Financial Focus: Congressional law vs Executive orders?
By Professor Anthony Rivieccio MBA PFA
Well, we knew that Congress has been at a stalemale— even way before this pandamic. Some would even say, even before Trump was President.
We have been living in a " divided" government for several years now. Democracy is supposed to allow the will of our people to speak. So what happens when too many people speak and have different opinions– to the point where nothing gets done?.
Enter Congressional COVID stalemale. This means nothing has gotten done. No help for unemployment insurance. No more help to small businesses. No help for State Governments. No help for eviction or stimulas assistance.
Enter Presidential" executive orders". What is that? An executive order is a signed, written, and published directive from the President of the United States that manages operations of the federal government. Executive Orders state mandatory requirements for the Executive Branch, and have the effect of law. They are issued in relation to a law passed by Congress or based on powers granted to the President in the Constitution and must be consistent with those authorities.
So, what is the difference between a Congressional law and an executive order?
An Executive Order is issued by the country's chief executive, the President.
Traditional Laws are voted on and passed by majority vote in the House of Representatives and the Senate. The “law” is then either signed by the President, or vetoed by him.
So, can an " executive order" create policy, like " health care"?.
Obamacare, was an Executive Order (13535 )announced by President Barack Obama on March 21, 2010, and signed on March 24.
Now can executive orders overrule State law?
By the time you read this we should find out! My belief is that the States will defer to the court system. And of course, it may go as high as the US Supreme Court.
And while I would not bench the ranch on the ruling- the Supreme Court have been tilted in the favor of The President.
What could be the saddest is that while "2020" and the problems therein have our County at it's brink- our Congressional leaders, who are supposed to create the law would rather allow it's citizens to be put in limbo.
And with the struggles our citizenry had been going through in 2020, limbo, is an understatement.
Professor Anthony Rivieccio, MBA PFA, is the founder and CEO of The Financial Advisors Group, celebrating its 24th year as a fee-only financial planning firm specializing in solving one’s financial problems. Mr. Rivieccio, a recognized financial expert since 1986, has been featured by many national and local media including: Kiplinger’s Personal Finance, The New York Post, News 12 The Bronx, Bloomberg News Radio, BronxNet Television, the Norwood News, The West Side Manhattan Gazette, Labor Press Magazine, Financial Planning Magazine, WINS 1010 Radio, The Co-Op City News, The Bronx News, thisisthebronX.info, The Parkchester Times and The Bronx Chronicle. Mr. Rivieccio also pens a financial article called “Money Talk”. Anthony is also currently an Adjunct Professor of Business, Finance & Accounting for both, City University of New York & Monroe College, a Private University. You can reach Anthony at 347.575.5045.