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, 2009 Press Release
Washington, D.C. – Congresswoman Carolyn B. Maloney (D-NY), Chair of the Joint Economic Committee, issued the following statement regarding the New York State Labor Department’s March 2009 state employment data. The data showed that New York State’s private sector shed 33,000 jobs over the past month, making March the seventh straight month of job losses. The unemployment rate remained unchanged at 7.8 percent, however, the number of unemployed New Yorkers rose to 765,900, the highest level in nearly 17 years.
Apr 3, 2009 Press Release
Washington, D.C. – Congresswoman Carolyn B. Maloney released the following statement on this year’s federal budget, which passed the House yesterday by a vote of 233 to 196. The Senate approved its version of the budget yesterday, as well; a conference committee to resolve difference between the two bills will be scheduled for later this month.
Apr 3, 2009 Press Release

Washington, D.C. - Today the Bureau of Labor Statistics (BLS) released its monthly jobs report for March. Congresswoman Carolyn B. Maloney, Chair of the Joint Economic Committee, released the following statement in reaction to the 663,000 jobs lost last month, 5.1 million since the start of the recession 15 months ago, bringing the unemployment rate to 8.5 percent:

“Today’s unemployment numbers are grim, but they show the wisdom of Congress and the President’s agenda to rebuild our economy. Both the Recovery Act and budget, passed just last night, are targeted at getting Americans back to work and making strategic investments to grow our economy.”

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Mar 26, 2009 Press Release
Washington, D.C. – Congresswoman Carolyn B. Maloney (D-NY), Chair of the Joint Economic Committee, issued the following statement regarding the New York State Labor Department’s February 2009 state employment data. The data show that the New York State unemployment rate jumped to 7.8 percent and New York City to 8.1 percent in February.  This is the highest unemployment rate in New York State in over 15 years.
Mar 19, 2009 Press Release

Washington, D.C. – Congresswoman Carolyn B. Maloney (D-NY) today applauded the House passage of H.R. 1586, which would impose a 90% federal tax on bonuses paid by AIG and other companies that received more than $5 billion in funding from the federal government’s Troubled Assets Relief Program.  The bill, which passed the House by a vote of 328-93, would apply to bonuses paid after December 31, 2008 to those with more than $250,000 in adjusted gross income.

Mar 17, 2009 Press Release

WASHINGTON, DC – Reps. Carolyn B. Maloney (D-NY), along with cosponsors Earl Pomeroy (D-ND) Eliot Engel (D-NY), Mazie Hirono (D-HI), Brian Higgins (D-NY), Zack Space (D-OH), Dutch Ruppersberger (D-MD), and Steve Cohen (D-TN) have introduced a bill, the “AIG Taxpayer Protection Act,” H.R. 1542, which would tax the bonuses of AIG employees—and any other institution in which the government owns a majority stake—at a rate of 100%.

“Like most Americans, I was outraged to learn over the weekend that AIG is paying out $165 million in bonus compensation. And while I applaud the efforts of President Obama and Secretary Geithner to use every method available under the law to reduce or eliminate these bonuses—we in Congress make the laws,” Rep. Maloney said. “By taxing these outrageous bonuses at the maximum possible rate, we can retrieve the taxpayer’s money.”

Mar 16, 2009 Press Release

Washington, D.C. - Today Congresswoman Carolyn B. Maloney, Chair of the Joint Economic Committee (JEC), released the following statement reacting to the release of AIG counterparty information. AIG’s filing comes after Congresswoman Maloney repeatedly urged the Federal Reserve to release the identities and amounts:

“I’ve been asking for this information for months. This is a good first step, but I’m concerned by how long it took. Not knowing was not acceptable. Transparency about the counterparties is essential to having an informed debate and developing solutions to our current economic crisis, as well as to Congress’ ability to oversee the use of taxpayers’ money. This also demonstrates the necessity of H.R. 1242, the TARP 
Mar 5, 2009 Press Release
Washington, D.C. – Congresswoman Carolyn B. Maloney (D-NY), Chair of the Joint Economic Committee, issued the following statement regarding the New York State Labor Department’s January 2009 state employment data. The data show that the New York State unemployment rate jumped to 7.0 percent in January and that private sector employers shed 14,600 jobs, continuing six straight months of job losses.  

 “For months, New Yorkers from all walks of life have been telling me that they are hurting in this economy,” said Rep. Maloney.  “The January unemployment numbers for the state of New York underscore the breadth of economic pain.  President Obama and Congress have been working overtime, to get our economy back on track and put people back to work. Our recovery package is estimated to create or save 215,000 jobs in New York alone – a much-needed boost to the state.”

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Feb 19, 2009 Press Release
WASHINGTON, DC – Rep. Carolyn Maloney (D-NY) has introduced H.R. 1095, the "TARP Transparency Reporting Act," which would strengthen oversight over the $700 billion being spent under the Troubled Asset Relief Program passed by Congress last fall.
Feb 18, 2009 Press Release

Washington, D.C. – Today, Carolyn B. Maloney, Chair, Joint Economic Committee, released the following statement after hearing the details of President Obama’s Homeowner Affordability and Stability Plan:

“We understand that homeowners and neighborhoods are struggling and this plan will provide much needed relief.  President Obama’s plan will stem the tide of foreclosures by reducing mortgage payments for families who are either underwater or at risk of losing their home.  But all homeowners will benefit from slowing the downward spiral of prices caused by an excess supply of vacant homes for sale.  The indirect benefit to homeowners is greatest in neighborhoods where high foreclosure rates are pulling down home values for everybody.  The Administration’s plan is not a panacea, but it does offer needed help to homeowners caught by the collapse of housing prices.”

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