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

May 11, 2007 Press Release

Schumer and Maloney Release Joint Economic Committee Report Highlighting Progress Made and Work Still to Be Done to Give Military Moms the Benefits They Deserve

Washington, D.C. – U.S. Senator Charles E. Schumer and Rep. Carolyn Maloney (D-NY), Chairman and Vice Chairman respectively of the Joint Economic Committee (JEC), released a Mother’s Day report revealing that mothers serving in the military and spouses of soldiers face difficult child care access, leave and health care services challenges.  Women represent one in seven U.S. military personnel in Iraq.  Like all mothers, military moms face challenges in meeting monthly expenses, getting good child care and health care for their families and themselves. But military moms face the added burden of longer deployments and frequent separation from their children and spouses. While the military has taken steps to address the needs of mothers, the JEC report finds that more still needs to be done.

May 4, 2007 Press Release

WASHINGTON – The Bureau of Labor Statistics today reported that the U.S. economy added only 88,000 jobs in April – the slowest monthly job growth rate in two years.  The unemployment rate edged up to 4.5 percent, and growth in payroll employment has been modest by the standards of past economic recoveries. 

Apr 20, 2007 Press Release
Washington, D.C. – Rep. Carolyn Maloney (D-NY), Vice Chair of the Joint Economic Committee, today released a list of the top ten facts about the gender pay gap to mark Equal Pay Day – a day that indicates just how far into each year a woman must work to earn as much as a man earned in the previous year.
Apr 16, 2007 Press Release
Washington, D.C. - Taxpayers claimed nearly $83 billion in tax credits in 2004, but families missed out on over $10 billion in unclaimed tax credits, according to estimates by the Joint Economic Committee.
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.

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