Economy Act
The Economy Act of 1933, officially titled the Act of March 20, 1933 (ch. 3, Pub.L. 73-2, 48 Stat. 8, enacted March 20, 1933; 38 U.S.C. § 701), is an Act of Congress that cut the salaries of federal workers and reduced benefit payments to veterans, moves intended to reduce the federal deficit in the United States.
The Economy Act of 1933 is different from the Economy Act of 1932. The Economy Act of 1932 was signed in the final days of the Hoover administration in February 1933. This sometimes leads to confusion between the two pieces of legislation. The Hoover-sponsored bill established the purchasing authority of the federal government and remains in force as of 2009.
Read more about Economy Act: Enactment, Provisions and Impact
Famous quotes containing the words economy and/or act:
“The counting-room maxims liberally expounded are laws of the Universe. The merchant’s economy is a coarse symbol of the soul’s economy. It is, to spend for power, and not for pleasure.”
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