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
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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.
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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.
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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.
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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
The retirement security gap of Blacks and Hispanics compared to Whites is likely to worsen because of lower earnings and personal savings, warns a report released today by the House and Senate Joint Economic Committee (JEC) Democrats’ staff.
“The median wealth of Black and Hispanic households is on a steady decline; trends suggest that median wealth could reach zero by 2053 for Black households, and by 2073 for Hispanic households, while median White household wealth will have reached $147,000 by 2073,” the report from the Congressional Democratic unit points out.
Every year, the public gets a window into the White House's views of the economy when the administration publishes the Economic Report of the President. Typically, it is a dense but interesting read, offering a data-driven assessment of the economy, and highly anticipated by economists, policymakers and others who care about economic policy. However, the Trump administration's 2019 report is a sharp departure from those of previous administrations.
Stephen Moore, the economic commentator whom President Donald Trump plans to nominate to the Federal Reserve Board, lacks the expertise and political independence needed to help set interest rates for the U.S. economy, a top Congressional Democrat said on Tuesday.
The United States economy grew by 2.2 percent in the fourth quarter last year, according to updated numbers released by the government on Thursday. Congressional Democrats are renewing their push to figure out if that growth is touching ordinary Americans.
New York, NY—New York City remains a global fashion power with more than one in three fashion designers in the United States working in the metro area, according to a new report prepared by the Democratic staff of the Joint Economic Committee (JEC) at the request of the committee’s Vice Chair Congresswoman Carolyn B. Maloney (NY-12).
The report, “The Economic Impact of the Fashion Industry,” finds:
WASHINGTON, DC – Congresswoman Carolyn B. Maloney (D-NY), Vice Chair Designate of the Joint Economic Committee, released the following statement following the release of the Congressional Budget Office’s report on the costs of the Trump Shutdown.
“Today’s report from the Congressional Budget Office makes clear that the Trump Shutdown caused permanent damage to our economy. It reduced economic growth in the fourth quarter of 2018 and first quarter of this year -- $3 billion of that lost economic activity will never be recovered.
WASHINGTON, DC – Congresswoman Carolyn B. Maloney (D-NY-12), Vice Chair of the Joint Economic Committee, this week introduced the Measuring Real Income Growth Act of 2019. The legislation would require the Bureau of Economic Analysis (BEA) to publish distributional analyses of Gross Domestic Product (GDP). These new reports would give policymakers a clearer picture of how economic growth is distributed among Americans of all income levels, providing new perspective on economic inequality. The Congresswoman first introduced a similar bill in the last Congress.