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

Apr 16, 2010 Press Release
Washington, D.C. – Rep. Carolyn Maloney (D-Manhattan, Queens) hailed the final passage yesterday of H.R. 4851, the Continuing Extension Act of 2010, legislation that extends unemployment and health insurance coverage for Americans who are out of work. The bill extends for two months provisions in the American Recovery and Reinvestment Act that provide for increases in the duration and amount of unemployment insurance benefits, and continues a 65% federal subsidy for COBRA health insurance premiums for people who are between jobs. President Obama signed the bill into law last night.

Mar 26, 2010 Press Release
New York, NY – Congresswoman Carolyn B. Maloney (D-NY), Chair of the Joint Economic Committee, issued the following statement regarding the release of February unemployment data for the State of New York by the U.S. Bureau of Labor Statistics. The data showed that while the state’s unemployment did not change from January to February, remaining at 8.8%, non-farm employment increased by 5,800 jobs in New York.

Mar 5, 2010 Press Release
Washington D.C. – Congresswoman Carolyn B. Maloney, Chair of the Joint Economic Committee (JEC) released the following statement on the Bureau of Labor Statistics’ February jobs report showing that the unemployment rate was unchanged at 9.7% and 36,000 total nonfarm jobs were lost:
Mar 5, 2010 Press Release
New York, N.Y. – Congresswoman Carolyn B. Maloney (D-NY), Chair of the Joint Economic Committee, issued the following statement regarding the release of the New York State Labor Department’s January 2010 state employment data. The data showed that private sector payrolls in New York State rose by 30,500 from December 2009 to January 2010. New York State’s unemployment rate ticked down to 8.8 percent in January. However, the release also contained a revision to the private sector job counts for April 2008 to December 2009, which showed that the number of private sector jobs fell more rapidly than was previously reported.
Mar 4, 2010 Press Release
WASHINGTON, DC –Rep. Carolyn Maloney (D-NY) today voted to create hundreds of thousands of new small business and construction jobs this year, spur private sector hiring, and help rebuild crumbling infrastructure. The bipartisan Hiring Incentives to Restore Employment (HIRE) Act is part of a larger Congressional agenda to create jobs and strengthen the economy. 
Feb 19, 2010 Press Release

New York, NY – Congresswoman Carolyn B. Maloney (D-Manhattan, Queens) issued the following statement on this week’s anniversary of the signing of the American Recovery and Reinvestment Act, also known as the stimulus bill:

Feb 7, 2010 Press Release
New York, NY - Today, Congresswoman Carolyn B. Maloney (D-NY) announced that she has introduced in the House the Small Business Job Creation Tax Act of 2010 (H.R.4585), legislation that would provide tax credits for small businesses that create jobs.  Senators Kirsten Gillibrand and Robert Casey introduced the legislation in the Senate earlier this month.
Jan 29, 2010 Press Release
Washington D.C. – Congresswoman Carolyn B. Maloney, Chair of the Joint Economic Committee released the following statement on the announcement that the real gross domestic product (GDP) increased at a rate of 5.7% in the fourth quarter of 2009:

“Today’s GDP number shows that the recovery which began in the third quarter of 2009 accelerated in the fourth quarter. The economy has now grown for the past six months, providing fresh evidence that the Recovery Act, which Congress passed in February 2009, is working.

Jan 27, 2010 Press Release
Washington, D.C. – A new report released today by the Joint Economic Committee (JEC) provides a snapshot of the current economic climate in each state, offering policy makers easy access to the major economic indicators in all 50 states and the District of Columbia in the areas of jobs, unemployment, personal earnings and housing.
Jan 13, 2010 Press Release
Washington, D.C. – Today, the Government Accountability Office released a report, entitled "Loan Performance and Negative Home Equity in the Nonprime Mortgage Market." The report provides a detailed understanding of the state of the housing market at the end of June 2009. The Chair of the Joint Economic Committee (JEC), Congresswoman Carolyn Maloney, requested the report in an effort to further understand the depth of the recession.

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