotlight mntl-sc-block-spotlight mntl-block"><h3 id="mntl-sc-block-spotlight__heading_1-0" class="comp mntl-sc-block-spotlight__heading mntl-text-block">Fiscal Policy Essentials</h3> <div id="mntl-sc-block-spotlight__articles_1-0" class="comp mntl-sc-block-spotlight__articles mntl-document-spotlight mntl-document-card-list mntl-card-list mntl-block" data-chunk="36"><a id="mntl-card-list-items_1-0" class="comp mntl-card-list-items mntl-document-card mntl-card card card--no-image" data-doc-id="4227927" data-tax-levels href="https://www.investopedia.com/ask/answers/040315/how-do-fiscal-and-monetary-policies-affect-aggregate-demand.asp" data-ordinal="1" data-cta="Read Now ▸"> <div class="loc card__top"><div class="card__media mntl-image card__media universal-image__container"> <img data-src="https://www.investopedia.com/thmb/ncKDnLXZevlXeFTgmpgcUvObj7I=/800x533/filters:no_upscale():max_bytes(150000):strip_icc()/shutterstock_253136563-5bfc2b98c9e77c00519aa7a8.jpg" width="800" height="533" data-srcset="https://www.investopedia.com/thmb/jeYOCYgXVMXA1-nUq8PW8kKO1dA=/150x0/filters:no_upscale():max_bytes(150000):strip_icc()/shutterstock_253136563-5bfc2b98c9e77c00519aa7a8.jpg 150w, https://www.investopedia.com/thmb/2nN-lKM8XibOxJ5IESFs5CFTYxo=/200x0/filters:no_upscale():max_bytes(150000):strip_icc()/shutterstock_253136563-5bfc2b98c9e77c00519aa7a8.jpg 200w, https://www.investopedia.com/thmb/jYJVmPpog1EQ-XFjtZOrwAuahrk=/250x0/filters:no_upscale():max_bytes(150000):strip_icc()/shutterstock_253136563-5bfc2b98c9e77c00519aa7a8.jpg 250w, https://www.investopedia.com/thmb/Vf-ahVBDxQQK6URhClNwvzgc_-Y=/302x0/filters:no_upscale():max_bytes(150000):strip_icc()/shutterstock_253136563-5bfc2b98c9e77c00519aa7a8.jpg 302w" data-sizes="(min-width: 1280px) 300px, (min-width: 800px) calc(25vw - 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1.25rem), (min-width: 640px) calc(33vw - 2rem), calc(50vw - 1.125rem)" alt="Business woman working on a laptop in car" /> </noscript> </div> </div> <div class="card__content " data-tag="Fiscal Policy"> <div class="card__header"></div> <span class="card__title"><span class="card__title-text ">How Can a Change in Fiscal Policy Have a Multiplier Effect on the Economy?</span></span> <div id="article-meta--simple_2-0" class="comp article-meta--simple mntl-block" data-tracking-container="true"><div id="byline--simple_2-0" class="comp byline--simple mntl-block"><div id="byline--simple__pre-author-text_2-0" class="comp byline--simple__pre-author-text mntl-text-block">By</div> <div id="byline--simple__author_2-0" class="comp byline--simple__author mntl-text-block">The Investopedia Team</div></div> <div id="displayed-date_2-0" class="comp displayed-date"> <span class="displayed-date__date-text">Updated</span> <span class="displayed-date__date">Dec 01, 2022</span> </div></div> </div> </a> <a id="mntl-card-list-items_3-0" class="comp mntl-card-list-items mntl-document-card mntl-card card card--no-image" data-doc-id="4227960" data-tax-levels href="https://www.investopedia.com/ask/answers/040115/what-are-some-examples-expansionary-fiscal-policy.asp" data-ordinal="3" data-cta="Read Now ▸"> <div class="loc card__top"><div class="card__media mntl-image card__media universal-image__container"> <img data-src="https://www.investopedia.com/thmb/JDr8APzqdEMhTMdWxYsG6KcX2wU=/800x533/filters:no_upscale():max_bytes(150000):strip_icc()/GettyImages-169259817-cf0fa8587be34affbbc025bf454c2982.jpg" width="800" height="533" data-srcset="https://www.investopedia.com/thmb/bY-U1pV-lzEi1TrKuLOW3cMp_oo=/150x0/filters:no_upscale():max_bytes(150000):strip_icc()/GettyImages-169259817-cf0fa8587be34affbbc025bf454c2982.jpg 150w, https://www.investopedia.com/thmb/3uGoumFNOosgw4DhtjzsEBPveCk=/200x0/filters:no_upscale():max_bytes(150000):strip_icc()/GettyImages-169259817-cf0fa8587be34affbbc025bf454c2982.jpg 200w, https://www.investopedia.com/thmb/RJ753xZzuRDsJy2_KrI5iQzyQYQ=/250x0/filters:no_upscale():max_bytes(150000):strip_icc()/GettyImages-169259817-cf0fa8587be34affbbc025bf454c2982.jpg 250w, https://www.investopedia.com/thmb/xvxzP3Ik2R4xRmXxvbVXaXrMbuk=/302x0/filters:no_upscale():max_bytes(150000):strip_icc()/GettyImages-169259817-cf0fa8587be34affbbc025bf454c2982.jpg 302w" data-sizes="(min-width: 1280px) 300px, (min-width: 800px) calc(25vw - 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1.25rem), (min-width: 640px) calc(33vw - 2rem), calc(50vw - 1.125rem)" alt="Businessmen Shaking Hands in Meeting" /> </noscript> </div> </div> <div class="card__content " data-tag="Fiscal Policy"> <div class="card__header"></div> <span class="card__title"><span class="card__title-text ">What Are Some Examples of Expansionary Fiscal Policy?</span></span> <div id="article-meta--simple_3-0" class="comp article-meta--simple mntl-block" data-tracking-container="true"><div id="byline--simple_3-0" class="comp byline--simple mntl-block"><div id="byline--simple__pre-author-text_3-0" class="comp byline--simple__pre-author-text mntl-text-block">By</div> <div id="byline--simple__author_3-0" class="comp byline--simple__author mntl-text-block">The Investopedia Team</div></div> <div id="displayed-date_3-0" class="comp displayed-date"> <span class="displayed-date__date-text">Updated</span> <span class="displayed-date__date">Apr 22, 2024</span> </div></div> </div> </a> <a id="mntl-card-list-items_4-0" class="comp mntl-card-list-items mntl-document-card mntl-card card card--no-image" data-doc-id="4242635" data-tax-levels href="https://www.investopedia.com/articles/economics/12/fiscal-or-monetary-policy.asp" data-ordinal="4" data-cta="Read Now ▸"> <div class="loc card__top"><div class="card__media mntl-image card__media universal-image__container"> <img data-src="https://www.investopedia.com/thmb/ZO3EueVYC5TbRTlBg6eVhihSrBg=/800x533/filters:no_upscale():max_bytes(150000):strip_icc()/Economics-e22b6594e7f44dada4597c6b1ee0a2a4.jpg" width="800" height="533" data-srcset="https://www.investopedia.com/thmb/c0yGQ5VOYM-BNmv5qYeAlLrbLQs=/150x0/filters:no_upscale():max_bytes(150000):strip_icc()/Economics-e22b6594e7f44dada4597c6b1ee0a2a4.jpg 150w, https://www.investopedia.com/thmb/2oi-XjUi-YcJHx5cYpAGxReWpng=/200x0/filters:no_upscale():max_bytes(150000):strip_icc()/Economics-e22b6594e7f44dada4597c6b1ee0a2a4.jpg 200w, https://www.investopedia.com/thmb/rcEC5OfVHD8diwFc6FQWgt-P6aw=/250x0/filters:no_upscale():max_bytes(150000):strip_icc()/Economics-e22b6594e7f44dada4597c6b1ee0a2a4.jpg 250w, https://www.investopedia.com/thmb/wpy0YeOmYsw6DvwBefExZQpJPKw=/302x0/filters:no_upscale():max_bytes(150000):strip_icc()/Economics-e22b6594e7f44dada4597c6b1ee0a2a4.jpg 302w" data-sizes="(min-width: 1280px) 300px, (min-width: 800px) calc(25vw - 1.25rem), (min-width: 640px) calc(33vw - 2rem), calc(50vw - 1.125rem)" alt="Econ" class="lazyload card__img card__img universal-image__image" data-expand="300" /> <noscript> <img src="https://www.investopedia.com/thmb/ZO3EueVYC5TbRTlBg6eVhihSrBg=/800x533/filters:no_upscale():max_bytes(150000):strip_icc()/Economics-e22b6594e7f44dada4597c6b1ee0a2a4.jpg" width="800" height="533" class="img--noscript card__img card__img universal-image__image" srcset="https://www.investopedia.com/thmb/c0yGQ5VOYM-BNmv5qYeAlLrbLQs=/150x0/filters:no_upscale():max_bytes(150000):strip_icc()/Economics-e22b6594e7f44dada4597c6b1ee0a2a4.jpg 150w, https://www.investopedia.com/thmb/2oi-XjUi-YcJHx5cYpAGxReWpng=/200x0/filters:no_upscale():max_bytes(150000):strip_icc()/Economics-e22b6594e7f44dada4597c6b1ee0a2a4.jpg 200w, https://www.investopedia.com/thmb/rcEC5OfVHD8diwFc6FQWgt-P6aw=/250x0/filters:no_upscale():max_bytes(150000):strip_icc()/Economics-e22b6594e7f44dada4597c6b1ee0a2a4.jpg 250w, https://www.investopedia.com/thmb/wpy0YeOmYsw6DvwBefExZQpJPKw=/302x0/filters:no_upscale():max_bytes(150000):strip_icc()/Economics-e22b6594e7f44dada4597c6b1ee0a2a4.jpg 302w" sizes="(min-width: 1280px) 300px, (min-width: 800px) calc(25vw - 1.25rem), (min-width: 640px) calc(33vw - 2rem), calc(50vw - 1.125rem)" alt="Econ" /> </noscript> </div> </div> <div class="card__content " data-tag="Fiscal Policy"> <div class="card__header"></div> <span class="card__title"><span class="card__title-text ">A Look at Fiscal and Monetary Policy</span></span> <div id="article-meta--simple_4-0" class="comp article-meta--simple mntl-block" data-tracking-container="true"><div id="byline--simple_4-0" class="comp byline--simple mntl-block"><div id="byline--simple__pre-author-text_4-0" class="comp byline--simple__pre-author-text mntl-text-block">By</div> <div id="byline--simple__author_4-0" class="comp byline--simple__author mntl-text-block">Michael Schmidt</div></div> <div id="displayed-date_4-0" class="comp displayed-date"> <span class="displayed-date__date-text">Updated</span> <span class="displayed-date__date">Oct 27, 2021</span> </div></div> </div> </a> <a id="mntl-card-list-items_5-0" class="comp mntl-card-list-items mntl-document-card mntl-card card card--no-image" data-doc-id="4228563" data-tax-levels href="https://www.investopedia.com/ask/answers/012715/who-sets-fiscal-policy-president-or-congress.asp" data-ordinal="5" data-cta="Read Now ▸"> <div class="loc card__top"><div class="card__media mntl-image card__media universal-image__container"> <img data-src="https://www.investopedia.com/thmb/4dSOr9W5k8gxUoNt2g07x504xck=/800x533/filters:no_upscale():max_bytes(150000):strip_icc()/congress_government-5bfc2f45c9e77c0026310b98.jpg" width="800" height="533" data-srcset="https://www.investopedia.com/thmb/ToBKREdiJjK5lXyBv8jGJ71Fi3E=/150x0/filters:no_upscale():max_bytes(150000):strip_icc()/congress_government-5bfc2f45c9e77c0026310b98.jpg 150w, https://www.investopedia.com/thmb/3oLlf_NtFTPsS6153oMKrF6CcM8=/200x0/filters:no_upscale():max_bytes(150000):strip_icc()/congress_government-5bfc2f45c9e77c0026310b98.jpg 200w, https://www.investopedia.com/thmb/S-qoYOXfNThwCsupHBZrl6Mfh7M=/250x0/filters:no_upscale():max_bytes(150000):strip_icc()/congress_government-5bfc2f45c9e77c0026310b98.jpg 250w, https://www.investopedia.com/thmb/gjqpYI9UzE6hNeUlCfIbfofGExA=/302x0/filters:no_upscale():max_bytes(150000):strip_icc()/congress_government-5bfc2f45c9e77c0026310b98.jpg 302w" data-sizes="(min-width: 1280px) 300px, (min-width: 800px) calc(25vw - 1.25rem), (min-width: 640px) calc(33vw - 2rem), calc(50vw - 1.125rem)" class="lazyload card__img card__img universal-image__image" data-expand="300" /> <noscript> <img src="https://www.investopedia.com/thmb/4dSOr9W5k8gxUoNt2g07x504xck=/800x533/filters:no_upscale():max_bytes(150000):strip_icc()/congress_government-5bfc2f45c9e77c0026310b98.jpg" width="800" height="533" class="img--noscript card__img card__img universal-image__image" srcset="https://www.investopedia.com/thmb/ToBKREdiJjK5lXyBv8jGJ71Fi3E=/150x0/filters:no_upscale():max_bytes(150000):strip_icc()/congress_government-5bfc2f45c9e77c0026310b98.jpg 150w, https://www.investopedia.com/thmb/3oLlf_NtFTPsS6153oMKrF6CcM8=/200x0/filters:no_upscale():max_bytes(150000):strip_icc()/congress_government-5bfc2f45c9e77c0026310b98.jpg 200w, https://www.investopedia.com/thmb/S-qoYOXfNThwCsupHBZrl6Mfh7M=/250x0/filters:no_upscale():max_bytes(150000):strip_icc()/congress_government-5bfc2f45c9e77c0026310b98.jpg 250w, https://www.investopedia.com/thmb/gjqpYI9UzE6hNeUlCfIbfofGExA=/302x0/filters:no_upscale():max_bytes(150000):strip_icc()/congress_government-5bfc2f45c9e77c0026310b98.jpg 302w" sizes="(min-width: 1280px) 300px, (min-width: 800px) calc(25vw - 1.25rem), (min-width: 640px) calc(33vw - 2rem), calc(50vw - 1.125rem)" /> </noscript> </div> </div> <div class="card__content " data-tag="Fiscal Policy"> <div class="card__header"></div> <span class="card__title"><span class="card__title-text ">Who Sets Fiscal Policy—the President or Congress?</span></span> <div id="article-meta--simple_5-0" class="comp article-meta--simple mntl-block" data-tracking-container="true"><div id="byline--simple_5-0" class="comp byline--simple mntl-block"><div id="byline--simple__pre-author-text_5-0" class="comp byline--simple__pre-author-text mntl-text-block">By</div> <div id="byline--simple__author_5-0" class="comp byline--simple__author mntl-text-block">Sean Ross</div></div> <div id="displayed-date_5-0" class="comp displayed-date"> <span class="displayed-date__date-text">Updated</span> <span class="displayed-date__date">Apr 23, 2024</span> </div></div> </div> </a></div> <div id="leaderboard2_1-0" class="comp leaderboard2 leaderboard--lazy leaderboard mm-ads-flexible-leaderboard mm-ads-flexible-ad mm-ads-gpt-adunit has-right-label visible-overflow js-lazy-ad gpt leaderboard dynamic"> <div id="leaderboard-flex-2" class="wrapper" data-timed-refresh="30000" data-type="leaderboard" data-pos="btf1" data-priority="3" data-sizes="[[728, 90], [970,90], [970, 250]]" data-rtb="true" data-wait-for-third-party="false" data-targeting="{}"></div> </div></div> <div id="mntl-sc-block_3-0" class="comp mntl-sc-block mntl-sc-block-faq mntl-block"><span class="heading-toc" id="toc-frequently-asked-questions-03773c01-2657-4c61-bf6c-1bd50fe3d847"></span> <div id="mntl-sc-block-faq__title_1-0" class="comp mntl-sc-block-faq__title mntl-text-block">Frequently Asked Questions</div> <ul id="mntl-sc-block-faq__content_1-0" class="comp mntl-sc-block-faq__content mntl-accordion js-accordion"> <li class="accordion__item js-accordion-item " data-ordinal="1"> <div tabindex="0" class="accordion__header js-accordion-trigger" id="mntl-accordion__item_1-0-section-0"> <svg class="icon icon-arrow-down accordion__icon" > <use xmlns:xlink="http://www.w3.org/1999/xlink" xlink:href="#icon-arrow-down" href="#icon-arrow-down"></use> </svg> <span class="accordion__title">Can state and local governments in the US run fiscal deficits?</span> </div> <div class="accordion__body"> <div id="mntl-accordion__content_1-0" class="comp mntl-accordion__content"> <div class="faq-accordion__item-answer"> <p>There is nothing inherent preventing state and local governments from running deficits in the same way that national governments do. However, almost all U.S. State constitutions have balanced budget amendments, which legally prevent those specific states from doing so.</p> </div> <div class="faq-accordion__feature-link"> <span>Learn More</span> <span class="loc feature-link"><a href="https://www.investopedia.com/ask/answers/012015/can-state-and-local-governments-us-run-fiscal-deficits.asp" rel="nocaes" class="accordion-content__feature-link mntl-text-link " id="accordion-content__feature-link_1-0" data-tracking-container="true" ><span class="link__wrapper">Can State and Local Governments in the US Run Fiscal Deficits?</span></a> </span> </div> </div> </div> </li> <li class="accordion__item js-accordion-item " data-ordinal="2"> <div tabindex="0" class="accordion__header js-accordion-trigger" id="mntl-accordion__item_2-0-section-1"> <svg class="icon icon-arrow-down accordion__icon" > <use xmlns:xlink="http://www.w3.org/1999/xlink" xlink:href="#icon-arrow-down" href="#icon-arrow-down"></use> </svg> <span class="accordion__title">How does contractionary fiscal policy lead to the opposite of the crowding-out effect?</span> </div> <div class="accordion__body"> <div id="mntl-accordion__content_2-0" class="comp mntl-accordion__content"> <div class="faq-accordion__item-answer"> <p>Contractionary fiscal policy can decrease the crowding-out effect by increasing the amount of credit available to other borrowers because less lending is going to the government to finance its debt.</p> </div> <div class="faq-accordion__feature-link"> <span>Learn More</span> <span class="loc feature-link"><a href="https://www.investopedia.com/ask/answers/041015/how-does-contractionary-fiscal-policy-lead-opposite-crowding-out-effect.asp" rel="nocaes" class="accordion-content__feature-link mntl-text-link " id="accordion-content__feature-link_2-0" data-tracking-container="true" ><span class="link__wrapper">How Does Contractionary Fiscal Policy Lead to the Opposite of the Crowding-out Effect?</span></a> </span> </div> </div> </div> </li> <li class="accordion__item js-accordion-item " data-ordinal="3"> <div tabindex="0" class="accordion__header js-accordion-trigger" id="mntl-accordion__item_3-0-section-2"> <svg class="icon icon-arrow-down accordion__icon" > <use xmlns:xlink="http://www.w3.org/1999/xlink" xlink:href="#icon-arrow-down" href="#icon-arrow-down"></use> </svg> <span class="accordion__title">Can U.S. states declare bankruptcy?</span> </div> <div class="accordion__body"> <div id="mntl-accordion__content_3-0" class="comp mntl-accordion__content"> <div class="faq-accordion__item-answer"> <p>No, States cannot declare bankruptcy as it is not permitted by U.S. bankruptcy law. In addition, the U.S. Supreme Court decided in 1977 that Article 1, Section 10 of the U.S. forbids them from doing so.</p> </div> <div class="faq-accordion__feature-link"> <span>Learn More</span> <span class="loc feature-link"><a href="https://www.investopedia.com/can-u-s-states-declare-bankruptcy-4843140" rel="nocaes" class="accordion-content__feature-link mntl-text-link " id="accordion-content__feature-link_3-0" data-tracking-container="true" ><span class="link__wrapper">Can U.S. States Declare Bankruptcy?</span></a> </span> </div> </div> </div> </li> <li class="accordion__item js-accordion-item " data-ordinal="4"> <div tabindex="0" class="accordion__header js-accordion-trigger" id="mntl-accordion__item_4-0-section-3"> <svg class="icon icon-arrow-down accordion__icon" > <use xmlns:xlink="http://www.w3.org/1999/xlink" xlink:href="#icon-arrow-down" href="#icon-arrow-down"></use> </svg> <span class="accordion__title">What is the role of deficit spending in fiscal policy?</span> </div> <div class="accordion__body"> <div id="mntl-accordion__content_4-0" class="comp mntl-accordion__content"> <div class="faq-accordion__item-answer"> <p>Deficits are a critical tool in fiscal policy, allowing extra spending over and above what the government collects in taxes. This allows governments to finance important initiatives such as infrastructure improvement, economic stimulus during economic downturns, and national defense in wartime.</p> </div> <div class="faq-accordion__feature-link"> <span>Learn More</span> <span class="loc feature-link"><a href="https://www.investopedia.com/ask/answers/012715/what-role-deficit-spending-fiscal-policy.asp" rel="nocaes" class="accordion-content__feature-link mntl-text-link " id="accordion-content__feature-link_4-0" data-tracking-container="true" ><span class="link__wrapper">What Is the Role of Deficit Spending in Fiscal Policy?</span></a> </span> </div> </div> </div> </li> </ul></div> <div id="mntl-sc-block_4-0" class="comp mntl-sc-block mntl-sc-block-keyterms mntl-block"><h3 id="mntl-sc-block-keyterms__title_1-0" class="comp mntl-sc-block-keyterms__title mntl-text-block">Key Terms</h3> <div id="mntl-sc-block-keyterms__nav_1-0" class="comp mntl-sc-block-keyterms__nav mntl-block" data-tracking-container="true"><button id="mntl-sc-block-keyterms__nav-item_1-0" class="comp mntl-sc-block-keyterms__nav-item mntl-button is-active" data-index="0"> Fiscal Policy </button> <button id="mntl-sc-block-keyterms__nav-item_2-0" class="comp mntl-sc-block-keyterms__nav-item mntl-button" data-index="1"> Subsidy </button> <button id="mntl-sc-block-keyterms__nav-item_3-0" class="comp mntl-sc-block-keyterms__nav-item mntl-button" data-index="2"> Financial System </button> <button id="mntl-sc-block-keyterms__nav-item_4-0" class="comp mntl-sc-block-keyterms__nav-item mntl-button" data-index="3"> Smoot-Hawley Tariff Act </button> <button id="mntl-sc-block-keyterms__nav-item_5-0" class="comp mntl-sc-block-keyterms__nav-item mntl-button" data-index="4"> Implementation Lag </button> <button id="mntl-sc-block-keyterms__nav-item_6-0" class="comp mntl-sc-block-keyterms__nav-item mntl-button" data-index="5"> Works Progress Administration (WPA) </button></div> <div id="mntl-sc-block-keyterms__carousel_1-0" class="comp mntl-sc-block-keyterms__carousel mntl-carousel--inline mntl-carousel mntl-carousel--inline mntl-carousel" data-use-placeholders="false" data-tracking-container="true" data-scroll-by-page="false" data-update-arrows-when-scrolling="false"> <div class="mntl-carousel__wrapper"> <div class="mntl-carousel__arrow mntl-carousel__arrow--left " data-click-tracked="true" role="button" aria-label="Present previous article"> <svg class="icon mntl-carousel__arrow-icon " > <use xmlns:xlink="http://www.w3.org/1999/xlink" xlink:href="#mntl-carousel__arrow-icon" href="#mntl-carousel__arrow-icon"></use> </svg> </div> <ul class="loc carousel-items mntl-carousel__items"><li id="mntl-carousel__item_1-0" class="comp mntl-carousel__item mntl-block is-active" data-ordinal="0" data-contain-tooltips="true"><div id="mntl-carousel__card_1-0" class="comp mntl-carousel__card mntl-block carousel-card"><div id="carousel-card__title_1-0" class="comp carousel-card__title mntl-text-block">Fiscal Policy</div> <div id="carousel-card__body_1-0" class="comp carousel-card__body mntl-text-block"><p>Fiscal policy refers to how governments collect and spend money. Fiscal policy is critical to how the government affects the economy at large.</p></div> <div id="carousel-card__link-wrapper_1-0" class="comp carousel-card__link-wrapper mntl-block"><a href="https://www.investopedia.com/terms/f/fiscalpolicy.asp" rel="nocaes" class="carousel-card__link mntl-text-link " id="carousel-card__link_1-0" data-tracking-container="true" ><span class="link__wrapper">Learn More</span></a></div></div></li> <li id="mntl-carousel__item_2-0" class="comp mntl-carousel__item mntl-block" data-ordinal="1" data-contain-tooltips="true"><div id="mntl-carousel__card_2-0" class="comp mntl-carousel__card mntl-block carousel-card"><div id="carousel-card__title_2-0" class="comp carousel-card__title mntl-text-block">Subsidy</div> <div id="carousel-card__body_2-0" class="comp carousel-card__body mntl-text-block"><p>A subsidy is money given to an individual or organization by the government. Government subsidies are often given to businesses to try to bolster sectors of the economy considered especially important.</p></div> <div id="carousel-card__link-wrapper_2-0" class="comp carousel-card__link-wrapper mntl-block"><a href="https://www.investopedia.com/terms/s/subsidy.asp" rel="nocaes" class="carousel-card__link mntl-text-link " id="carousel-card__link_2-0" data-tracking-container="true" ><span class="link__wrapper">Learn More</span></a></div></div></li> <li id="mntl-carousel__item_3-0" class="comp mntl-carousel__item mntl-block" data-ordinal="2" data-contain-tooltips="true"><div id="mntl-carousel__card_3-0" class="comp mntl-carousel__card mntl-block carousel-card"><div id="carousel-card__title_3-0" class="comp carousel-card__title mntl-text-block">Financial System</div> <div id="carousel-card__body_3-0" class="comp carousel-card__body mntl-text-block"><p>A financial system is a network of organizations that enable financial transactions. Financial systems are made up of, among other institutions, banks, insurance companies, and stock brokerages. While there is a global financial system, there are also many national and regional financial systems that interact with and overlap with each other and the world financial system.</p></div> <div id="carousel-card__link-wrapper_3-0" class="comp carousel-card__link-wrapper mntl-block"><a href="https://www.investopedia.com/terms/f/financial-system.asp" rel="nocaes" class="carousel-card__link mntl-text-link " id="carousel-card__link_3-0" data-tracking-container="true" ><span class="link__wrapper">Learn More</span></a></div></div></li> <li id="mntl-carousel__item_4-0" class="comp mntl-carousel__item mntl-block" data-ordinal="3" data-contain-tooltips="true"><div id="mntl-carousel__card_4-0" class="comp mntl-carousel__card mntl-block carousel-card"><div id="carousel-card__title_4-0" class="comp carousel-card__title mntl-text-block">Smoot-Hawley Tariff Act</div> <div id="carousel-card__body_4-0" class="comp carousel-card__body mntl-text-block"><p>The Smoot-Hawley Tariff Act, the colloquial name for the United States Tariff Act of 1930, raised U.S. tariffs on many goods by 20%. This tariff, passed after the onset of the Great Depression, provoked retaliatory tariffs from many other countries. This trade war likely resulted in economic damage, but the amount is disputed.</p></div> <div id="carousel-card__link-wrapper_4-0" class="comp carousel-card__link-wrapper mntl-block"><a href="https://www.investopedia.com/terms/s/smoot-hawley-tariff-act.asp" rel="nocaes" class="carousel-card__link mntl-text-link " id="carousel-card__link_4-0" data-tracking-container="true" ><span class="link__wrapper">Learn More</span></a></div></div></li> <li id="mntl-carousel__item_5-0" class="comp mntl-carousel__item mntl-block" data-ordinal="4" data-contain-tooltips="true"><div id="mntl-carousel__card_5-0" class="comp mntl-carousel__card mntl-block carousel-card"><div id="carousel-card__title_5-0" class="comp carousel-card__title mntl-text-block">Implementation Lag</div> <div id="carousel-card__body_5-0" class="comp carousel-card__body mntl-text-block"><p>Implementation lag refers to the length of time between when an economic event, like a recession, begins, and when government interventions to deal with it are put in place. As such, governments need to try and take this lag into account or their interventions may be tailored to situations that are now passed.</p></div> <div id="carousel-card__link-wrapper_5-0" class="comp carousel-card__link-wrapper mntl-block"><a href="https://www.investopedia.com/terms/i/implementation_lag.asp" rel="nocaes" class="carousel-card__link mntl-text-link " id="carousel-card__link_5-0" data-tracking-container="true" ><span class="link__wrapper">Learn More</span></a></div></div></li> <li id="mntl-carousel__item_6-0" class="comp mntl-carousel__item mntl-block" data-ordinal="5" data-contain-tooltips="true"><div id="mntl-carousel__card_6-0" class="comp mntl-carousel__card mntl-block carousel-card"><div id="carousel-card__title_6-0" class="comp carousel-card__title mntl-text-block">Works Progress Administration (WPA)</div> <div id="carousel-card__body_6-0" class="comp carousel-card__body mntl-text-block"><p>The works progress administration was a fiscal stimulus program created in 1935 as part of the New Deal to combat the Great Depression. It sought to lower the unemployment rate by directly hiring people to do various kinds of work, such as building infrastructure projects.</p></div> <div id="carousel-card__link-wrapper_6-0" class="comp carousel-card__link-wrapper mntl-block"><a href="https://www.investopedia.com/works-progress-administration-wpa-definition-5204419" rel="nocaes" class="carousel-card__link mntl-text-link " id="carousel-card__link_6-0" data-tracking-container="true" ><span class="link__wrapper">Learn More</span></a></div></div></li> </ul> <div class="mntl-carousel__arrow mntl-carousel__arrow--right " data-click-tracked="true" role="button" aria-label="Present next article"> <svg class="icon mntl-carousel__arrow-icon " > <use xmlns:xlink="http://www.w3.org/1999/xlink" xlink:href="#mntl-carousel__arrow-icon" href="#mntl-carousel__arrow-icon"></use> </svg> </div> </div> </div></div></div><div class="loc fixedContent"><div id="mntl-document-spotlight_1-0" class="comp mntl-document-spotlight mntl-document-card-list mntl-card-list mntl-block" data-chunk="36"><a id="mntl-card-list-items_6-0" class="comp mntl-card-list-items mntl-document-card mntl-card card card--no-image" data-doc-id="5218598" data-tax-levels href="https://www.investopedia.com/basel-iv-5218598" data-ordinal="1" data-cta="Read Now ▸"> <div class="loc card__top"><div class="card__media mntl-image card__media universal-image__container"> <div class="img-placeholder" style="padding-bottom:66.6%;"> <img data-src="https://www.investopedia.com/thmb/kBtSj62FEVBI_GWBjcV_Xx2k0cM=/800x533/filters:no_upscale():max_bytes(150000):strip_icc()/basel-iv-5218598-final-267a6cdeadb846bdaeb4a235a7aed9bf.png" width="800" height="533" data-srcset="https://www.investopedia.com/thmb/LOWIbIWd-swC48-q4sublTk6noY=/150x0/filters:no_upscale():max_bytes(150000):strip_icc()/basel-iv-5218598-final-267a6cdeadb846bdaeb4a235a7aed9bf.png 150w, https://www.investopedia.com/thmb/ymXfwS4UsvsMhuDltMAgSOlGZeU=/200x0/filters:no_upscale():max_bytes(150000):strip_icc()/basel-iv-5218598-final-267a6cdeadb846bdaeb4a235a7aed9bf.png 200w, https://www.investopedia.com/thmb/aFR-PytZlXJuKtJYgTeSTG1EZfM=/250x0/filters:no_upscale():max_bytes(150000):strip_icc()/basel-iv-5218598-final-267a6cdeadb846bdaeb4a235a7aed9bf.png 250w, https://www.investopedia.com/thmb/kYzuSasn0R1eSEsD7quNz0ULXck=/302x0/filters:no_upscale():max_bytes(150000):strip_icc()/basel-iv-5218598-final-267a6cdeadb846bdaeb4a235a7aed9bf.png 302w" data-sizes="(min-width: 1280px) 300px, (min-width: 800px) calc(25vw - 1.25rem), (min-width: 640px) calc(33vw - 2rem), calc(50vw - 1.125rem)" alt="Basel IV: A package of banking reforms developed in response to the 2008-09 financial crisis that began implementation on Jan. 1, 2023." class="lazyload card__img card__img universal-image__image" data-expand="300" /> <noscript> <img src="https://www.investopedia.com/thmb/kBtSj62FEVBI_GWBjcV_Xx2k0cM=/800x533/filters:no_upscale():max_bytes(150000):strip_icc()/basel-iv-5218598-final-267a6cdeadb846bdaeb4a235a7aed9bf.png" width="800" height="533" class="img--noscript card__img card__img universal-image__image" srcset="https://www.investopedia.com/thmb/LOWIbIWd-swC48-q4sublTk6noY=/150x0/filters:no_upscale():max_bytes(150000):strip_icc()/basel-iv-5218598-final-267a6cdeadb846bdaeb4a235a7aed9bf.png 150w, https://www.investopedia.com/thmb/ymXfwS4UsvsMhuDltMAgSOlGZeU=/200x0/filters:no_upscale():max_bytes(150000):strip_icc()/basel-iv-5218598-final-267a6cdeadb846bdaeb4a235a7aed9bf.png 200w, https://www.investopedia.com/thmb/aFR-PytZlXJuKtJYgTeSTG1EZfM=/250x0/filters:no_upscale():max_bytes(150000):strip_icc()/basel-iv-5218598-final-267a6cdeadb846bdaeb4a235a7aed9bf.png 250w, https://www.investopedia.com/thmb/kYzuSasn0R1eSEsD7quNz0ULXck=/302x0/filters:no_upscale():max_bytes(150000):strip_icc()/basel-iv-5218598-final-267a6cdeadb846bdaeb4a235a7aed9bf.png 302w" sizes="(min-width: 1280px) 300px, (min-width: 800px) calc(25vw - 1.25rem), (min-width: 640px) calc(33vw - 2rem), calc(50vw - 1.125rem)" alt="Basel IV: A package of banking reforms developed in response to the 2008-09 financial crisis that began implementation on Jan. 1, 2023." /> </noscript> </div> </div> </div> <div class="card__content " data-tag="Fiscal Policy"> <div class="card__header"></div> <span class="card__title"><span class="card__title-text ">What Basel IV Means for U.S. Banks </span></span> <div id="article-meta--simple_6-0" class="comp article-meta--simple mntl-block" data-tracking-container="true"><div id="byline--simple_6-0" class="comp byline--simple mntl-block"><div id="byline--simple__pre-author-text_6-0" class="comp byline--simple__pre-author-text mntl-text-block">By</div> <div id="byline--simple__author_6-0" class="comp byline--simple__author mntl-text-block">Greg Daugherty</div></div> <div id="displayed-date_6-0" class="comp displayed-date"> <span class="displayed-date__date-text">Updated</span> <span class="displayed-date__date">Mar 17, 2023</span> </div></div> </div> </a> <a id="mntl-card-list-items_7-0" class="comp mntl-card-list-items mntl-document-card mntl-card card card--no-image" data-doc-id="5204419" data-tax-levels href="https://www.investopedia.com/works-progress-administration-wpa-definition-5204419" data-ordinal="2" data-cta="Read Now ▸"> <div class="loc card__top"><div class="card__media mntl-image card__media universal-image__container"> <div class="img-placeholder" style="padding-bottom:66.6%;"> <img data-src="https://www.investopedia.com/thmb/yNTr1ps25uy2dJaXKCi0LywOcSM=/800x533/filters:no_upscale():max_bytes(150000):strip_icc()/wpa-5740da1c5f9b58723d7c2c13.jpg" width="800" height="533" data-srcset="https://www.investopedia.com/thmb/DPu6CR915Uzt5EOesXMs0Us5enU=/150x0/filters:no_upscale():max_bytes(150000):strip_icc()/wpa-5740da1c5f9b58723d7c2c13.jpg 150w, https://www.investopedia.com/thmb/dB8PEhd2z6GSewEFV0oRlwj0GL4=/200x0/filters:no_upscale():max_bytes(150000):strip_icc()/wpa-5740da1c5f9b58723d7c2c13.jpg 200w, https://www.investopedia.com/thmb/swsmuouyVfUe5KqtQVP9YtQSAOY=/250x0/filters:no_upscale():max_bytes(150000):strip_icc()/wpa-5740da1c5f9b58723d7c2c13.jpg 250w, https://www.investopedia.com/thmb/p3V-K0d2PJZk37O1Ry2h2q5UnYU=/302x0/filters:no_upscale():max_bytes(150000):strip_icc()/wpa-5740da1c5f9b58723d7c2c13.jpg 302w" data-sizes="(min-width: 1280px) 300px, (min-width: 800px) calc(25vw - 1.25rem), (min-width: 640px) calc(33vw - 2rem), calc(50vw - 1.125rem)" alt="A Works Progress Administration supervisor teaches a woman how to weave a rug." class="lazyload card__img card__img universal-image__image" data-expand="300" /> <noscript> <img src="https://www.investopedia.com/thmb/yNTr1ps25uy2dJaXKCi0LywOcSM=/800x533/filters:no_upscale():max_bytes(150000):strip_icc()/wpa-5740da1c5f9b58723d7c2c13.jpg" width="800" height="533" class="img--noscript card__img card__img universal-image__image" srcset="https://www.investopedia.com/thmb/DPu6CR915Uzt5EOesXMs0Us5enU=/150x0/filters:no_upscale():max_bytes(150000):strip_icc()/wpa-5740da1c5f9b58723d7c2c13.jpg 150w, https://www.investopedia.com/thmb/dB8PEhd2z6GSewEFV0oRlwj0GL4=/200x0/filters:no_upscale():max_bytes(150000):strip_icc()/wpa-5740da1c5f9b58723d7c2c13.jpg 200w, https://www.investopedia.com/thmb/swsmuouyVfUe5KqtQVP9YtQSAOY=/250x0/filters:no_upscale():max_bytes(150000):strip_icc()/wpa-5740da1c5f9b58723d7c2c13.jpg 250w, https://www.investopedia.com/thmb/p3V-K0d2PJZk37O1Ry2h2q5UnYU=/302x0/filters:no_upscale():max_bytes(150000):strip_icc()/wpa-5740da1c5f9b58723d7c2c13.jpg 302w" sizes="(min-width: 1280px) 300px, (min-width: 800px) calc(25vw - 1.25rem), (min-width: 640px) calc(33vw - 2rem), calc(50vw - 1.125rem)" alt="A Works Progress Administration supervisor teaches a woman how to weave a rug." /> </noscript> </div> </div> </div> <div class="card__content " data-tag="Fiscal Policy"> <div class="card__header"></div> <span class="card__title"><span class="card__title-text ">Works Progress Administration (WPA): What It Was and Jobs Created</span></span> <div id="article-meta--simple_7-0" class="comp article-meta--simple mntl-block" data-tracking-container="true"><div id="byline--simple_7-0" class="comp byline--simple mntl-block"><div id="byline--simple__pre-author-text_7-0" class="comp byline--simple__pre-author-text mntl-text-block">By</div> <div id="byline--simple__author_7-0" class="comp byline--simple__author mntl-text-block">Daniel Liberto</div></div> <div id="displayed-date_7-0" class="comp displayed-date"> <span class="displayed-date__date-text">Updated</span> <span class="displayed-date__date">Sep 09, 2024</span> </div></div> </div> </a> <a id="mntl-card-list-items_8-0" class="comp mntl-card-list-items mntl-document-card mntl-card card card--no-image" data-doc-id="5096158" data-tax-levels href="https://www.investopedia.com/who-is-rohit-chopra-5096158" data-ordinal="3" data-cta="Read Now ▸"> <div class="loc card__top"><div class="card__media mntl-image card__media universal-image__container"> <div class="img-placeholder" style="padding-bottom:66.6%;"> <img data-src="https://www.investopedia.com/thmb/ICfJRIlXyS9N9kSgaIJaUpxI5dM=/800x533/filters:no_upscale():max_bytes(150000):strip_icc()/who-is-rohit-chopra-5096158_final-e2de5ef2f6764291a1af2523f8f98cf2.png" width="800" height="533" data-srcset="https://www.investopedia.com/thmb/OdTRUzD2VlZrxJxjJUoJPGjb7YM=/150x0/filters:no_upscale():max_bytes(150000):strip_icc()/who-is-rohit-chopra-5096158_final-e2de5ef2f6764291a1af2523f8f98cf2.png 150w, https://www.investopedia.com/thmb/Y0r6RtMflZr2lEeMMF0oNmuxxhQ=/200x0/filters:no_upscale():max_bytes(150000):strip_icc()/who-is-rohit-chopra-5096158_final-e2de5ef2f6764291a1af2523f8f98cf2.png 200w, https://www.investopedia.com/thmb/7gzht7iVI_RpregxO4OSgfrjVSI=/250x0/filters:no_upscale():max_bytes(150000):strip_icc()/who-is-rohit-chopra-5096158_final-e2de5ef2f6764291a1af2523f8f98cf2.png 250w, https://www.investopedia.com/thmb/sntL7P7sW9uzDmc0qf2SWCJVofo=/302x0/filters:no_upscale():max_bytes(150000):strip_icc()/who-is-rohit-chopra-5096158_final-e2de5ef2f6764291a1af2523f8f98cf2.png 302w" data-sizes="(min-width: 1280px) 300px, (min-width: 800px) calc(25vw - 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