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

Jul 13, 2021 In The News

When Rachel Rothenberg-Saenz, former director of product development at Oscar de la Renta, was furloughed in the spring of 2020, she heeded Gov. Andrew Cuomo’s call to help with the shortage of personal protective equipment

“We pivoted and called everyone we knew from years in the industry,” Rothenberg-Saenz said.

Jul 2, 2021 In The News

With most COVID-19 restrictions now lifted in New York City, the city's economy is now “turning the corner” as businesses reopen to full capacity amid a boom in new business applications. This is attributable to the fact that people are getting vaccinated, Congresswoman Carolyn Maloney, who represents New York’s 12th congressional district, told Yahoo Finance Live.

Jun 22, 2021 In The News

A senior Democratic lawmaker has warned the Federal Reserve against raising interest rates too soon, highlighting the risk of a political backlash as the US central bank begins to ponder the withdrawal of monetary support.

The comments from Carolyn Maloney, representative from New York and a senior member of the House financial services committee, came in response to last week’s economic projections from Fed officials, which pointed to a two-notch interest rate rise in 2023, earlier than forecast just three months ago.

Apr 16, 2021 In The News

Championed by members of the Democratic Women’s Caucus (DWC), including Reps. Lois Frankel (D-Fla.), Brenda Lawrence (D-Mich.), Jackie Speier (D-Calif.), Veronica Escobar (D-Texas) and Rosa DeLauro (D-Conn.), the Paycheck Fairness Act (H.R 7/S. 205)—currently before Congress and up for a vote next month—aims to help secure equal pay for all Americans and end the stark gender wage gap.

Mar 23, 2021 Press Release

WASHINGTON, DC — At today’s House Financial Services Committee hearing entitled “Oversight of the Treasury Department’s and Federal Reserve’s Pandemic Response,” Congresswoman Carolyn B. Maloney (D-NY), senior member of the committee, questioned Treasury Secretary Janet Yellen about what steps the Treasury Department is taking to implement the provisions of her Corporate Transparency Act, and about the impacts COVID will have on the American labor force going forward, post-pandemic.

 

Mar 17, 2021 Press Release

WASHINGTON, DC – At today’s Select Subcommittee on the Coronavirus Crisis hearing: “From Rescue to Recovery: Building a Thriving and Inclusive Post Pandemic Economy,” Congresswoman Carolyn B. Maloney (D-NY), Chairwoman of the Committee on Oversight and Reform and author of the Measuring Real Income Growth Act, highlighted the need to make sure that equity is at the center of our economic recovery policy.

 

Mar 10, 2021 Press Release

WASHINGTON, DC – Congresswoman Carolyn B. Maloney (D-NY), Chair of the Committee on Oversight and Reform, today voted with her colleagues to send the American Rescue Plan Act to President Biden for his signature.

 

The Congresswoman spoke on the floor Wednesday morning, urging all her colleagues to join her in voting to pass the bill. You can read those remarks, as prepared for delivery, here.

 

Feb 27, 2021 Press Release

WASHINGTON, DC – Today, Congresswoman Carolyn B. Maloney (D-NY), Chair of the Committee on Oversight and Reform, voted to pass H.R. 1319, The American Rescue Plan Act of 2021. Funding and assistance from this bill is expected to deliver more than $70 billion to New York State, its communities, and its families.

Feb 12, 2021 Press Release

WASHINGTON, DC – Today, Congresswoman Carolyn B. Maloney (D-NY), the Chairwoman of the Committee on Oversight and Reform, announced that the Committee adopted a momentous package of $350 billion in critical assistance to help communities across the country battle the coronavirus. This package is part of House Democrats’ larger coronavirus relief package modeled on President Biden’s American Rescue Plan.

 

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.