United States Code
The Code of Laws of the United States of America is the official compilation and codification of the general and permanent federal statutes of the United States. It contains 53 titles; the main edition is published every six years by the Office of the Law Revision Counsel of the House of Representatives, cumulative supplements are published annually. The official version of those laws not codified in the United States Code can be found in United States Statutes at Large; the official text of an Act of Congress is that of the "enrolled bill" presented to the President for his signature or disapproval. Upon enactment of a law, the original bill is delivered to the Office of the Federal Register within the National Archives and Records Administration. After authorization from the OFR, copies are distributed as "slip laws" by the Government Printing Office; the Archivist assembles annual volumes of the enacted laws and publishes them as the United States Statutes at Large. By law, the text of the Statutes at Large is "legal evidence" of the laws enacted by Congress.
Slip laws are competent evidence. The Statutes at Large, however, is not a convenient tool for legal research, it is arranged in chronological order so that statutes addressing related topics may be scattered across many volumes. Statutes repeal or amend earlier laws, extensive cross-referencing is required to determine what laws are in force at any given time; the United States Code is the result of an effort to make finding relevant and effective statutes simpler by reorganizing them by subject matter, eliminating expired and amended sections. The Code is maintained by the Office of the Law Revision Counsel of the U. S. House of Representatives; the LRC determines which statutes in the United States Statutes at Large should be codified, which existing statutes are affected by amendments or repeals, or have expired by their own terms. The LRC updates the Code accordingly; because of this codification approach, a single named statute may or may not appear in a single place in the Code. Complex legislation bundles a series of provisions together as a means of addressing a social or governmental problem.
For example, an Act providing relief for family farms might affect items in Title 7, Title 26, Title 43. When the Act is codified, its various provisions might well be placed in different parts of those various Titles. Traces of this process are found in the Notes accompanying the "lead section" associated with the popular name, in cross-reference tables that identify Code sections corresponding to particular Acts of Congress; the individual sections of a statute are incorporated into the Code as enacted. Though authorized by statute, these changes do not constitute positive law; the authority for the material in the United States Code comes from its enactment through the legislative process and not from its presentation in the Code. For example, the United States Code omitted 12 U. S. C. § 92 for decades because it was thought to have been repealed. In its 1993 ruling in U. S. National Bank of Oregon v. Independent Insurance Agents of America, the Supreme Court ruled that § 92 was still valid law.
By law, those titles of the United States Code that have not been enacted into positive law are "prima facie evidence" of the law in effect. The United States Statutes at Large remains the ultimate authority. If a dispute arises as to the accuracy or completeness of the codification of an unenacted title, the courts will turn to the language in the United States Statutes at Large. In case of a conflict between the text of the Statutes at Large and the text of a provision of the United States Code that has not been enacted as positive law, the text of the Statutes at Large takes precedence. In contrast, if Congress enacts a particular title of the Code into positive law, the enactment repeals all of the previous Acts of Congress from which that title of the Code derives; this process makes that title of the United States Code "legal evidence" of the law in force. Where a title has been enacted into positive law, a court may neither permit nor require proof of the underlying original Acts of Congress.
The distinction between enacted and unenacted titles is academic because the Code is nearly always accurate. The United States Code is cited by the Supreme Court and other federal courts without mentioning this theoretical caveat. On a day-to-day basis few lawyers cross-reference the Code to the Statutes at Large. Attempting to capitalize on the possibility that the text of the United States Code can differ from the United States Statutes at Large, Bancroft-Whitney for many years published a series of volumes known as United States Code Service, which used the actual text of the United States Statutes at Large. Only "general and permanent" laws are codified in the United States Code. If these limited provisions are significant, they may be printed as "notes" underneath related sectio
Franklin D. Roosevelt
Franklin Delano Roosevelt referred to by his initials FDR, was an American statesman and political leader who served as the 32nd president of the United States from 1933 until his death in 1945. A Democrat, he won a record four presidential elections and became a central figure in world events during the first half of the 20th century. Roosevelt directed the federal government during most of the Great Depression, implementing his New Deal domestic agenda in response to the worst economic crisis in U. S. history. As a dominant leader of his party, he built the New Deal Coalition, which realigned American politics into the Fifth Party System and defined American liberalism throughout the middle third of the 20th century, his third and fourth terms were dominated by World War II. Roosevelt is considered to be one of the most important figures in American history, as well as among the most influential figures of the 20th century. Though he has been subject to much criticism, he is rated by scholars as one of the three greatest U.
S. presidents, along with George Washington and Abraham Lincoln. Roosevelt was born in Hyde Park, New York, to a Dutch American family made well known by Theodore Roosevelt, the 26th president of the United States and William Henry Aspinwall. FDR attended Groton School, Harvard College, Columbia Law School, went on to practice law in New York City. In 1905, he married his fifth cousin once removed, Eleanor Roosevelt, they had six children. He won election to the New York State Senate in 1910, served as Assistant Secretary of the Navy under President Woodrow Wilson during World War I. Roosevelt was James M. Cox's running mate on the Democratic Party's 1920 national ticket, but Cox was defeated by Warren G. Harding. In 1921, Roosevelt contracted a paralytic illness, believed at the time to be polio, his legs became permanently paralyzed. While attempting to recover from his condition, Roosevelt founded the treatment center in Warm Springs, for people with poliomyelitis. In spite of being unable to walk unaided, Roosevelt returned to public office by winning election as Governor of New York in 1928.
He was in office from 1929 to 1933 and served as a reform Governor, promoting programs to combat the economic crisis besetting the United States at the time. In the 1932 presidential election, Roosevelt defeated Republican President Herbert Hoover in a landslide. Roosevelt took office while the United States was in the midst of the Great Depression, the worst economic crisis in the country's history. During the first 100 days of the 73rd United States Congress, Roosevelt spearheaded unprecedented federal legislation and issued a profusion of executive orders that instituted the New Deal—a variety of programs designed to produce relief and reform, he created numerous programs to provide relief to the unemployed and farmers while seeking economic recovery with the National Recovery Administration and other programs. He instituted major regulatory reforms related to finance and labor, presided over the end of Prohibition, he harnessed radio to speak directly to the American people, giving 30 "fireside chat" radio addresses during his presidency and becoming the first American president to be televised.
The economy having improved from 1933 to 1936, Roosevelt won a landslide reelection in 1936. However, the economy relapsed into a deep recession in 1937 and 1938. After the 1936 election, Roosevelt sought passage of the Judiciary Reorganization Bill of 1937, which would have expanded the size of the Supreme Court of the United States; the bipartisan Conservative Coalition that formed in 1937 prevented passage of the bill and blocked the implementation of further New Deal programs and reforms. Major surviving programs and legislation implemented under Roosevelt include the Securities and Exchange Commission, the National Labor Relations Act, the Federal Deposit Insurance Corporation, Social Security. Roosevelt ran for reelection in 1940, his victory made him the only U. S. President to serve for more than two terms. With World War II looming after 1938, Roosevelt gave strong diplomatic and financial support to China as well as the United Kingdom and the Soviet Union while the U. S. remained neutral.
Following the Japanese attack on Pearl Harbor on December 7, 1941, an event he famously called "a date which will live in infamy", Roosevelt obtained a declaration of war on Japan the next day, a few days on Germany and Italy. Assisted by his top aide Harry Hopkins and with strong national support, he worked with British Prime Minister Winston Churchill, Soviet leader Joseph Stalin and Chinese Generalissimo Chiang Kai-shek in leading the Allied Powers against the Axis Powers. Roosevelt supervised the mobilization of the U. S. economy to support the war effort and implemented a Europe first strategy, making the defeat of Germany a priority over that of Japan. He initiated the development of the world's first atomic bomb and worked with the other Allied leaders to lay the groundwork for the United Nations and other post-war institutions. Roosevelt won reelection in 1944 but with his physical health declining during the war years, he died in April 1945, just 11 weeks into his fourth term; the Axis Powers surrendered to the Allies in the months following Roosevelt's death, during the presidency of Roosevelt's successor, Harry S. Truman.
Franklin Delano Roosevelt was born on January 30, 1882, in the Hudson Valley town of Hyde Park, New York, to businessman James Roosevelt I and his second wife, Sara Ann Delano. Roosevelt's parents, who were sixth cousins, both came from wealthy old New York families, the Roosevelts, the Aspinwalls and the Delanos, respectively. Roo
The Sarbanes-Oxley Act of 2002 known as the "Public Company Accounting Reform and Investor Protection Act" and "Corporate and Auditing Accountability and Transparency Act" and more called Sarbanes–Oxley, Sarbox or SOX, is a United States federal law that set new or expanded requirements for all U. S. public company boards and public accounting firms. A number of provisions of the Act apply to held companies, such as the willful destruction of evidence to impede a federal investigation; the bill, which contains eleven sections, was enacted as a reaction to a number of major corporate and accounting scandals, including Enron and WorldCom. The sections of the bill cover responsibilities of a public corporation's board of directors, add criminal penalties for certain misconduct, require the Securities and Exchange Commission to create regulations to define how public corporations are to comply with the law. In 2002, Sarbanes-Oxley was named after bill sponsors U. S. Senator Paul Sarbanes and U. S.
Representative Michael G. Oxley; as a result of SOX, top management must individually certify the accuracy of financial information. In addition, penalties for fraudulent financial activity are much more severe. SOX increased the oversight role of boards of directors and the independence of the outside auditors who review the accuracy of corporate financial statements; the bill, which contains eleven sections, was enacted as a reaction to a number of major corporate and accounting scandals, including those affecting Enron, Tyco International, Peregrine Systems, WorldCom. These scandals cost investors billions of dollars when the share prices of affected companies collapsed, shook public confidence in the US securities markets; the act contains eleven titles, or sections, ranging from additional corporate board responsibilities to criminal penalties, requires the Securities and Exchange Commission to implement rulings on requirements to comply with the law. Harvey Pitt, the 26th chairman of the SEC, led the SEC in the adoption of dozens of rules to implement the Sarbanes-Oxley Act.
It created a new, quasi-public agency, the Public Company Accounting Oversight Board, or PCAOB, charged with overseeing, regulating and disciplining accounting firms in their roles as auditors of public companies. The act covers issues such as auditor independence, corporate governance, internal control assessment, enhanced financial disclosure; the nonprofit arm of Financial Executives International, Financial Executives Research Foundation, completed extensive research studies to help support the foundations of the act. The act was approved in the House by a vote of 423 in favor, 3 opposed, 8 abstaining and in the Senate with a vote of 99 in favor and 1 abstaining. President George W. Bush signed it into law, stating it included "the most far-reaching reforms of American business practices since the time of Franklin D. Roosevelt; the era of low standards and false profits is over. In response to the perception that stricter financial governance laws are needed, SOX-type regulations were subsequently enacted in Canada, South Africa, Australia, Japan, Italy and Turkey.
Debates continued as of 2007 over the perceived benefits and costs of SOX. Opponents of the bill have claimed it has reduced America's international competitive edge against foreign financial service providers because it has introduced an overly complex regulatory environment into US financial markets. A study commissioned by NYC Mayor Michael Bloomberg and US Sen. Chuck Schumer, cited this as one reason America's financial sector is losing market share to other financial centers worldwide. Proponents of the measure said that SOX has been a "godsend" for improving the confidence of fund managers and other investors with regard to the veracity of corporate financial statements; the 10th anniversary of SOX coincided with the passing of the Jumpstart Our Business Startups Act, designed to give emerging companies an economic boost, cutting back on a number of regulatory requirements. Public Company Accounting Oversight Board Title I consists of nine sections and establishes the Public Company Accounting Oversight Board, to provide independent oversight of public accounting firms providing audit services.
It creates a central oversight board tasked with registering auditors, defining the specific processes and procedures for compliance audits and policing conduct and quality control, enforcing compliance with the specific mandates of SOX. Auditor Independence Title II consists of nine sections and establishes standards for external auditor independence, to limit conflicts of interest, it addresses new auditor approval requirements, audit partner rotation, auditor reporting requirements. It restricts auditing companies from providing non-audit services for the same clients. Corporate Responsibility Title III consists of eight sections and mandates that senior executives take individual responsibility for the accuracy and completeness of corporate financial reports, it defines the interaction of external auditors and corporate audit committees, specifies the responsibility of corporate officers for the accuracy and validity of corporate financial reports. It enumerates specific limits on the behaviors of corporate officers and describes specific forfeitures of benefits and civil penalties for non-compliance.
For example, Section 302 requires that the company's "
73rd United States Congress
The seventy-third United States Congress was a meeting of the legislative branch of the United States federal government, composed of the United States Senate and the United States House of Representatives. It met in Washington, D. C. from March 4, 1933, to January 3, 1935, during the first two years of Franklin D. Roosevelt's presidency; because of the newly ratified 20th Amendment, the duration of this Congress, along with the term of office of those elected to it, was shortened by the interval between January 3 and March 4, 1935. The apportionment of seats in the House of Representatives was based on the Fifteenth Census of the United States in 1930. Both chambers had a Democratic majority. March 4, 1933: Franklin D. Roosevelt became President of the United States January 3, 1934: The second session of 73rd Congress convened as mandated by the Twentieth Amendment to the United States Constitution, ratified one year earlier August 19, 1934: House Speaker Henry Thomas Rainey died of a heart attack.
The House had completed its work for this Congress and had adjourned. No Speaker was elected until the next Congress; the first session of Congress, known as the "Hundred Days", took place before the regular seating and was called by President Roosevelt to pass two acts: March 9, 1933: The Emergency Banking Act was enacted within four hours of its introduction. It was prompted by the "bank holiday" and was the first step in Roosevelt's "first hundred days" of the New Deal; the Act was drafted in large part by officials appointed by the Hoover administration. The bill provided for the Treasury Department to initiate reserve requirements and a federal bailout to large failing institutions, it removed the United States from the Gold Standard. All banks had to undergo a federal inspection to deem. Within a week 1/3 of the banks re-opened in the United States and faith was, in large part, restored in the banking system; the act had few opponents, only taking fire from the farthest left elements of Congress who wanted to nationalize banks altogether.
March 10, 1933: The Economy Act of 1933. Roosevelt, in sending this act to Congress, warned that if it did not pass, the country faced a billion dollar deficit; the act balanced the federal budget by cutting the salaries of government employees and cutting pensions to veterans by as much as 15 percent. It intended to reassure the deficit hawks. Although the act was protested by left-leaning members of congress, it passed by an overwhelming margin; the session passed several other major pieces of legislation: March 31, 1933: The Civilian Conservation Corps Reforestation Relief Act established the Civilian Conservation Corps as a means to combat unemployment and poverty. May 12, 1933: The Agricultural Adjustment Act was part of a plan developed by Roosevelt's Secretary of Agriculture, Henry A. Wallace, was designed to protect American farmers from the uncertainties of the depression through subsidies and production controls; the act laid the frame for long-term government control in the planning of the agricultural sector.
In 1936 the act was ruled unconstitutional by the United States Supreme Court because it taxed one group to pay for another. May 12, 1933: The Federal Emergency Relief Act established the Federal Emergency Relief Administration which develop public works projects to give work to the unemployed. May 18, 1933: The Tennessee Valley Authority Act created the Tennessee Valley Authority to relieve the Tennessee Valley by a series of public works projects. June 5, 1933: The Securities Act of 1933 established the Securities Exchange Commission as a way for the government to prevent a repeat of the Stock Market Crash of 1929. June 12, 1933: The Glass–Steagall Act of 1933 was a follow up to the Glass–Steagall Act of 1932. Both acts sought to make banking less prone to speculation; the 1933 act, established the Federal Deposit Insurance Corporation. June 16, 1933: The National Industrial Recovery Act was an anti-deflation scheme promoted by the Chamber of Commerce that reversed anti-trust laws and permit trade associations to cooperate in stabilizing prices within their industries while making businesses ensure that the incomes of workers would rise along with their prices.
It guaranteed to workers of the right of collective bargaining and helped spur major union organizing drives in major industries. In case consumer buying power lagged behind, thereby defeating the administration's initiatives, the NIRA created the Public Works Administration, a major program of public works spending designed to alleviate unemployment, moreover to transfer funds to certain beneficiaries; the NIRA established the most important, but least successful provision: a new federal agency known as the National Recovery Administration, which attempted to stabilize prices and wages through cooperative "code authorities" involving government and labor. The NIRA was seen hailed as a miracle, responding to the needs of labor, business and the deflation crisis; the "sick chicken case" led to the Supreme Court invalidating NIRA in 1935. March 24, 1934: The Tydings–McDuffie Act provided for self-government for the Commonwealth of the Philippines and a pathway to independence. June 6, 1934: The Securities Exchange Act of 1934 grew out of the Securities Act of 1933 and regulated participation in financial markets.
June 6, 1934: The National Firearms Act of 1934 regulated m
In business, economics or investment, market liquidity is a market's feature whereby an individual or firm can purchase or sell an asset without causing a drastic change in the asset's price. Liquidity is about how big the trade-off is between the speed of the sale and the price it can be sold for. In a liquid market, the trade-off is mild: selling will not reduce the price much. In a illiquid market, selling it will require cutting its price by some amount. Liquidity can be measured either based on trade volume relative to shares outstanding or based on the bid-ask spread or transactions costs of trading. Money, or cash, is the most liquid asset, because it can be "sold" for goods and services with no loss of value. There is no wait for a suitable buyer of the cash. There is no trade-off between value, it can be used to perform economic actions like buying, selling, or paying debt, meeting immediate wants and needs. If an asset is moderately liquid, it has moderate liquidity. In an alternative definition, liquidity can mean the amount of cash equivalents.
If a business has moderate liquidity, it has a moderate amount of liquid assets. If a business has sufficient liquidity, it has a sufficient amount of liquid assets and the ability to meet its payment obligations. An act of exchanging a less liquid asset for a more liquid asset is called liquidation. Liquidation is trading the less liquid asset for cash known as selling it. An asset's liquidity can change. For the same asset, its liquidity can change through time or between different markets, such as in different countries; the change in the asset's liquidity is just based on the market liquidity for the asset at the particular time or in the particular country, etc. The liquidity of a product can be measured as how it is bought and sold. Liquidity can be enhanced through share repurchases. Liquidity is defined formally in many accounting regimes and has in recent years been more defined. For instance, the US Federal Reserve intends to apply quantitative liquidity requirements based on Basel III liquidity rules as of fiscal 2012.
Bank directors will be required to know of, approve, major liquidity risks personally. Other rules require diversifying counterparty risk and portfolio stress testing against extreme scenarios, which tend to identify unusual market liquidity conditions and avoid investments that are vulnerable to sudden liquidity shifts. A liquid asset has some or all of the following features: It can be sold with minimal loss of value, anytime within market hours; the essential characteristic of a liquid market is that there are always ready and willing buyers and sellers. It is similar to, but distinct from, market depth, which relates to the trade-off between quantity being sold and the price it can be sold for, rather than the liquidity trade-off between speed of sale and the price it can be sold for. A market may be considered both deep and liquid if there are ready and willing buyers and sellers in large quantities. An illiquid asset is an asset, not salable due to uncertainty about its value or the lack of a market in which it is traded.
The mortgage-related assets which resulted in the subprime mortgage crisis are examples of illiquid assets, as their value was not determinable despite being secured by real property. Before the crisis, they had moderate liquidity because it was believed that their value was known. Speculators and market makers are key contributors to the liquidity of a asset. Speculators are individuals or institutions that seek to profit from anticipated increases or decreases in a particular market price. Market makers seek to profit by charging for the immediacy of execution: either implicitly by earning a bid/ask spread or explicitly by charging execution commissions. By doing this, they provide; the risk of illiquidity does not apply only to individual investments: whole portfolios are subject to market risk. Financial institutions and asset managers that oversee portfolios are subject to what is called "structural" and "contingent" liquidity risk. Structural liquidity risk, sometimes called funding liquidity risk, is the risk associated with funding asset portfolios in the normal course of business.
Contingent liquidity risk is the risk associated with finding additional funds or replacing maturing liabilities under potential, future stressed market conditions. When a central bank tries to influence the liquidity of money, this process is known as open market operations; the market liquidity of assets affects expected returns. Theory and empirical evidence suggests that investors require higher return on assets with lower market liquidity to compensate them for the higher cost of trading these assets; that is, for an asset with given cash flow, the higher its market liquidity, the higher its price and the lower is its expected return. In addition, risk-averse investors require higher expected return if the asset's market-liquidity risk is greater; this risk involves the exposure of the asset return to shocks in overall market liquidity, the exposure of the asset own liquidity to shocks in market liquidity and the effect of market return on the asset's own liquidity. Here too, the higher the liquidity risk, the higher the expected return on the asset or the lower is its price.
One example of this is a comparison of assets without a liquid secondary market. The liquidity discount is the reduced promised yield or expected a return for such assets, like the difference between newly issued U. S. Treasury bonds compared to off
The stock of a corporation is all of the shares into which ownership of the corporation is divided. In American English, the shares are known as "stocks." A single share of the stock represents fractional ownership of the corporation in proportion to the total number of shares. This entitles the stockholder to that fraction of the company's earnings, proceeds from liquidation of assets, or voting power dividing these up in proportion to the amount of money each stockholder has invested. Not all stock is equal, as certain classes of stock may be issued for example without voting rights, with enhanced voting rights, or with a certain priority to receive profits or liquidation proceeds before or after other classes of shareholders. Stock can be bought and sold or on stock exchanges, such transactions are heavily regulated by governments to prevent fraud, protect investors, benefit the larger economy; as new shares are issued by a company, the ownership and rights of existing shareholders are diluted in return for cash to sustain or grow the business.
Companies can buy back stock, which lets investors recoup the initial investment plus capital gains from subsequent rises in stock price. Stock options, issued by many companies as part of employee compensation, do not represent ownership, but represent the right to buy ownership at a future time at a specified price; this would represent a windfall to the employees if the option is exercised when the market price is higher than the promised price, since if they sold the stock they would keep the difference. A person who owns a specific percentage of the share has the ownership of the corporation proportional to his share; the shares together form stock. The stock of a corporation is partitioned into shares, the total of which are stated at the time of business formation. Additional shares may subsequently be authorized by the existing shareholders and issued by the company. In some jurisdictions, each share of stock has a certain declared par value, a nominal accounting value used to represent the equity on the balance sheet of the corporation.
In other jurisdictions, shares of stock may be issued without associated par value. Shares represent a fraction of ownership in a business. A business may declare different types of shares, each having distinctive ownership rules, privileges, or share values. Ownership of shares may be documented by issuance of a stock certificate. A stock certificate is a legal document that specifies the number of shares owned by the shareholder, other specifics of the shares, such as the par value, if any, or the class of the shares. In the United Kingdom, Republic of Ireland, South Africa, Australia, stock can refer to different financial instruments such as government bonds or, less to all kinds of marketable securities. Stock takes the form of shares of either common stock or preferred stock; as a unit of ownership, common stock carries voting rights that can be exercised in corporate decisions. Preferred stock differs from common stock in that it does not carry voting rights but is entitled to receive a certain level of dividend payments before any dividends can be issued to other shareholders.
Convertible preferred stock is preferred stock that includes an option for the holder to convert the preferred shares into a fixed number of common shares any time after a predetermined date. Shares of such stock are called "convertible preferred shares". New equity issue may have specific legal clauses attached that differentiate them from previous issues of the issuer; some shares of common stock may be issued without the typical voting rights, for instance, or some shares may have special rights unique to them and issued only to certain parties. New issues that have not been registered with a securities governing body may be restricted from resale for certain periods of time. Preferred stock may be hybrid by having the qualities of bonds of fixed returns and common stock voting rights, they have preference in the payment of dividends over common stock and have been given preference at the time of liquidation over common stock. They have other features of accumulation in dividend. In addition, preferred stock comes with a letter designation at the end of the security.
B, whereas Class "A" shares of ORION DHC, Inc will sell under ticker OODHA until the company drops the "A" creating ticker OODH for its "Common" shares only designation. This extra letter does not mean that any exclusive rights exist for the shareholders but it does let investors know that the shares are considered for such, these rights or privileges may change based on the decisions made by the underlying company. "Rule 144 Stock" is an American term given to shares of stock subject to SEC Rule 144: Selling Restricted and Control Securities. Under Rule 144, restricted and controlled securities are acquired in unregistered form. Investors either purchase or take ownership of these securities through private sales from the issuing company or from an affiliate of the issuer. Investors wishing to sell these securities are subject to different rules than those selling traditional common or preferred stock; these individuals will only be allowed to liquidate their securities after meeting the specific conditions set forth by SEC Rule 144.
Act of Congress
An Act of Congress is a statute enacted by the United States Congress. It can either be a Public Law, relating to the general public, or a Private Law, relating to specific institutions or individuals; the term can be used in other countries with a legislature named "Congress", such as the Congress of the Philippines. In the United States, Acts of Congress are designated as either public laws, relating to the general public, or private laws, relating to specific institutions or individuals. Since 1957, all Acts of Congress have been designated as "Public Law X-Y" or "Private Law X-Y", where X is the number of the Congress and Y refers to the sequential order of the bill. For example, P. L. 111-5 was the fifth enacted public law of the 111th United States Congress. Public laws are often abbreviated as Pub. L. No. X-Y; when the legislation of those two kinds is proposed, it is called public bill and private bill respectively. The word "act", as used in the term "Act of Congress", is a common, not a proper noun.
The capitalization of the word "act" is deprecated by some dictionaries and usage authorities. Some writers, in particular the U. S. Code, capitalize "Act"; this is a result of the more liberal use of capital letters in legal contexts, which has its roots in the 18th century capitalization of all nouns as is seen in the United States Constitution. "Act of Congress" is sometimes used in informal speech to indicate something for which getting permission is burdensome. For example, "It takes an Act of Congress to get a building permit in this town." An Act adopted by simple majorities in both houses of Congress is promulgated, or given the force of law, in one of the following ways: Signature by the President of the United States, Inaction by the President after ten days from reception while the Congress is in session, or Reconsideration by the Congress after a presidential veto during its session. The President promulgates Acts of Congress made by the first two methods. If an Act is made by the third method, the presiding officer of the house that last reconsidered the act promulgates it.
Under the United States Constitution, if the President does not return a bill or resolution to Congress with objections before the time limit expires the bill automatically becomes an Act. In addition, if the President rejects a bill or resolution while the Congress is in session, a two-thirds vote of both houses of the Congress is needed for reconsideration to be successful. Promulgation in the sense of publishing and proclaiming the law is accomplished by the President, or the relevant presiding officer in the case of an overridden veto, delivering the act to the Archivist of the United States. After the Archivist receives the Act, he or she provides for its publication as a slip law and in the United States Statutes at Large. Thereafter, the changes are published in the United States Code. An Act of Congress that violates the Constitution may be declared unconstitutional by the courts; the judicial declaration of an Act's unconstitutionality does not remove the law from the statute books.
However, future publications of the Act are annotated with warnings indicating that the statute is no longer valid law. Legislation List of United States federal legislation for a list of prominent acts of Congress. Procedures of the United States Congress Act of Parliament Coming into force Enactment Federal Register http://bensguide.gpo.gov/6-8/glossary.html