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 4, 2005 Press Release
 WASHINGTON, DC - 262,000 jobs were created in February, but the unemployment rate ticked up to 5.4 percent, according to statistics released this morning by the Department of Labor. February marked one of the few months during the Bush administration in which job gains have been strong - there have been only five months in which the economy grew by more than 250,000 jobs in the past four years.
Feb 23, 2005 Press Release
 WASHINGTON, DC - In an ominous sign for the U.S. currency and economy, the dollar plunged and the stock market slid yesterday as the central banks of South Korea and Taiwan announced that they planned to diversify away from dollar-denominated securities in their foreign exchange reserves. Although the dollar stabilized somewhat today when South Korea - the fourth largest holder of dollar reserves at $200 billion - assured the world that it did not plan a massive dollar selloff, central banks in Asia and the Middle East are clearly signaling that they are looking to reduce the proportion of dollars in their reserves.
Feb 4, 2005 Press Release
 WASHINGTON, DC - The monthly employment statistics released today failed to meet expectations - a theme repeated month after month during the Bush administration. Department of Labor statistics released today also showed that revised job numbers for the entire first term of the Bush administration showed that only a total of 119,000 jobs were created during those four years - the most dismal performance of any President since Herbert Hoover. Furthermore, brand-new analysis by the Democratic staff of the Joint Economic Committee revealed that low-income Americans have seen their real earnings decline over the past four years, while the wealthiest Americans have seen an increase.
Jan 19, 2005 Press Release
 WASHINGTON, DC - Wages for American workers lost ground to inflation from 2003 to 2004, according to fresh statistics released by the Bureau of Labor Statistics today. Average hourly earnings dipped by 0.4 percent between December 2003 and December 2004 when inflation is factored in, the biggest such decline since 1992 and the first in more than a decade. Meanwhile, the real average weekly earnings (adjusted for inflation) decreased by 0.2 percent in 2004.
Oct 19, 2004 Press Release

WASHINGTON, DC - Joining a bipartisan letter of October 14, 2004, signed by 11 leading members of the House Financial Services Committee, Rep. Maloney strongly criticized the Securities and Exchange Commission for proposing rules that would ignore congressional intent in the Gramm-Leach- Bliley Act and prevent banks from continuing to provide self-directed IRA, bond trustee and other traditional services to customers.

Oct 13, 2004 Press Release

WASHINGTON, DC - While President Bush and the Republican majority in Congress are touting H.R. 4520, the corporate tax bill Congress passed Columbus Day weekend, Representative Carolyn Maloney joined Senator John Kerry and many other Democrats in strongly criticizing the bill for sending jobs overseas.

Oct 8, 2004 Press Release

WASHINGTON, DC - Today, the Department of Labor released statistics showing that only 96,000 jobs were created last month, only two-thirds of what Wall Street analysts expected and far short of the 150,000 new jobs the Bureau of Labor Statistics states are needed just to keep pace with the number of people coming into the job market. Rep. Carolyn Maloney (NY-14), member of the Joint Economic Committee and ranking member on the Subcommittee on Domestic and International Monetary Policy, Trade and Technology, said the following:

Sep 9, 2004 Press Release
WASHINGTON, DC - The House of Representatives was poised to pass a Labor-Health and Human Services Appropriations bill (HR 5006) today that would zero out the Women’s Educational Equity Act (WEEA) after 30 years of ensuring that women and men, girls and boys are treated equally and fairly in school. On the House floor, Rep. Carolyn Maloney (NY-14), along with Reps. Lynn Woolsey (CA-06) and Loretta Sanchez (CA-47) offered an amendment to fund WEEA at last year’s level - $3 million. The measure successfully passed the House.
Aug 17, 2004 Press Release

NEW YORK, NY - New York’s Congressional Democrats, including Reps. Carolyn Maloney, Jerrold Nadler, Maurice Hinchey, Elliot Engel, Anthony Weiner, and Major Owens, released a report today outlining the issues on which the Bush administration has been detrimental to New York. The Republican National Convention will be held in New York City in two weeks, and it is likely that at that time the GOP will paint a rosy picture of its treatment of New York - a picture discounted by this Congressional report.

Jul 20, 2004 Press Release

WASHINGTON, DC - The House today voted to pass H.R. 3475, the so-called “Stock Options Accounting Reform Act,” and defeated an amendment by Congresswoman Carolyn Maloney (NY-14) that would have preserved the long-standing authority of the Securities and Exchange Commission to set accounting standards when it determines that it is necessary “for the protection of investors or in the public interest.” Maloney said the following:

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