Who controls money House or Senate?
Article I, Section 7, of the Constitution provides that all bills for raising revenue shall originate in the House of Representatives but that the Senate may propose, or concur with, amendments. By tradition, general appropriation bills also originate in the House of Representatives.
The Senate has exceptionally high authority, sometimes higher than the President or the House of Representatives. The Senate can try cases of impeachment, which can dismiss a President for misconduct.
The House and Senate create their own budget resolutions, which must be negotiated and merged. Both houses must pass a single version of each funding bill. Congress sends the approved funding bills to the president to sign or veto.
In the federal government of the United States, the power of the purse is vested in the Congress as laid down in the Constitution of the United States, Article I, Section 9, Clause 7 (the Appropriations Clause) and Article I, Section 8, Clause 1 (the Taxing and Spending Clause).
After a measure passes in the House, it goes to the Senate for consideration. This includes consideration by a Senate committee or subcommittee, similar to the path of a bill in the House. A bill must pass both bodies in the same form before it can be presented to the President for signature into law.
The Federal Reserve System manages the money supply in three ways: Reserve ratios. Banks are required to maintain a certain proportion of their deposits as a "reserve" against potential withdrawals. By varying this amount, called the reserve ratio, the Fed controls the quantity of money in circulation.
In order to pass legislation and send it to the President for his or her signature, both the House and the Senate must pass the same bill by majority vote. If the President vetoes a bill, they may override his veto by passing the bill again in each chamber with at least two-thirds of each body voting in favor.
Under the Constitution, the House of Representatives has the power to impeach a government official, in effect serving as prosecutor. The Senate has the sole power to conduct impeachment trials, essentially serving as jury and judge.
In most sessions, the speaker of the House takes precedence as house leader and party leader, with the majority leader being irrelevant and largely powerless outside the fact they might be speaker of the House one day.
So, Congress passed the 1974 Act, which established the House and Senate Budget Committees with the mandate of publicly presenting and adopting a Congressional budget to manage the nation's finances and establish a concrete fiscal vision.
What four things can the President do to a bill?
- Sign and pass the bill—the bill becomes a law.
- Refuse to sign, or veto, the bill—the bill is sent back to the U.S. House of Representatives, along with the President's reasons for the veto. ...
- Do nothing (pocket veto)—if Congress is in session, the bill automatically becomes law after 10 days.
If Congress is unable to pass appropriations bills that are then signed into law by the President by March 1st at 11:59pm, the government will begin to shut down. The most recent CR created a two-tiered deadline for a government shutdown.
The legislative branch is made up of the House and Senate, known collectively as the Congress. Among other powers, the legislative branch makes all laws, declares war, regulates interstate and foreign commerce and controls taxing and spending policies.
Article I, Section 7, of the Constitution provides that all bills for raising revenue shall originate in the House of Representatives but that the Senate may propose, or concur with, amendments. By tradition, general appropriation bills also originate in the House of Representatives.
The Constitution grants Congress the sole power to declare war. Congress has declared war on 11 occasions, including its first declaration of war with Great Britain in 1812.
Under the doctrine, the speaker will not allow a floor vote on a bill unless a majority of the majority party supports the bill. Dennis Hastert explicitly adopted the majority of the majority rule after becoming Speaker of the House. Under House rules, the speaker schedules floor votes on pending legislation.
The Senate has 100 members and is the upper house of the United States Congress. It is called the upper house because it has fewer members than the House of Representatives and has powers not granted to the House, such as giving approval to appointments of Cabinet secretaries and federal judges.
The president can approve the bill and sign it into law. Or the president can refuse to approve a bill. This is called a veto. If the president chooses to veto a bill, in most cases Congress can vote to override that veto and the bill becomes a law.
The Fed controls the supply of money by increas- ing or decreasing the monetary base. The monetary base is related to the size of the Fed's balance sheet; specifically, it is currency in circulation plus the deposit balances that depository institutions hold with the Federal Reserve.
The Federal Reserve System is the central bank of the United States. Referred to as the Fed, it is arguably the most influential economic institution in the world.
Who runs the money system?
The U.S. central banking system—the Federal Reserve, or the Fed—is the most powerful economic institution in the United States, perhaps the world. Its core responsibilities include setting interest rates, managing the money supply, and regulating financial markets.
First, a representative sponsors a bill. The bill is then assigned to a committee for study. If released by the committee, the bill is put on a calendar to be voted on, debated or amended. If the bill passes by simple majority (218 of 435), the bill moves to the Senate.
If a Senate bill is amended by the Assembly, or vice versa, and the house of origin refuses to concur in those amendments, the bill will go to a conference committee. If the house of origin does concur, the bill goes to the Governor.
A PRESIDENT CANNOT . . .
make laws. declare war. decide how federal money will be spent.
The House has several powers assigned exclusively to it, including the power to initiate revenue bills, impeach federal officials, and elect the President in the case of an electoral college tie.
