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

Oct 7, 2005 Press Release
WASHINGTON, DC - Facing a dramatic loss of tax revenue, the City of New Orleans announced Tuesday that it was forced to layoff 3,000 city employees. Ironically, three years earlier, then-Majority Leader Dick Armey scuttled a provision in Congress that helped disaster-stricken communities recoup much of their lost tax revenue.
Sep 23, 2005 Press Release
WASHINGTON, DC - At the Joint Economic Committee Democrats and Democratic Policy Committee hearing on the economic impact of Hurricane Katrina today, Rep. Carolyn Maloney (NY-14), Senior House Democrat on the JEC, focused her statement on the need to shift course economically in order respond effectively to the recovery challenges of Katrina as well as to the greater challenges of balanced economic prosperity for the country.
Sep 15, 2005 Press Release
 WASHINGTON, DC - In the hopes that the recovery from Hurricane Katrina is as efficient and thorough as possible, Members of the New York congressional delegation today sent Gulf Coast Members of Congress a list of lessons that need to be learned from the federal response to 9/11. The New York Members said that it is important to understand the pitfalls they have faced for four years so that such issues can be avoided as the Gulf Coast rebuilds.
Jul 26, 2005 Press Release
 NEW YORK, NY - Today, Congresswoman Carolyn Maloney (D-NY), the Senior House Democrat on the Joint Economic Committee, urged the Bush administration to properly address the national deficit crises, rather than overstating the significance of a short-term estimated reduction in the projected national deficit.
Jul 8, 2005 Press Release
 WASHINGTON, DC - The Department of Labor reported today that 146,000 jobs were created in June - less than economists’ expectations of 175,000 or more and less than the 150,000 jobs needed to keep pace with the expanding workforce. The unemployment rate edged down a tenth of a percent to 5 percent.
Jul 1, 2005 Press Release
 WASHINGTON, DC - A day after Treasury Secretary John Snow notified Congress that the administration opposes the extension of the Terrorism Risk Insurance Act (TRIA), a group of New York Members of Congress took action to ensure TRIA’s survival. Today, twenty-one bipartisan New York Members - led by Representative Carolyn Maloney (NY-14) - sent a letter to Rep. Michael Oxley (R-OH), Chairman of the House Financial Services Committee, requesting that he move forward promptly on pending legislation to extend the Terrorism Risk Insurance Act (TRIA), which will expire at the end of this year (PDF of letter: http://maloney.house.gov/sites/maloney.house.gov/files/documents/olddocs/banking/063005ltrTRIA.pdf).
Jun 30, 2005 Press Release
 WASHINGTON, DC - Today, Treasury Secretary John Snow wrote to Congress to state the Administration’s official position that the Terrorism Risk Insurance Act (TRIA), passed after 9/11, is no longer necessary. The program has helped insure commercial property-holders against future terrorists attacks, and it has been a safety net for those looking to build or own property in high-threat areas. Rep. Carolyn Maloney (D-Manhattan and Queens), who represents many major commercial property owners and financial institutions in New York, reacted in strong opposition to the administration’s stance.
May 6, 2005 Press Release
 WASHINGTON, DC - For only the sixth time since President Bush took office, the economy has recorded a month with strong job gains of 250,000 or more. In April 274,000 jobs were created, according to statistics released today by the Department of Labor. The unemployment rate remained constant at 5.2 percent, but data also show that workers’ wages have not kept up with inflation over the past year.
Apr 12, 2005 Press Release
 WASHINGTON, DC - The Commerce Department announced today that the U.S. trade deficit in February hit $61 billion - the all-time record high for a single month. The previous record had been set in November. The increase in the price of oil and the demand for foreign oil were main reasons behind the $2.6 billion increase in imports in February. Exports remained essentially flat, despite administration predictions that the weak dollar would spur an increase in purchasing of cheaper American goods.
Apr 5, 2005 Press Release
WASHINGTON, DC - Today, three New York Members of Congress announced a new Government Accountability Office (GAO) report reviewing and evaluating recent estimates of the fiscal impacts of the September 11, 2001 terrorist attacks on New York City and State economies. The GAO’s review re-confirms that the City and State still suffer as a result of 9/11, and there has been no federal aid to offset the loss of this tax revenue. Because 9/11 happened in New York, the City has lost between $2.5 and $2.9 billion in tax revenue, while the State has lost $2.9 billion, according to estimates reviewed by GAO.

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