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

Dec 12, 2003 Press Release
NEW YORK, NY - Today, Congresswoman Carolyn Maloney, Assemblyman Mike Gianaris, Public Advocate Betsy Gotbaum, and Councilmember Peter Vallone Jr. detailed why a proposal to use 9/11 Liberty Bonds to finance a widely opposed power plant in Queens was against federal law, against the spirit of September 11th recovery plans, and against the interests of Western Queens residents who have fought for years against the saturation of power plants in their neighborhoods.
Dec 11, 2003 Press Release
WASHINGTON, DC - The president has asked the leaders of France, Germany and Russia to forgive their substantial Iraqi debts one day after the Department of Defense excluded those same countries from reconstruction contracts. Rep. Carolyn Maloney (NY-14), Ranking Member on the Domestic and International Monetary Policy, Trade and Technology Subcommittee and author of the Iraqi Freedom from Debt Act (H.R. 2482) reacted to the reports today:
Dec 2, 2003 Press Release

NEW YORK, NY - In strong opposition to the Republican leadership's plan to stay on a Norwegian luxury liner during the Republican National Convention next summer, instead of using New York City's hotels and restaurants, Congresswoman Carolyn Maloney (Manhattan, Queens) joined with Joseph Spinnato, President, and Lester Deptula, Chairman, of the Hotel Association of New York City, Peter Ward, President of the New York Hotel Trades Council, and New York State Assembly Member Jonathan Bing (Manhattan) to urge Republican convention planners to reverse coarse.

Feb 5, 2003 Press Release
Washington, DC- Today, the Bureau of Labor Statistics released the latest statistics on employment and unemployment, and the New York metropolitan area ranks second in the largest over-the-year employment decrease. In other words, from December 2001 to December of 2002, the New York metropolitan area lost over 45,000 jobs - second to Chicago, IL, who lost over 57,000 jobs. The over all unemployment rate for New York State has jumped from 6.5% in December of 2001 to 7.5% in December of 2002. The national employment rate in December was 5.7%.
Feb 4, 2003 Press Release

Washington, DC - Today, in reaction to President Bush's FY04 Budget, Congresswoman Maloney released the following statement:

May 23, 2001 Press Release

Thank you Mr. Chairman for holding this hearing today on the state of the economy. As we have seen since the middle of last year, economic growth has slowed dramatically.

May 2, 2001 Press Release

WASHINGTON, D.C. -- Today, Rep. Carolyn B. Maloney (D- Manhattan, Queens) voted for and spoke in favor of the Comprehensive Retirement Security and Pension Reform Act, legislation that will raise the amount that individuals are permitted to contribute to IRA plans to $5,000 and 401(k) plans to $15,000. The bill also includes important pension portability and catch-up contribution provisions for workers who are 50 or older so that individuals who have been out of the workforce for a number of years, especially women who have raised families, can build their own nest eggs.

Mar 8, 2001 Press Release
WASHINGTON, D.C. - Today, Rep. Carolyn B. Maloney (D-NY) released the following statement:
Feb 28, 2001 Press Release

Thank you Chairman Oxley. Welcome Chairman Greenspan.
As the person in the country whose job is to read the direction of the economy many years into the future, it is particularly appropriate that you are appearing before the Committee on the morning after the President's speech.

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