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

Jan 8, 2010 Press Release

Washington D.C. – Congresswoman Carolyn B. Maloney, Chair of the Joint Economic Committee released the following statement on the Bureau of Labor Statistics’ December jobs report showing that the unemployment rate remained unchanged at 10 percent and 85,000 total nonfarm jobs were lost:

Dec 10, 2009 Press Release

(As prepared for delivery)

For the first time since the recession began two years ago, the labor market appears to have stabilized. After month after month of punishing losses, November’s employment picture was relatively stable. Less than a year ago, job losses were growing more and more severe. Last November, the economy shed 600,000 jobs. Losses increased until January, when they hit a post-Great Depression record of 741,000 jobs lost, the last month that President Bush was in office.

Dec 9, 2009 Press Release

Washington D.C. – Congresswoman Carolyn B. Maloney, Chair of the Joint Economic Committee (JEC), gave the following speech on the floor of the U.S. House of Representatives.  

"Madam Speaker, while it’s a bit too early to draw conclusions about the health of the job market after  a single month– a look back at the trends over the past two years can provide some valuable perspective. This chart shows monthly job losses since the start of the recession. The losses began here – in January of 2008, one full year before President Obama took office (Point 1). In February 2008, the Joint Economic Committee issued a report in which we solemnly warned that the economy was on the brink (Point 2). This is September 2008, when the Republican candidate for President declared he thought that the fundamentals of our economy were sound, just before job losses accelerated (Point 3). Here is January of 2009 when President Obama took office, and things began to change (Point 4). Last month, for the first time in two years, job losses appear to have stabilized (Point 5). While one month does not constitute a trend, one election seems to have made quite a difference." 

 Change in Labor Markets over Recession
Dec 4, 2009 Press Release
Washington D.C. – Congresswoman Carolyn B. Maloney, Chair of the Joint Economic Committee released the following statement on the Bureau of Labor Statistics November jobs report showing that employment was essentially unchanged and the unemployment rate edged down to 10.0 percent in November:

Oct 15, 2009 Press Release
New York, NY – Congresswoman Carolyn B. Maloney (D-NY), Chair of the Joint Economic Committee, issued the following statement regarding the New York State Labor Department’s September 2009 state employment data. The data showed that New York State’s unemployment rate remained at 8.9 percent in September.
Sep 22, 2009 Press Release

WASHINGTON, DC – Rep. Carolyn Maloney (D-NY) released the following statement after the House passed legislation to provide up to 13 additional weeks of unemployment benefits to workers in high unemployment states:

Sep 17, 2009 Press Release
WASHINGTON, DC – With newspapers across the country facing down cutbacks, closures or bankruptcy at an alarming rate, Rep. Carolyn Maloney (D-NY) and Sen. Ben Cardin (D-MD) have introduced the “Newspaper Revitalization Act of 2009” (H.R. 3602 and S. 673) legislation that would help community and metropolitan papers by allowing them to become non-profit 501(c)(3) organizations similar to public broadcasting.
Sep 16, 2009 Press Release

Washington, D.C. – Congresswoman Carolyn Maloney (D-NY) submitted a statement into the Congressional Record yesterday in support of H.R 3527, the FHA Multifamily Loan Limit Adjustment Act of 2009. The bill, which was authored by Reps. Anthony Weiner (D-NY) and Gary Miller (D-CA), and of which Maloney is a cosponsor, would increase Federal Housing Administration limits on loans the agency guarantees for developers to build high-rise, elevator buildings – one of the most common types of new construction in New York. Under the bill, FHA loan limits would be raised to $93,209 per two-bedroom unit, from the current $68,070. Maloney estimated that the legislation, if passed, would help complete 14 stalled development projects in New York City, adding more than 2,000 apartments to the city’s affordable housing stock.

Sep 10, 2009 Press Release
Normal 0 false false false MicrosoftInternetExplorer4 Washington D.C. -  Congresswoman Carolyn B. Maloney released the following statement on the release of the Census Bureau’s annual report on income, poverty, and health insurance.  The report shows that at the end of the Bush Administration, the number of uninsured Americans rose to over 46 million nationwide.  In New York, 2.6 million, or 13.6 percent of the population did not have health insurance.  
Sep 10, 2009 Press Release

Washington D.C. – Congresswoman Carolyn B. Maloney, Chair of the Joint Economic Committee (JEC) released the following statement on the release of the Census Bureau’s annual Income, Poverty, and Health Insurance study:


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