Economy

As a member of Congress and the Ranking Member on the Joint Economic Committee, Congresswoman Maloney is committed to making sure the economy works for everyone. Congress must ensure that the middle class and working families share in economic growth. America can strengthen its workforce and economy by investing in infrastructure, education, clean energy, and research and development, as well as promoting stronger workplace protections, more family-friendly leave policies, affordable childcare, a higher minimum wage, and support for small businesses.

Joint Economic Committee

The Joint Economic Committee was established by the Employment Act of 1946, the same legislation that created the President’s Council of Economic Advisers. The committee evaluates current economic conditions and makes economic policy recommendations to Congress. The committee holds hearings to discuss these current conditions and effects of government policy on the economy. It also frequently releases reports on different aspects of the economy, including employment, economic challenges, inequality, the export-import bank, and equal pay.

In the 111th Congress, Congresswoman Maloney was named the first woman Chair of the Joint Economic Committee. She currently serves as Ranking Member, the highest ranking Democrat, on this bicameral Congressional Committee.

The Joint Economic Committee, under the Congresswoman's direction, recently published a study, "Countering Misleading Claims about the Economy" which can be found here

For more on the Joint Economic Committee click here.

Select Highlights

  • In 2016, Phase I of the Second Avenue Subway will open, thanks to $1.3 billion in federal funds secured by Congresswoman Maloney. The new line will ease congestion on the Lexington Avenue line and provide the East Side with another sorely-needed link to Midtown. Construction of Phase I created 16,000 jobs and paves the way for new residential and commercial development on 2nd Avenue.

  • East Side Access, to connect LIRR to Grand Central Station, will help the nearly half of the service’s riders with destinations on the East Side. Congresswoman Maloney helped win over $2.6 billion in federal funding to make this important new link a reality.

  • In 2014 Congresswoman Maloney helped secure $670 million in federal funding for the reconstruction of the Kosciuszko Bridge—the largest single project in the history of the NY State Department of Transportation. This project is creating over 14,000 jobs during construction, and will help continue important economic growth in Brooklyn and Queens by upgrading the most-travelled bridge between these two boroughs.

  • Decades after the Equal Pay Act, women still earn less than men, even when they hold the same job. That’s why Congresswoman Maloney is leading the push to achieve equal pay. As the first woman to chair the Joint Economic Committee, she’s worked to highlight the important contributions of women to our economy, and to the livelihood of American families. Read about these efforts here.

  • As a senior Democrat on the House Financial Services Committee, Congresswoman Maloney is a tireless advocate for American consumers. In 2009, she authored and passed the Credit CARD Act, bringing groundbreaking transparency to credit cards and ending deceptive practices. She has also authored legislation to reign in abusive overdraft fees that cost consumers billions each year. Read more here.

More on Economy

Nov 22, 2020 Press Release

NEW YORK, NY – This afternoon, Congresswoman Carolyn B. Maloney (NY-12) joined Lower Manhattan small businesses and NYC Department of Small Business Services Commissioner Jonnel Doris to demand that Mitch McConnell and the U.S. Senate pass crucially needed COVID-19 relief. 

Sep 11, 2020 Press Release

NEW YORK, NY - Today, Congresswoman Carolyn B. Maloney (NY-12) marked the start of New York Fashion Week by commending the New York fashion industry for its resiliency during the COVID-19 crisis.

Sep 10, 2020 Press Release

WASHINGTON, DC — Congresswoman Carolyn B. Maloney (D-NY), senior member of the House Financial Services Committee, was joined today by stakeholders from the small business community and the insurance industry to emphasize the urgent need for Congress to pass the H.R. 7011, the Pandemic Risk Insurance Act (PRIA).

Jul 9, 2020 In The News

A New York City politician is introducing a new bill to make sure that the United States is prepared for future pandemics.

PPE shortages are still an ongoing issue for those on the frontlines of COVID-19 response. FEMA’s Supply Chain Stabilization Task Force projected a shortage of approximately 100 million gowns and 40 million N95 respirators this month.

Jul 8, 2020 In The News

BE PREPARED: As numerous states are pausing their reopening plans after spikes in cases of COVID-19, Rep. Carolyn B. Maloney (D-NY12) officially introduced her Made in America: Preparation for a Pandemic Act on Wednesday afternoon.

Mar 6, 2020 Press Release

Congresswoman Carolyn B. Maloney (D-NY), the Chairwoman of the Committee on Oversight and Reform and the former Chair of the Joint Economic Committee, issued the following statement after the Bureau of Economic Analysis (BEA) published its initial estimates of how personal income is distributed across households.

Dec 22, 2019 In The News

A new congressional report from Democrats on the Joint Economic Committee (JEC) has concluded that President Donald Trump's signature legislative accomplishment, the 2017 tax cuts, failed to live up to its numerous promises.

Oct 16, 2019 In The News

The Commerce Department is developing a methodology for compiling and publishing regular statistics on inequality and plans to publish its prototype measures in 2020.

Aug 14, 2019 In The News

The retirement security gap of Blacks and Hispanics compared to Whites is likely to worsen because of lower earnings and personal savings, warns a report released today by the House and Senate Joint Economic Committee (JEC) Democrats’ staff.

“The median wealth of Black and Hispanic households is on a steady decline; trends suggest that median wealth could reach zero by 2053 for Black households, and by 2073 for Hispanic households, while median White household wealth will have reached $147,000 by 2073,” the report from the Congressional Democratic unit points out.