A resolution expressing the sense of the Senate that the historic definition of a recession is 2 negative quarters of gross domestic product growth.

Bill: 117-sres-724
Sponsor: full_name: Sen. Cruz, Ted [R-TX]
Introduced: 2022-07-27
Policy area: Finance and Financial Sector
Latest action: action_date: 2022-07-27
text: Referred to the Committee on Homeland Security and Governmental Affairs. (text: CR S3745)

Summaries:
action_date: 2022-07-27
action_desc: Introduced in Senate
text: <p>This resolution states that two consecutive quarters of negative growth in gross domestic product constitutes a recession.</p>

tv_txt: III 117th CONGRESS 2d Session S. RES. 724 IN THE SENATE OF THE UNITED STATES July 27, 2022 Mr. Cruz (for himself, Mr. Scott of South Carolina , and Ms. Lummis ) submitted the following resolution; which was referred to the Committee on Homeland Security and Governmental Affairs RESOLUTION Expressing the sense of the Senate that the historic definition of a recession is 2 negative quarters of gross domestic product growth.

Whereas, globally, the most commonly used and widely accepted definition of recession is 2 negative quarters of gross domestic product growth; Whereas most of the recessions in the United States identified by the National Bureau of Economic Research have consisted of 2 negative quarters of gross domestic product growth and in each of the last 10 instances in which there have been 2 or more such quarters, a recession was officially declared; Whereas use of the historic definition of a recession by the Federal Government has been important for purposes of economic study and analysis, historic comparisons, and policy making: Now, therefore, be it

That it is the sense of the Senate that the Federal Government should continue to use the historic definition of a recession.