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

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:

Jul 12, 2004 Press Release
WASHINGTON, DC - Eighty New York hospitals stand to lose approximately $65 million in FY05 and $700 million over the next 10 years in Medicare reimbursements because three New Jersey counties with much lower average hourly wages have been unnecessarily added onto the current New York metropolitan statistical area (MSA), say a united group of New York Members of Congress. In a letter to the Centers for Medicare and Medicaid Services (CMS) Administrator Mark McClellan, Reps. Charles Rangel (Harlem), Peter King (Seaford), Carolyn Maloney (Manhattan and Queens) and the entire New York delegation urge McClellan to reverse his decision to expand the New York MSA and instead maintain the current boundaries for the purposes of the Medicare program (PDF of letter).
Jul 8, 2004 Press Release
NEW YORK, NY - Today, Congresswoman Carolyn Maloney (D-NY) called for greater accountability from businesses that use subcontractors who repeatedly violate fair labor laws, as New York City workers and labor rights advocates held an event in Manhattan to draw attention to the problem.
May 10, 2004 Press Release

WASHINGTON, DC - The General Accounting Office (GAO) has determined that the Department of the Interior's pilot oil and gas program allowing the government to take royalties in barrels of oil rather than cash has produced mixed results, according to U.S. Representatives. Nick J. Rahall (D-WV), who serves as the Ranking Democrat on the House Resources Committee which has jurisdiction over oil and gas development on federal lands, and Carolyn Maloney (D-NY).

May 5, 2004 Press Release

WASHINGTON, DC - Today, a change in the government’s rule for collecting royalties from oil companies producing oil on federal lands was finalized by the Department of the Interior’s Mineral Management Service (MMS). Rep. Carolyn Maloney (NY-14), who has urged MMS to be cautious with taxpayer money since the rule change was first discussed last year, today reacted with disappointment:

Apr 29, 2004 Press Release

WASHINGTON, DC - For her support of cooperative business, Rep. Carolyn Maloney (Manhattan and Queens) today received a National Cooperative Business Association Honored Cooperative Award. The award was given to recognize Maloney’s long-time work on behalf of businesses owned and democratically controlled by their members, rather than outside businesses.

Apr 2, 2004 Press Release

WASHINGTON, DC - Today, the Department of Labor released statistics showing that 308,000 jobs were created last month, the first significant month of job creation during the Bush Administration. Since President Bush took office, 1.8 million jobs have been lost. 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:

Mar 31, 2004 Press Release

WASHINGTON, DC - As a result of a failure by the President and Congressional leadership to extend unemployment benefits for the nation’s jobless, over 50,000 unemployed individuals in the New York City area lost federal unemployment insurance benefits over the first 3 months of 2004 and near 30,000 more will exhaust their benefits over the next three months, according to a new report released today by New York Congressmembers Carolyn Maloney, Nita Lowey, Charles Rangel, and Edolphus Towns.

Mar 5, 2004 Press Release

WASHINGTON, DC - Today, the Labor Department’s monthly employment report stated that non-farm payrolls grew a meager 21,000 in February. Growth of approximately 125,000 jobs is required just to keep up with the monthly growth of the labor force. The Labor Department further revised downward non-farm payroll growth for January from 112,000 to 97,000 and December from 16,000 to 8,000.

Feb 10, 2004 Press Release

QUEENS, NY - Congresswoman Carolyn Maloney (NY) will be announcing today a $150,000 federal appropriation for LaGuardia Community College to assist in the development of the college's business incubator program designed to accelerate the growth of fledgling design and production firms in western Queens.

Pages