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

Mar 15, 2007 Press Release
New York, NY – Following reports that gas prices nationwide have surged more than 20 cents per gallon in the last two weeks alone, Congresswoman Carolyn B. Maloney (D-Manhattan, Queens) and her colleagues in the House of Representatives called for a new direction in energy policy.  According to data released this week by the House (click here for gas price data), gas prices are up 90% in New York since President Bush took office.  Last August, Rep. Maloney issued a report (click here for report) showing that New York City families are paying $880 per year more for gas than they paid in 2001, and families statewide are paying $1,200/year more.
Mar 9, 2007 Press Release
WASHINGTON, DC – The Bureau of Labor Statistics reported today that the U.S. economy added 97,000 jobs in February, below the 125,000-150,000 needed each month to keep pace with the expanding economy. The unemployment rate remained unchanged at 4.5 percent.
Dec 6, 2006 Press Release
WASHINGTON, DC – The House of Representatives today approved legislation to aid U.S. exporters by passing the Export-Import Bank Reauthorization (S. 3938). With this action, the House not only moved to reauthorize the Export-Import Bank, but at the same time it approved new provisions to protect the U.S. export economy from being threatened by China, which is effectively subsidizing its exports, and to stoke small business exporting.
Nov 3, 2006 Press Release
WASHINGTON, DC – 92,000 total payroll jobs were created in October, the Bureau of Labor Statistics reported today, which is less than financial market predictions of 125,000 jobs and less than the 125,000-150,000 needed each month to keep pace with the expanding workforce. The unemployment rate dipped to 4.4 percent but remains higher than it was when President Bush took office in January of 2001.
Nov 2, 2006 Press Release
WASHINGTON, DC - The Bush Administration has allowed the United States to become increasingly dependent on foreign purchases of U.S. Treasury securities to finance the federal budget deficit, and future U.S. national income will be depressed by payments to foreign holders of U.S. debt, according to a new study by Democrats on the Joint Economic Committee (JEC) and the House Committee on Financial Services.
Oct 27, 2006 Press Release
WASHINGTON, DC – The U.S. economy cooled off even further during the third quarter of 2006, with the Gross Domestic Product growing at only a 1.6 percent annual rate. This falls short of predictions and is even slower than the 2.6 percent GDP growth from the previous quarter.
Oct 18, 2006 Press Release
WASHINGTON, DC – The Bureau of Labor Statistics reported today that average weekly earnings for a worker in the month of September were $569.19. After adjusting for inflation, that represents a one percent increase from the previous month. Even with that bump, real weekly earnings continue to remain lower than they were three years earlier, when job losses from the 2001 recession were at their peak.
Oct 13, 2006 Press Release

QUEENS, NY – On Wednesday, Rep. Carolyn B. Maloney (D-Manhattan, Queens), the Senior House Democrat on the Joint Economic Committee, delivered a major address on the economy at LaGuardia Community College.  Maloney’s address was part of the House Democrats’ national effort to highlight their New Direction agenda to restore economic security for hard-working Americans.   Before a crowd of LaGuardia students, professors and staff, Maloney outlined the Democrats’ plan to ensure economic security, opportunity and prosperity for all.

Oct 12, 2006 Press Release
WASHINGTON, DC – New statistics released by the federal government today show that the trade deficit hit $69.9 billion in August, topping the previous all-time high set one month earlier. Last year, the annual trade deficit was at a record high for the fifth consecutive year, and it is well on its way to topping that record again this year.
Oct 11, 2006 Press Release
WASHINGTON, DC – Today, President Bush is touting a $247.7 billion budget deficit for the fiscal year ending on September 30. This marks the fifth straight year of budget deficits under the Bush administration – a drastic change from the four straight years of budget surpluses achieved under Clinton administration policies.

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