117 SRES 724 IS: Expressing the sense of the Senate that the historic definition of a recession is 2 negative quarters of gross domestic product growth. U.S. Senate 2022-07-27 text/xml EN Pursuant to Title 17 Section 105 of the United States Code, this file is not subject to copyright protection and is in the public domain.

III117th CONGRESS2d SessionS. RES. 724IN THE SENATE OF THE UNITED STATESJuly 27, 2022Mr. 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 AffairsRESOLUTIONExpressing 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.