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

Aug 14, 2009 Press Release

Washington, D.C. - Congresswoman Carolyn B. Maloney, Chair of the Joint Economic Committee, released the following statement in reaction to last Friday’s Bureau of Labor Statistics’ (BLS) latest jobs report and the continued disparate impact of the recession on the Hispanic community: 

“Though recent economic indicators suggest that the worst of the recession may be behind us, the July Jobs Report serves as a sobering reminder of the disparate impact this recession’s unemployment has had on the Hispanic community. Hispanic women have been particularly hard hit. The unemployment rate is at 11.8 percent for adult Hispanic women; which is a full 50 percent higher than the unemployment rate for adult white women.


Aug 10, 2009 Press Release

New York, NY – Today, Congresswoman Carolyn B. Maloney (D-NY) applauded the Metropolitan Transportation Authority’s 2010-2014 capital plan, which will fully fund the first phase of the Second Avenue Subway and the completion of East Side Access.  Maloney has long championed the transit projects, which will be located almost entirely within her congressional district.

“Even in these challenging economic times, the MTA is maintaining its strong commitment to completing the Second Avenue Subway and East Side Access --and that’s a huge win for New York straphangers,” said Rep. Maloney.

Aug 7, 2009 Press Release

Congresswoman Carolyn B. Maloney, Chair of the Joint Economic Committee released the following statement after the unemployment rate dropped to 9.4 percent.

“Evidence that the stimulus bill is taking hold is starting to emerge. The economy dramatically improved in the 2nd quarter of this year, and the pace of job loss has moderated significantly in recent months. The unemployment rate has stabilized and the trend is toward recovery. I am optimistic that more Americans will be heading back to work as more stimulus projects get underway.”

Aug 6, 2009 Press Release

Washington D.C. – Today, Congresswoman Carolyn B. Maloney, Chair of the Joint Economic Committee (JEC), along with Rep. Elijah Cummings and Rep. Jim Moran released a JEC new report entitled, “Comprehensive Health Insurance Reform: An Essential Prescription for Women.” The report reveals that during the recession, women are experiencing a double-whammy of lost health insurance as they lose their insurance due to either their own or their spouse’s job loss. In addition, the JEC report chronicles the vulnerability created by women’s dependence on their spouse’s employer-sponsored health insurance, the unique risk of un-insurance for younger and older women, and the spike in newly uninsured children of unemployed single mothers.

To access the new JEC report, click here.

 

Jul 31, 2009 Press Release

Washington D.C. – Congresswoman Carolyn B. Maloney, Chair of the Joint Economic Committee (JEC) released the following statement on the news that Gross Domestic Product beat expectations in the second quarter by contracting by just one percent.

"The economy made a dramatic improvement in the second quarter, bolstered by the stimulus package proposed by President Obama and passed by Democrats in Congress in February. As the recovery measures begin to take hold, I am optimistic that economic growth will turn positive this year, which is a necessary step for bringing job growth back and putting Americans back to work."

Jul 22, 2009 Press Release

Washington, DC — Today, Financial Services Committee Chairman Barney Frank and Joint Economic Committee Chairwoman Carolyn Maloney (D-NY) issued the following statement in response to the announcement that Goldman Sachs paid full price – a total of $1.1 billion – to buy back warrants the government received as part of the Troubled Asset Relief Program (TARP).

Jul 2, 2009 Press Release

Congresswoman Carolyn B. Maloney, Chair of the Joint Economic Committee released the following statement after the U.S. economy shed 467,000 jobs in June and the unemployment rate rose to 9.5 percent:

"The worst monthly job losses are likely behind us, but the labor market clearly remains weak. It will be a long road to recovery, but the stimulus investments getting underway across the country will create jobs and stem losses."- Congresswoman Carolyn Maloney (D-NY), Chair, Joint Economic Committee.

Jun 18, 2009 Press Release
Congresswoman Carolyn B. Maloney (D-NY), Chair of the Joint Economic Committee, issued the following statement regarding the New York State Labor Department’s May 2009 state employment data. The data showed that New York State’s private sector shed 20,400 jobs over the past month, making May the ninth straight month of job losses. The unemployment rate jumped to 8.2 percent and over 800,000 New Yorkers were counted among the unemployed.
Jun 17, 2009 Press Release

Washington D.C. – Congresswoman Carolyn B. Maloney, Chair of the Joint Economic Committee (JEC) released the following statement regarding the Obama Administration’s announcement of a plan to overhaul the regulation of financial institutions and systemically important companies:


May 28, 2009 Press Release

Washington, D.C. – Congresswoman Carolyn B. Maloney, Chair of the Joint Economic Committee (JEC), and JEC Vice Chair Senator Charles E. Schumer, released a new report entitled, “Women in the Recession: Working Mothers Face High Rates of Unemployment.” The JEC report finds that the increases in unemployment during this recession have been especially steep for female heads of household – mothers who are solely responsible for maintaining their families’ economic security. Using unpublished and newly released data from the Bureau of Labor Statistics, the JEC report shows that, in particular, minority women have suffered some of the worst effects of the current recession. The JEC report reveals that families are relying more and more on women’s employment, but the trend of rising job losses among women will put an even greater strain on households struggling to make ends meet in this downturn.

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