The economic collapse had far reaching consequences. As banks imploded, the housing market crashed, and millions of Americans were faced with unemployment, congress began to draw up measures to help America recover. The result was the American Recovery and Reinvestment Act, passed by congress on February 13 of 2009 and signed by President Obama a mere four days thereafter. While the overall scope of the American Recovery and Reinvestment Act is very broad, at its core are three basic goals. The creation of new jobs and retention of existing ones, to spur economic growth, and to increase the levels of transparency and accountability that have been missing from government spending for far too long.