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
WASHINGTON, DC – Congresswoman Carolyn B. Maloney (D-NY-12), Senior House Democrat of the Joint Economic Committee, today introduced the Measuring Real Income Growth Act of 2018. 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 perspective on economic inequality.
WASHINGTON, DC—Congresswoman Carolyn B. Maloney (NY-12), Senior House Democrat on the U.S. Congress Joint Economic Committee, today released information outlining misleading claims President Donald Trump has made about the economy and that may appear in his State of the Union Address.
WASHINGTON, DC – Congresswoman Carolyn B. Maloney (NY-12), House Ranking Member of the Joint Economic Committee and Ranking Member of the Subcommittee on Capital Markets, Securities, and Investment, released the following statement explain the economic consequences of the Trump Shutdown.
“If President Trump and Republican congressional leadership continue to refuse bipartisan compromises to reopen the federal government, it will not only continue to disrupt the lives of millions of Americans, it likely will have significant economic costs.
New York—Today, Congresswoman Carolyn B. Maloney (NY-12) and Manhattan Borough President Gale A. Brewer joined New York City fashion industry professionals to highlight the vital importance of the Garment District to New York’s fashion industry. The group discussed the outsized economic impact of the fashion industry, which generates nearly $2 billion in tax revenue for the city per year, and the annual New York Fashion Weeks, which generate over $900 million in revenue per year, producing a greater economic stimulus than the US Open or the Super Bowl.
New York, NY –Today, Rep. Carolyn Maloney joined New York Governor Andrew Cuomo and Secretary Hillary Clinton at LaGuardia College where the Governor signed into law the Excelsior Scholarship program, a first-in-the nation program to offer free tuition to all New York public colleges and universities for New York families earning up to $125,000 annually. Years of tuition increases have threatened to put higher education out of reach for many working-class families.
WASHINGTON – During Thursday’s hearing of the U.S. Congress Joint Economic Committee (JEC), Ranking Democrat Carolyn B. Maloney (NY-12) called for a balanced approach to the federal budget, including both policies to deal with long-term drivers of the debt and policies to lay the groundwork for economic growth.
NEW YORK – Today, Rep. Carolyn Maloney (D-NY), Ranking Member of the U.S.
In the rough and tumble of presidential campaigns — rougher this year than ever before — facts are sometimes lost in the debate. But one fact that voters should keep in mind — one that is incontrovertible — is that the U.S. economy performs better under Democratic presidents than Republican ones.
WASHINGTON, D.C. – Congresswoman Carolyn B. Maloney (NY-12) introduced legislation today in the House of Representatives to give small businesses in developing communities more access to affordable credit. H.R. 5113, the Investing in America’s Small Businesses Act of 2016 would provide grants to Community Development Financial Institutions (CDFIs) to establish loan-loss reserve funds for small business microloans under $50,000, allowing CDFIs to leverage private investments to expand their small business lending programs.