A loan is a type of debt. Like all debt instruments, a loan entails the redistribution of financial assets over time, between the lender and the borrower.

In a loan, the borrower initially receives or borrows an amount of money, called the principal, from the lender, and is obligated to pay back or repay an equal amount of money to the lender at a later time. Typically, the money is paid back in regular installments, or partial repayments; in an annuity, each installment is the same amount.

The loan is generally provided at a cost, referred to as interest on the debt, which provides an incentive for the lender to engage in the loan. In a legal loan, each of these obligations and restrictions is enforced by contract, which can also place the borrower under additional restrictions known as loan covenants. Although this article focuses on monetary loans, in practice any material object might be lent.

Acting as a provider of loans is one of the principal tasks for financial institutions. For other institutions, issuing of debt contracts such as bonds is a typical source of funding.

Types of loans[link]

Secured[link]

A secured loan is a loan in which the borrower pledges some asset (e.g. a car or property) as collateral.

A mortgage loan is a very common type of debt instrument, used by many individuals to purchase housing. In this arrangement, the money is used to purchase the property. The financial institution, however, is given security — a lien on the title to the house — until the mortgage is paid off in full. If the borrower defaults on the loan, the bank would have the legal right to repossess the house and sell it, to recover sums owing to it.

In some instances, a loan taken out to purchase a new or used car may be secured by the car, in much the same way as a mortgage is secured by housing. The duration of the loan period is considerably shorter — often corresponding to the useful life of the car. There are two types of auto loans, direct and indirect. A direct auto loan is where a bank gives the loan directly to a consumer. An indirect auto loan is where a car dealership acts as an intermediary between the bank or financial institution and the consumer.

Unsecured[link]

Unsecured loans are monetary loans that are not secured against the borrower's assets. These may be available from financial institutions under many different guises or marketing packages:

• credit card debt
• personal loans
• bank overdrafts
• credit facilities or lines of credit
• corporate bonds (may be secured or unsecured)

The interest rates applicable to these different forms may vary depending on the lender and the borrower. These may or may not be regulated by law. In the United Kingdom, when applied to individuals, these may come under the Consumer Credit Act 1974.

Interest rates on unsecured loans are nearly always higher than for secured loans, because an unsecured lender's options for recourse against the borrower in the event of default are severely limited. An unsecured lender must sue the borrower, obtain a money judgment for breach of contract, and then pursue execution of the judgment against the borrower's unencumbered assets (that is, the ones not already pledged to secured lenders). In insolvency proceedings, secured lenders traditionally have priority over unsecured lenders when a court divides up the borrower's assets. Thus, a higher interest rate reflects the additional risk that in the event of insolvency, the debt may be uncollectible.

Demand[link]

Demand loans are short term loans ^[1] that are atypical in that they do not have fixed dates for repayment and carry a floating interest rate which varies according to the prime rate. They can be "called" for repayment by the lending institution at any time. Demand loans may be unsecured or secured.

[edit] Subsidized

A subsidized loan is a loan on which the interest is reduced by an explicit or hidden subsidy. In the context of college loans in the United States, it refers to a loan on which no interest is accrued while a student remains enrolled in education.^[2] Otherwise, it may refer to a loan on which an artificially low rate of interest (or none at all) is charged to the borrower.

An unsubsidized loan is a loan that gains interest at a market rate from the date of disbursement.

Target markets[link]

Personal or commercial[link]

Loans can also be subcategorized according to whether the debtor is an individual person (consumer) or a business. Common personal loans include mortgage loans, car loans, home equity lines of credit, credit cards, installment loans and payday loans. The credit score of the borrower is a major component in and underwriting and interest rates (APR) of these loans. The monthly payments of personal loans can be decreased by selecting longer payment terms, but overall interest paid increases as well. For car loans in the U.S., the average term was about 60 months in 2009.^[3]

Loans to businesses are similar to the above, but also include commercial mortgages and corporate bonds. Underwriting is not based upon credit score but rather credit rating.

Loan payment[link]

The most typical loan payment type is the fully amortizing payment in which each monthly rate has the same value over time.^[4]

The fixed monthly payment P for a loan of L for n months and a monthly interest rate c is: ^[5]

Failed to parse (Missing texvc executable; please see math/README to configure.): P = L \cdot \frac{c\,(1 + c)^n}{(1 + c)^n - 1}

Abuses in lending[link]

Predatory lending is one form of abuse in the granting of loans. It usually involves granting a loan in order to put the borrower in a position that one can gain advantage over him or her. Where the moneylender is not authorized, they could be considered a loan shark.

Usury is a different form of abuse, where the lender charges excessive interest. In different time periods and cultures the acceptable interest rate has varied, from no interest at all to unlimited interest rates. Credit card companies in some countries have been accused by consumer organisations of lending at usurious interest rates and making money out of frivolous "extra charges".^[6]

Abuses can also take place in the form of the customer abusing the lender by not repaying the loan or with an intent to defraud the lender.

United States taxes[link]

This section needs additional citations for verification. Please help improve this article by adding citations to reliable sources. Unsourced material may be challenged and removed. (February 2012)

Most of the basic rules governing how loans are handled for tax purposes in the United States are codified by both Congress (the Internal Revenue Code) and the Treasury Department (Treasury Regulations — another set of rules that interpret the Internal Revenue Code).^[7] Yet such rules are universally accepted.^[8]

1. A loan is not gross income to the borrower.^[9] Since the borrower has the obligation to repay the loan, the borrower has no accession to wealth.^[10]

2. The lender may not deduct (from own gross income) the amount of the loan.^[11] The rationale here is that one asset (the cash) has been converted into a different asset (a promise of repayment).^[12] Deductions are not typically available when an outlay serves to create a new or different asset.^[13]

3. The amount paid to satisfy the loan obligation is not deductible (from own gross income) by the borrower.^[14]

4. Repayment of the loan is not gross income to the lender.^[15] In effect, the promise of repayment is converted back to cash, with no accession to wealth by the lender.^[16]

5. Interest paid to the lender is included in the lender’s gross income.^[17] Interest paid represents compensation for the use of the lender’s money or property and thus represents profit or an accession to wealth to the lender.^[18] Interest income can be attributed to lenders even if the lender doesn’t charge a minimum amount of interest.^[19]

6. Interest paid to the lender may be deductible by the borrower.^[20] In general, interest paid in connection with the borrower’s business activity is deductible, while interest paid on personal loans are not deductible.^[21] The major exception here is interest paid on a home mortgage.^[22]

Income from discharge of indebtedness[link]

Although a loan does not start out as income to the borrower, it becomes income to the borrower if the borrower is discharged of indebtedness. ^[23] Thus, if a debt is discharged, then the borrower essentially has received income equal to the amount of the indebtedness. The Internal Revenue Code lists “Income from Discharge of Indebtedness” in Section 61(a)(12) as a source of gross income.

Example: X owes Y $50,000. If Y discharges the indebtedness, then X no longer owes Y $50,000. For purposes of calculating income, this should be treated the same way as if Y gave X $50,000.

For a more detailed description of the “discharge of indebtedness”, look at Section 108 (Cancellation of Debt (COD) Income) of the Internal Revenue Code.^[24]

See also[link]

• Finance, Personal finance, Settlement (finance)
• Debt, Consumer debt, Debt consolidation, Government debt
• Bank, Fractional-reserve banking, Building society
• Annual percentage rate (a.k.a. Effective annual rate)
• Default (finance)
• Interest-only loan, Negative amortization, PIK loan
• Leveraged loan
• Loan guarantee
• Loan sale
• Payday loan
• Refund Anticipation Loan
• Student loan
• Syndicated loan
• Title loan
• Legal financing

US specific:

• FAFSA
• Federal student loan consolidation
• Federal Perkins Loan
• George D. Sax and the Exchange National Bank of Chicago - Innovation of instant loans
• Stafford loan
• Student loan default

References[link]

Jimmy Fallon
Jimmy Fallon, 2010
Birth name	James Thomas Fallon, Jr.
Born	(1974-09-19) September 19, 1974 (age 37) Brooklyn, New York, U.S.
Medium	Stand-up, music, television, film
Nationality	American
Years active	1990–present
Genres	Satire/political satire/news satire, observational comedy, musical comedy, surreal humor, awkward
Subject(s)	American culture, American politics, pop culture, current events, mass media/news media
Influences	Dana Carvey, Robin Williams
Spouse	Nancy Juvonen (2007–present)
Notable works and roles	Saturday Night Live Late Night with Jimmy Fallon (host, 2009–present)

James Thomas "Jimmy" Fallon, Jr. (born September 19, 1974) is an American actor, comedian, singer, musician and television host. He currently hosts Late Night with Jimmy Fallon, a late-night talk show that airs Monday through Friday on NBC. Prior to that he appeared in several films, and was best known as a cast member on Saturday Night Live from 1998–2004.

Early life[link]

James Thomas Fallon, Jr., was born in Brooklyn, New York. Jimmy is the son of Gloria and James Fallon, Sr.,^[1] who is a Vietnam War veteran.^[2] His family later settled in Saugerties, New York, while his father worked at IBM in nearby Kingston, New York. He is of Irish descent.^[3] As a child, he and his older sister, Gloria, would reenact the “clean parts” of Saturday Night Live that his parents had taped for him.^[4] Fallon was such a fan of Saturday Night Live that he made a weekly event of watching it in his dormitory during college. In his teens, he impressed his parents with different impersonations, the first being of James Cagney.^[5][6] He was also musically inclined, and started playing guitar at age 13. He would go on to mix comedy and music in contests and shows.^[6]

Education[link]

Fallon attended St. Mary of the Snow, a Roman Catholic parochial school, and Saugerties High School, from which he graduated in 1992. He attended The College of Saint Rose in Albany, New York. He was a Computer Science major, but switched to Communications in his senior year, dropping out a semester shy of a degree.^[7][8] "I was a Computer Science major. I got out once it got really hard. I made it up to C++. Then I couldn't do the math – it got really confusing. I switched to Communications, which is a ridiculous major – let's be honest," he recalls.^[9] On May 9, 2009, Fallon received a B.A. in Communications and^[10] an honorary doctorate degree from The College of Saint Rose after presenting college officials with his portfolio, which satisfied all requisites for his degree.^[7] In addition to receiving a BA, Fallon spoke at the school's 86th commencement. That night, on Saturday Night Live, he held up his diploma during the closing of the show. Additionally, he showed excerpts from the ceremony on his late night show May 11, 2009.

Career[link]

Stand-up[link]

Fallon gives credit to troll dolls for his big break. He was given a troll doll with a graduation cap in his senior year of high school. His mother heard about an impression contest at Bananas Comedy Club in Poughkeepsie, NY. Fallon came up with a stand-up routine that was a commercial for troll dolls. He would impersonate various celebrities auditioning to be the spokesperson. He won the contest and after college he began to do stand-up tours across the country. When he was in Los Angeles, he took improv classes with The Groundlings.^[5]

Early work[link]

Fallon appeared in the feature film The Scheme (originally entitled The Entrepreneurs). His one line in Father's Day was cut but he can still be seen in the background. In 1998 Fallon appeared briefly on the show Spin City in the second season as a man selling photographs. By late 1998, Fallon was studying at the Groundlings Theater in Los Angeles, making $7.50 a set at The Improv Theater, when he was summoned to New York to audition for the long-running late night sketch comedy show, Saturday Night Live. Fallon did his impersonations of Jerry Seinfeld,^[11] French Stewart, Pat O'Brien, Chris Rock, Hilary Swank, Gilbert Gottfried, Enrique Iglesias, Adam Sandler, Jeff Foxworthy, Eddie Murphy, Larry the Cable Guy, many of which drew laughter from producer Lorne Michaels, which is generally unheard of. Fallon also did musical impersonations of Bono of U2, Adam Duritz of Counting Crows, Alanis Morissette, and Robert Smith of The Cure.^[4]

[edit] Saturday Night Live

Fallon's impersonations helped land him on Saturday Night Live as a featured player in the 1998–1999 season,^[12] and he was promoted to full cast member in the summer of 1999.^[4] Among his signature bits were his song parodies, which he performed when Colin Quinn was doing Update and continued to showcase on special occasions after he had replaced him. He became co-anchor of Weekend Update with Tina Fey with the October 7, 2000 season premiere.^[13] Fallon left SNL in 2004 and began pursuing a film career.

Fallon returned to SNL, hosting the December 17, 2011 episode, having made several cameos in episodes in the years since his departure.^[14]

Recurring characters[link]

• Dave, a young man in the Will Ferrell/Rachel Dratch recurring sketch, "The Lovers", often used as a pawn in Roger and Virginia's matchmaking.
• Jarret (from Jarret's Room), a stoner who hosts his own Internet webcam show.
• Jeffrey's clerk, one of the clerks (the other being a male host for the show) of an upscale department store.
• Joey Mack, an obnoxious radio DJ who mocks his celebrity guests.
• Kip Bloder, brother to Chris Parnell's Wade Bloder.
• The Leather Man, an intense man who owns a shop filled with leather clothes.
• Nick Burns, a sarcastic tech support representative who helps office workers with computer problems (and is almost always exposed as not knowing as much as he should by one of the workers). He frequently used the catchphrase "Moooooove!" when ousting people from their desk so he could fix the problem.
• Pat Sullivan, nicknamed "Sully", one of the Boston Teens, boyfriend of Rachel Dratch's Denise character.
• Patrick Fitzwilliam, a surly Irishman who hosts a show called Top O' The Morning with his friend, William Fitzpatrick (played by Seth Meyers)
• Randy Goldman, from "Wake Up Wakefield", Megan's (Maya Rudolph) crush who does not know she exists.
• Rodney "The Zipper" Calzoun, the MC at the Rialto Grande
• Señor Guadalupe Ramirez, one of the guitar players on the recurring sketch, "The 'How Do You Say, Ah, Yes' Show"
• Wade, one of the members of the boy band 7 Degrees Celsius
• Barry Gibb, in the skit called "The Barry Gibb Talk Show", he hosts along with his brother Robin Gibb (played by Justin Timberlake).
• Carson Daly, whom he impersonated with the catch phrase "I am a massive tool."^[15]
• Pat O'Brien, who "doesn't breathe through his nose ever!"

[edit] Late Night with Jimmy Fallon

Fallon succeeded fellow Saturday Night Live alumnus Conan O'Brien as the host of NBC's Late Night after O'Brien left the show to prepare to take over The Tonight Show from Jay Leno in 2009.^[16] The deal for the long-expected succession was confirmed April 24, 2008, with an official announcement made on May 12, 2008 at NBC's upfront presentation.^[17][18] The official press conference was released on Hulu.com.^[19]

The show, titled Late Night with Jimmy Fallon, first aired on March 2, 2009 with guests Robert De Niro, Justin Timberlake, Nick Carter, and musical guest Van Morrison. Guests on the show's first week included Tina Fey, Jon Bon Jovi, Cameron Diaz, Donald Trump, and Drew Barrymore.

"Late Night with Jimmy Fallon" sometimes features parodies by Fallon impersonating various musicians, and he has been praised for his ability to pull off spot-on impressions. Fallon often changes the lyrics to honour a recent event in popular culture and videos of these performances tend to go viral. In one segment, on May 26, 2011, Fallon impersonated Neil Young, singing along with guests Graham Nash and David Crosby, of Crosby, Stills, Nash & Young. Recent victims include Fallon making parodies of Eddie Vedder and Pearl Jam performing "Jeremy (Lin)" in light of the hysteria surrounding New York Knicks shocking standout Jeremy Lin, the Doors singing the theme song to the PBS children's show "Reading Rainbow", Neil Young's version of the "Fresh Prince of Bel Air" theme song, and David Bowie's "Space Oddity" with inspiration by Denver Broncos quarterback Tim Tebow. First appearing in January 2012, and dubbing himself as "Tebowie", Fallon's impersonation of the famously-religious quarterback went viral. Due to overwhelmingly positive acclaim from the public, Fallon revived the act on March 20, 2012 after the Denver Broncos acquired superstar and future hall of fame quarterback Peyton Manning, and revealed their intentions to trade Tebow. Fallon continues to do impersonations, in some of the show's comedy segments, especially impersonations of famous singers.

To celebrate the second anniversary on March 2, 2011, Ben & Jerry's launched a personalized "Late Night Snack" ice cream. This was immediately parodied on The Colbert Report the next day and the two show hosts engaged in a brief ice cream personality war. Colbert used numerous "fecal matter" jokes to describe the flavor of the ice cream named after Jimmy Fallon.^[20]

On November 21, 2011 U.S. Representative Michele Bachmann, who was active in the Republican Presidential Primaries at the time, appeared as a guest on Late Night with Jimmy Fallon. As she walked onto the stage, the band played a funk song titled "Lyin' Ass Bitch," without any lyrics. Hours earlier, the band's drummer Questlove had sent a tweet about the song choice: “late night walkon song devotees: you love it when we snark: this next one takes the cake. ask around cause i aint tweeting title.” After a prominent Democratic Congress woman complained, Fallon made a general apology by tweet.^[21] Fallon began his tweet with the words: "I'm honored that @michelebachmann was on our show yesterday and I'm so sorry about the intro mess."^[22] Fallon also used his Twitter account to tease his Roots bandleader Ahmir "Questlove" Thompson that he was "grounded".^[22]

Fallon in April 2007

Fallon has appeared in Taxi, Anything Else, Almost Famous, Fever Pitch, Band of Brothers, Doogal, Factory Girl and Whip It. He occasionally does stand up comedy at the Comedy Club in New York City and has also performed at the House of Blues in Boston, Massachusetts on occasions.

In 2002, Fallon released the comedy album The Bathroom Wall. In a mixed review, Rolling Stone praised the album's songs, calling the album the "second-best Prince parody ever, after Beck's 'Debra'." However the magazine panned the album's comedy routines, ultimately giving it two-out-of-five stars.^[23] The album was nominated for a Grammy in 2003 for Best Spoken Comedy Album. Fallon co-hosted the 2001 MTV Movie Awards with Kirsten Dunst on June 7, 2001.^[24] Fallon has played Neo in Sex and the Matrix, a comedic two-in-one parody of Sex and the City and The Matrix.^[25] He hosted the 2002 MTV Video Music Awards alone that year.^[26] His opening number included parodies of videos by Eminem, Avril Lavigne, Nelly, The White Stripes, Dave Matthews and Enrique Iglesias.

Also in 2002, Fallon appeared in The Rutles 2: Can't Buy Me Lunch as the son of Melvin Hall, and constantly pesters his father, often stealing his mike, claiming that the film is "his documentary."^[27]

Fallon also hosted the 2005 MTV Movie Awards and played Anakin Skywalker in comedic parody of Star Wars Episode III: Revenge of the Sith's Mustafar scene, in which Anakin and Padme have their last conversation. Fallon was named one of People magazine's 50 Most Beautiful People in 2002, an honor Fallon found embarrassing.^[28]

Following the Boston Red Sox's World Series clinching game over the St. Louis Cardinals in 2004, Fallon ran onto the field at Busch Stadium with Drew Barrymore to film a scene for their movie Fever Pitch.

In 2006, Fallon starred in "Spontaneous Combustion", a Traktor-directed Pepsi television commercial with actress Parker Posey. In the ad, Fallon and Posey can be seen dancing and jumping around to the song Streamline by Newton. In October of that year, Fallon appeared on stage in The Secret Policeman's Ball, a charity gig filmed to raise awareness of Amnesty International at the Royal Albert Hall. Fallon made three appearances during the show, the first in a sketch in which he performed impressions of people such as David Bowie, Jerry Seinfeld and David Blaine in order to get past a doorman (Shaun Williamson) who claims Fallon is not on the list. The doorman finally recognizes him for his role in Taxi, but still will not let him in. He later masqueraded as Russell Brand before being led off by Williamson, and made one final appearance in a cameo role as the front of a pantomime horse in the Al Murray "pub landlord" routine. He also provided the voice of Dylan in Doogal.

In 2007, Fallon wrote the song "Car Wash for Peace" and donated all proceeds to charity. He performed the song on The Tonight Show with Jay Leno and The View and dedicated a MySpace page to the cause. Around the same time, a video circulated on various Internet sites called lonelyfallon32, in which Fallon parodied YouTube celebrity Jessica Rose (a.k.a. lonelygirl15) and later performed the song.

Fallon, along with his sister Gloria, wrote I Hate This Place: The Pessimist's Guide to Life for TV Books in 1999. A second book is anticipated but has not yet been released, to be titled "I Hate This Place 2: Tokyo Drift."^[4] Fallon has also written a children's book, illustrated by Adam Stower, entitled Snowball Fight.

Fallon also appeared on Diggnation's 185th show.^[29]

On May 4, 2010, NBC announced that Fallon would host the 62nd Primetime Emmy Awards.^[30] With Fallon as host, viewership of the 2010 Emmy Awards increased by over 200,000 viewers from the year before.^[31]

On April 24, 2012, Jimmy Fallon filmed his live show in Chapel Hill, NC on the campus of the University of North Carolina. His guest was President Barack Obama, who spoke primarily about Congress potentially doubling the interest rates of student loans. His musical guest was Dave Matthews.

Personal life[link]

Fallon married Nancy Juvonen on December 22, 2007.^[32] Juvonen and Drew Barrymore own the production company Flower Films.

On February 22, 2011, Fallon was on The Dr. Oz Show. He had a mole removed from his left hand in front of a live studio audience by visiting cosmetic surgeon Arthur Perry.^[33][34]

Television[link]

• Saturday Night Live (1998–2004)
• Spin City (1998)
• Band of Brothers as 2nd Lt. George C. Rice in "Crossroads"(2001)
• 30 Rock (2009)
• Late Night with Jimmy Fallon (2009–present)
• The Electric Company (2009)
• Family Guy (2009)
• Saturday Night Live (December 17, 2011)
• Silent Library (2011)
• 30 Rock (2012) - Young Jack
• iCarly (2012) - As Himself

Filmography[link]

• Almost Famous (2000)
• The Rutles 2: Can't Buy Me Lunch (2002)
• Anything Else (2003)
• The Entrepreneurs a.k.a. The $cheme (filmed in 1998, released in 2003)
• Taxi (2004)
• Fever Pitch (2005)
• The Magic Roundabout (2006) (voice)
• Arthur and the Invisibles (2006) (voice)
• Factory Girl (2006)
• The Year of Getting to Know Us (2008)
• Whip It (2009)
• Alvin and the Chipmunks: The Squeakquel

Discography[link]

Albums[link]

• The Bathroom Wall (2002)
• Blow Your Pants Off (2012)

Singles[link]

• "Idiot Boyfriend" (2002)
• "Car Wash for Peace" (2008)
• "Drunk On Christmas (feat. John Rich)" (2010)

Further reading[link]

• Baldwin, Kristen (2002-05-10), "Update with Destiny". Entertainment Weekly. (653):26
• Thank You Notes (Jan 2012)

References[link]

External links[link]

This article's use of external links may not follow Wikipedia's policies or guidelines. Please improve this article by removing excessive or inappropriate external links, and converting useful links where appropriate into footnote references. (May 2011)

Wikimedia Commons has media related to: Jimmy Fallon

Wikiquote has a collection of quotations related to: Jimmy Fallon

• Jimmy Fallon at the Internet Movie Database
• Food Bank For New York City public service announcement
• Jimmy Fallon with Popular Radio Personality Rich Stevens
• JimmyFallon.net – Bathroom Wall
• NBC's Official Late Night with Jimmy Fallon Site
• Interview of Jimmy Fallon for New Beacon Theatre Documentary

Barack Obama
44th President of the United States
Incumbent
Assumed office January 20, 2009
Vice President	Joe Biden
Preceded by	George W. Bush
United States Senator from Illinois
In office January 3, 2005 – November 16, 2008
Preceded by	Peter Fitzgerald
Succeeded by	Roland Burris
Member of the Illinois Senate from the 13th District
In office January 8, 1997 – November 4, 2004
Preceded by	Alice Palmer
Succeeded by	Kwame Raoul
Personal details
Born	Barack Hussein Obama II (1961-08-04) August 4, 1961 (age 50)[1] Honolulu, Hawaii, U.S.[2]
Political party	Democratic
Spouse(s)	Michelle Robinson (1992–present)
Children	Malia (born 1998) Sasha (born 2001)
Residence	White House (Official) Chicago, Illinois (Private)
Alma mater	Occidental College Columbia University (B.A.) Harvard Law School (J.D.)
Profession	Community organizer Lawyer Constitutional law professor Author
Religion	Christianity[3]
Awards	Nobel Peace Prize
Signature
Website	barackobama.com

	This article is part of a series on Barack Obama
Background Illinois Senate US Senate Political positions Public image Family 2008 primaries Obama–Biden campaign Transition Inauguration Electoral history Presidency Timeline '09 '10 '11 '12 First 100 days Nobel Peace Prize Re-election campaign

Barack Hussein Obama II (ⁱ/bəˈrɑːk huːˈseɪn oʊˈbɑːmə/; born August 4, 1961) is the 44th and current President of the United States. He is the first African American to hold the office. In January 2005, Obama was sworn in as a U.S. Senator in the state of Illinois. He would hold this office until November 2008, when he resigned following his victory in the 2008 presidential election.

Born in Honolulu, Hawaii, Obama is a graduate of Columbia University and Harvard Law School, where he was the president of the Harvard Law Review. He was a community organizer in Chicago before earning his law degree. He worked as a civil rights attorney in Chicago and taught constitutional law at the University of Chicago Law School from 1992 to 2004. He served three terms representing the 13th District in the Illinois Senate from 1997 to 2004.

Following an unsuccessful bid against the Democratic incumbent for a seat in the United States House of Representatives in 2000, Obama ran for the United States Senate in 2004. Several events brought him to national attention during the campaign, including his victory in the March 2004 Illinois Democratic primary for the Senate election and his keynote address at the Democratic National Convention in July 2004. He won election to the U.S. Senate in Illinois in November 2004. His presidential campaign began in February 2007, and after a close campaign in the 2008 Democratic Party presidential primaries against Hillary Rodham Clinton, he won his party's nomination. In the 2008 presidential election, he defeated Republican nominee John McCain, and was inaugurated as president on January 20, 2009. Nine months later, Obama was named the 2009 Nobel Peace Prize laureate. In April 2011, he announced that he would be running for re-election in 2012.

As president, Obama signed economic stimulus legislation in the form of the American Recovery and Reinvestment Act of 2009 and the Tax Relief, Unemployment Insurance Reauthorization, and Job Creation Act of 2010. Other domestic policy initiatives include the Patient Protection and Affordable Care Act, the Dodd–Frank Wall Street Reform and Consumer Protection Act, the Don't Ask, Don't Tell Repeal Act of 2010, and the Budget Control Act of 2011. In May 2012, he became the first sitting U.S. president to openly support legalizing same-sex marriage. In foreign policy, he ended the war in Iraq, increased troop levels in Afghanistan, signed the New START arms control treaty with Russia, ordered U.S. involvement in the 2011 Libya military intervention, and ordered the military operation that resulted in the death of Osama bin Laden.

Early life and career[link]

Obama was born on August 4, 1961, at Kapiʻolani Maternity & Gynecological Hospital (now Kapiʻolani Medical Center for Women and Children) in Honolulu, Hawaii,^[2][4][5] and is the first President to have been born in Hawaii.^[6] His mother, Stanley Ann Dunham, was born in Wichita, Kansas, and was of mostly English ancestry,^[7] along with Scottish, Irish, German, and Swiss.^{[8][9][10][11][12]} His father, Barack Obama, Sr., was a Luo from Nyang’oma Kogelo, Nyanza Province, Kenya. Obama's parents met in 1960 in a Russian class at the University of Hawaiʻi at Mānoa, where his father was a foreign student on scholarship.^[13][14] The couple married on February 2, 1961,^[15] separated when Obama Sr. went to Harvard University on scholarship, and divorced in 1964.^[13] Obama Sr. remarried and returned to Kenya, visiting Barack in Hawaii only once, in 1971. He died in an automobile accident in 1982.^[16]

After her divorce, Dunham married Indonesian Lolo Soetoro, who was attending college in Hawaii. When Suharto, a military leader in Soetoro's home country, came to power in 1967, all Indonesian students studying abroad were recalled, and the family moved to the Menteng neighborhood of Jakarta.^[4][17] From ages six to ten, Obama attended local schools in Jakarta, including Besuki Public School and St. Francis of Assisi School.^[18]

In 1971, Obama returned to Honolulu to live with his maternal grandparents, Madelyn and Stanley Armour Dunham, and with the aid of a scholarship attended Punahou School, a private college preparatory school, from fifth grade until his graduation from high school in 1979.^[19] Obama's mother returned to Hawaii in 1972, remaining there until 1977 when she went back to Indonesia to work as an anthropological field worker. She finally returned to Hawaii in 1994 and lived there for one year before dying of ovarian cancer.^[15][20]

Of his early childhood, Obama recalled, "That my father looked nothing like the people around me—that he was black as pitch, my mother white as milk—barely registered in my mind."^[14] He described his struggles as a young adult to reconcile social perceptions of his multiracial heritage.^[21] Reflecting later on his years in Honolulu, Obama wrote: "The opportunity that Hawaii offered—to experience a variety of cultures in a climate of mutual respect—became an integral part of my world view, and a basis for the values that I hold most dear."^[22] Obama has also written and talked about using alcohol, marijuana, and cocaine during his teenage years to "push questions of who I was out of my mind."^[23] At the 2008 Civil Forum on the Presidency, Obama described his high-school drug use as a great moral failure.^[24]

Following high school, Obama moved to Los Angeles in 1979 to attend Occidental College. In February 1981, he made his first public speech, calling for Occidental to divest from South Africa in response to its policy of apartheid.^[25] In mid-1981, Obama traveled to Indonesia to visit his mother and sister Maya, and visited the families of college friends in Pakistan and India for three weeks.^[25] Later in 1981, he transferred to Columbia University in New York City, where he majored in political science with a specialty in international relations^[26] and graduated with a Bachelor of Arts in 1983. He worked for a year at the Business International Corporation,^[27] then at the New York Public Interest Research Group.^[28][29]

Chicago community organizer and Harvard Law School[link]

Two years after graduating, Obama was hired in Chicago as director of the Developing Communities Project (DCP), a church-based community organization originally comprising eight Catholic parishes in Roseland, West Pullman, and Riverdale on Chicago's South Side. He worked there as a community organizer from June 1985 to May 1988.^[29][30] He helped set up a job training program, a college preparatory tutoring program, and a tenants' rights organization in Altgeld Gardens.^[31] Obama also worked as a consultant and instructor for the Gamaliel Foundation, a community organizing institute.^[32] In mid-1988, he traveled for the first time in Europe for three weeks and then for five weeks in Kenya, where he met many of his paternal relatives for the first time.^[33] He returned to Kenya in August 2006 for a visit to his father's birthplace, a village near Kisumu in rural western Kenya.^[34]

In late 1988, Obama entered Harvard Law School. He was selected as an editor of the Harvard Law Review at the end of his first year,^[35] and president of the journal in his second year.^[31][36] During his summers, he returned to Chicago, where he worked as an associate at the law firms of Sidley Austin in 1989 and Hopkins & Sutter in 1990.^[37] After graduating with a J.D. magna cum laude^[38] from Harvard in 1991, he returned to Chicago.^[35] Obama's election as the first black president of the Harvard Law Review gained national media attention^[31][36] and led to a publishing contract and advance for a book about race relations,^[39] which evolved into a personal memoir. The manuscript was published in mid-1995 as Dreams from My Father.^[39]

University of Chicago Law School and civil rights attorney[link]

In 1991, Obama accepted a two-year position as Visiting Law and Government Fellow at the University of Chicago Law School to work on his first book.^[39][40] He then taught at the University of Chicago Law School for twelve years—as a Lecturer from 1992 to 1996, and as a Senior Lecturer from 1996 to 2004—teaching constitutional law.^[41]

From April to October 1992, Obama directed Illinois's Project Vote, a voter registration campaign with ten staffers and seven hundred volunteer registrars; it achieved its goal of registering 150,000 of 400,000 unregistered African Americans in the state, leading Crain's Chicago Business to name Obama to its 1993 list of "40 under Forty" powers to be.^[42] In 1993, he joined Davis, Miner, Barnhill & Galland, a 13-attorney law firm specializing in civil rights litigation and neighborhood economic development, where he was an associate for three years from 1993 to 1996, then of counsel from 1996 to 2004. His law license became inactive in 2002.^[43]

From 1994 to 2002, Obama served on the boards of directors of the Woods Fund of Chicago, which in 1985 had been the first foundation to fund the Developing Communities Project; and of the Joyce Foundation.^[29] He served on the board of directors of the Chicago Annenberg Challenge from 1995 to 2002, as founding president and chairman of the board of directors from 1995 to 1999.^[29]

Legislative career: 1997–2008[link]

State Senator: 1997–2004[link]

Obama was elected to the Illinois Senate in 1996, succeeding State Senator Alice Palmer as Senator from Illinois's 13th District, which at that time spanned Chicago South Side neighborhoods from Hyde Park – Kenwood south to South Shore and west to Chicago Lawn.^[44] Once elected, Obama gained bipartisan support for legislation that reformed ethics and health care laws.^[45] He sponsored a law that increased tax credits for low-income workers, negotiated welfare reform, and promoted increased subsidies for childcare.^[46] In 2001, as co-chairman of the bipartisan Joint Committee on Administrative Rules, Obama supported Republican Governor Ryan's payday loan regulations and predatory mortgage lending regulations aimed at averting home foreclosures.^[47]

Obama was reelected to the Illinois Senate in 1998, defeating Republican Yesse Yehudah in the general election, and was reelected again in 2002.^[48] In 2000, he lost a Democratic primary run for the U.S. House of Representatives to four-term incumbent Bobby Rush by a margin of two to one.^[49]

In January 2003, Obama became chairman of the Illinois Senate's Health and Human Services Committee when Democrats, after a decade in the minority, regained a majority.^[50] He sponsored and led unanimous, bipartisan passage of legislation to monitor racial profiling by requiring police to record the race of drivers they detained, and legislation making Illinois the first state to mandate videotaping of homicide interrogations.^[46][51] During his 2004 general election campaign for U.S. Senate, police representatives credited Obama for his active engagement with police organizations in enacting death penalty reforms.^[52] Obama resigned from the Illinois Senate in November 2004 following his election to the U.S. Senate.^[53]

U.S. Senate campaign[link]

County results of the 2004 U.S. Senate race in Illinois. Counties in blue were won by Obama.

In May 2002, Obama commissioned a poll to assess his prospects in a 2004 U.S. Senate race; he created a campaign committee, began raising funds, and lined up political media consultant David Axelrod by August 2002. Obama formally announced his candidacy in January 2003.^[54]

Obama was an early opponent of the George W. Bush administration's 2003 invasion of Iraq.^[55] On October 2, 2002, the day President Bush and Congress agreed on the joint resolution authorizing the Iraq War,^[56] Obama addressed the first high-profile Chicago anti-Iraq War rally,^[57] and spoke out against the war.^[58] He addressed another anti-war rally in March 2003 and told the crowd that "it's not too late" to stop the war.^[59]

Decisions by Republican incumbent Peter Fitzgerald and his Democratic predecessor Carol Moseley Braun to not participate in the election resulted in wide-open Democratic and Republican primary contests involving fifteen candidates.^[60] In the March 2004 primary election, Obama won in an unexpected landslide—which overnight made him a rising star within the national Democratic Party, started speculation about a presidential future, and led to the reissue of his memoir, Dreams from My Father.^[61] In July 2004, Obama delivered the keynote address at the 2004 Democratic National Convention,^[62] seen by 9.1 million viewers. His speech was well received and elevated his status within the Democratic Party.^[63]

Obama's expected opponent in the general election, Republican primary winner Jack Ryan, withdrew from the race in June 2004.^[64] Six weeks later, Alan Keyes accepted the Republican nomination to replace Ryan.^[65] In the November 2004 general election, Obama won with 70 percent of the vote.^[66]

U.S. Senator: 2005–2008[link]

Obama was sworn in as a senator on January 3, 2005,^[67] becoming the only Senate member of the Congressional Black Caucus.^[68] CQ Weekly characterized him as a "loyal Democrat" based on analysis of all Senate votes in 2005–2007. Obama announced on November 13, 2008, that he would resign his Senate seat on November 16, 2008, before the start of the lame-duck session, to focus on his transition period for the presidency.^[69]

Legislation[link]

Obama cosponsored the Secure America and Orderly Immigration Act.^[70] He introduced two initiatives that bore his name: Lugar–Obama, which expanded the Nunn–Lugar cooperative threat reduction concept to conventional weapons;^[71] and the Federal Funding Accountability and Transparency Act of 2006, which authorized the establishment of USAspending.gov, a web search engine on federal spending.^[72] On June 3, 2008, Senator Obama—along with Senators Tom Carper, Tom Coburn, and John McCain—introduced follow-up legislation: Strengthening Transparency and Accountability in Federal Spending Act of 2008.^[73]

Obama sponsored legislation that would have required nuclear plant owners to notify state and local authorities of radioactive leaks, but the bill failed to pass in the full Senate after being heavily modified in committee.^[74] Regarding tort reform, Obama voted for the Class Action Fairness Act of 2005 and the FISA Amendments Act of 2008, which grants immunity from civil liability to telecommunications companies complicit with NSA warrantless wiretapping operations.^[75]

Obama and U.S. Sen. Richard Lugar (R-IN) visit a Russian facility for dismantling mobile-missiles (August 2005).^[76]

In December 2006, President Bush signed into law the Democratic Republic of the Congo Relief, Security, and Democracy Promotion Act, marking the first federal legislation to be enacted with Obama as its primary sponsor.^[77] In January 2007, Obama and Senator Feingold introduced a corporate jet provision to the Honest Leadership and Open Government Act, which was signed into law in September 2007.^[78] Obama also introduced Deceptive Practices and Voter Intimidation Prevention Act, a bill to criminalize deceptive practices in federal elections,^[79] and the Iraq War De-Escalation Act of 2007,^[80] neither of which was signed into law.

Later in 2007, Obama sponsored an amendment to the Defense Authorization Act to add safeguards for personality-disorder military discharges.^[81] This amendment passed the full Senate in the spring of 2008.^[82] He sponsored the Iran Sanctions Enabling Act supporting divestment of state pension funds from Iran's oil and gas industry, which has not passed committee; and co-sponsored legislation to reduce risks of nuclear terrorism.^[83] Obama also sponsored a Senate amendment to the State Children's Health Insurance Program, providing one year of job protection for family members caring for soldiers with combat-related injuries.^[84]

Committees[link]

Obama held assignments on the Senate Committees for Foreign Relations, Environment and Public Works, and Veterans' Affairs through December 2006.^[85] In January 2007, he left the Environment and Public Works committee and took additional assignments with Health, Education, Labor, and Pensions and Homeland Security and Governmental Affairs.^[86] He also became Chairman of the Senate's subcommittee on European Affairs.^[87] As a member of the Senate Foreign Relations Committee, Obama made official trips to Eastern Europe, the Middle East, Central Asia and Africa. He met with Mahmoud Abbas before Abbas became President of the Palestinian National Authority, and gave a speech at the University of Nairobi in which he condemned corruption within the Kenyan government.^[88]

Presidential campaigns[link]

2008 presidential campaign[link]

Obama stands on stage with his wife and daughters just before announcing his presidential candidacy in Springfield, Illinois, February 10, 2007.

President George W. Bush meets with President-elect Obama in the Oval Office on November 10, 2008.

On February 10, 2007, Obama announced his candidacy for President of the United States in front of the Old State Capitol building in Springfield, Illinois.^[89][90] The choice of the announcement site was viewed as symbolic because it was also where Abraham Lincoln delivered his historic "House Divided" speech in 1858.^[89][91] Obama emphasized issues of rapidly ending the Iraq War, increasing energy independence, and providing universal health care,^[92] in a campaign that projected themes of "hope" and "change".^[93]

A large number of candidates entered the Democratic Party presidential primaries. The field narrowed to a duel between Obama and Senator Hillary Rodham Clinton after early contests, with the race remaining close throughout the primary process but with Obama gaining a steady lead in pledged delegates due to better long-range planning, superior fundraising, dominant organizing in caucus states, and better exploitation of delegate allocation rules.^[94] On June 7, 2008, Clinton ended her campaign and endorsed Obama.^[95]

On August 23, Obama announced his selection of Delaware Senator Joe Biden as his vice presidential running mate.^[96] Biden was selected from a field speculated to include former Indiana Governor and Senator Evan Bayh and Virginia Governor Tim Kaine.^[97] At the Democratic National Convention in Denver, Colorado, Hillary Clinton called for her supporters to endorse Obama, and she and Bill Clinton gave convention speeches in his support.^[98] Obama delivered his acceptance speech, not at the center where the Democratic National Convention was held, but at Invesco Field at Mile High to a crowd of over 75,000; the speech was viewed by over 38 million people worldwide.^[99][100]

During both the primary process and the general election, Obama's campaign set numerous fundraising records, particularly in the quantity of small donations.^[101] On June 19, 2008, Obama became the first major-party presidential candidate to turn down public financing in the general election since the system was created in 1976.^[102]

McCain was nominated as the Republican candidate and the two engaged in three presidential debates in September and October 2008.^[103] On November 4, Obama won the presidency with 365 electoral votes to 173 received by McCain.^[104] Obama won 52.9 percent of the popular vote to McCain's 45.7 percent.^[105] He became the first African American to be elected president.^[106] Obama delivered his victory speech before hundreds of thousands of supporters in Chicago's Grant Park.^[107]

2012 presidential campaign[link]

On April 4, 2011, Obama announced his re-election campaign for 2012 in a video titled "It Begins with Us" that he posted on his website and filed election papers with the Federal Election Commission.^{[108][109][110]} As the incumbent president he ran almost unopposed in the Democratic Party presidential primaries,^[111] and on April 3, 2012, Obama had secured the 2778 convention delegates needed to win the Democratic nomination.^[112]

Presidency[link]

First days[link]

Barack Obama takes the oath of office as President of the United States.

The inauguration of Barack Obama as the 44th President, and Joe Biden as Vice President, took place on January 20, 2009. In his first few days in office, Obama issued executive orders and presidential memoranda directing the U.S. military to develop plans to withdraw troops from Iraq.^[113] He ordered the closing of the Guantanamo Bay detention camp,^[114] but Congress prevented the closure by refusing to appropriate the required funds.^{[115][116][117]} Obama reduced the secrecy given to presidential records,^[118] and changed procedures to promote disclosure under the Freedom of Information Act.^[119] He also reversed George W. Bush's ban on federal funding to foreign establishments that allow abortions.^[120]

Domestic policy[link]

The first bill signed into law by Obama was the Lilly Ledbetter Fair Pay Act of 2009, relaxing the statute of limitations for equal-pay lawsuits.^[121] Five days later, he signed the reauthorization of the State Children's Health Insurance Program (SCHIP) to cover an additional 4 million uninsured children.^[122] In March 2009, Obama reversed a Bush-era policy which had limited funding of embryonic stem cell research and pledged to develop "strict guidelines" on the research.^[123]

Barack Obama speaking at Joint session of Congress with Vice President Joe Biden and House Speaker Nancy Pelosi on February 24, 2009

Obama appointed two women to serve on the Supreme Court in the first two years of his Presidency. Sonia Sotomayor, nominated by Obama on May 26, 2009, to replace retiring Associate Justice David Souter, was confirmed on August 6, 2009,^[124] becoming the first Hispanic to be a Supreme Court Justice.^[125] Elena Kagan, nominated by Obama on May 10, 2010, to replace retiring Associate Justice John Paul Stevens, was confirmed on August 5, 2010, bringing the number of women sitting simultaneously on the Court to three, for the first time in American history.^[126]

On September 30, 2009, the Obama administration proposed new regulations on power plants, factories and oil refineries in an attempt to limit greenhouse gas emissions and to curb global warming.^[127][128]

On October 8, 2009, Obama signed the Matthew Shepard and James Byrd, Jr. Hate Crimes Prevention Act, a measure that expands the 1969 United States federal hate-crime law to include crimes motivated by a victim's actual or perceived gender, sexual orientation, gender identity, or disability.^[129][130]

On March 30, 2010, Obama signed the Health Care and Education Reconciliation Act, a reconciliation bill which ends the process of the federal government giving subsidies to private banks to give out federally insured loans, increases the Pell Grant scholarship award, and makes changes to the Patient Protection and Affordable Care Act.^[131][132]

In a major space policy speech in April 2010, Obama announced a planned change in direction at NASA, the U.S. space agency. He ended plans for a return of human spaceflight to the moon and development of the Ares I rocket, Ares V rocket and Constellation program, in favor of funding Earth science projects, a new rocket type, and research and development for an eventual manned mission to Mars, and ongoing missions to the International Space Station.^[133]

On December 22, 2010, Obama signed the Don't Ask, Don't Tell Repeal Act of 2010, fulfilling a key promise made in the 2008 presidential campaign^[134][135] to end the Don't ask, don't tell policy of 1993 that had prevented gay and lesbian people from serving openly in the United States Armed Forces.^[136]

President Obama's 2011 State of the Union Address focused on themes of education and innovation, stressing the importance of innovation economics to make the United States more competitive globally. He spoke of a five-year freeze in domestic spending, eliminating tax breaks for oil companies and reversing tax cuts for wealthy Americans, banning congressional earmarks, and reducing healthcare costs. He promised that the United States would have one million electric vehicles on the road by 2015 and would be 80% reliant on "clean" electricity.^[137][138]

As a candidate for the Illinois state senate Obama had said in 1996 that he favored legalizing same-sex marriage;^[139] but by the time of his run for the U.S. senate in 2004, he said that while he supported civil unions and domestic partnerships for same-sex partners, for strategic reasons he opposed same-sex marriages.^[140] On May 9, 2012, shortly after the official launch of his campaign for re-election as president, Obama said his views had evolved, and he publicly affirmed his personal support for the legalization of same-sex marriage, becoming the first sitting U.S. president to do so.^[141][142]