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Joint Economic Committee Democrats Chairman - Senator Martin Heinrich (D-NM)

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May 08 2009

JEC Chair Maloney Statement on April Jobs Numbers

JEC CHAIR MALONEY STATEMENT ON APRIL JOBS NUMBERS

Washington, D.C. – Today Congresswoman Carolyn B. Maloney, chair of the Joint Economic Committee (JEC), released the following statement after the US economy shed 539,000 jobs in April, bringing the unemployment rate to 8.9 percent:
 
“Although there are some indications that the economy is getting back on track, today’s unemployment rate of 8.9 percent is a sobering reminder that America’s families are still suffering.  The road to recovery will be long, but the comprehensive and sustained approach that Congress and the Obama administration has been pursuing will put us on the right path.”


The Joint Economic Committee, established under the Employment Act of 1946, was created by Congress to review economic conditions and to analyze the effectiveness of economic policy.
 www.jec.senate.gov
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May 07 2009

JEC Chair Maloney Reacts to Release of 'Stress Test' Results

JEC CHAIR MALONEY REACTS TO RELEASE OF ‘STRESS TEST’ RESULTS

Washington, D.C. – Today, Congresswoman Carolyn B. Maloney, chair of the Joint Economic Committee (JEC), made the following statement after the Federal Reserve released the results of the “stress tests” for the nation’s largest 19 banks:

“The failure of major financial institutions and the disruption of credit markets have taken a toll on business and consumer confidence.  A successful recovery in the real economy requires healthy banks and credit markets.  Today’s ‘stress test’ results should now provide a road map for restoring confidence in these institutions – and capital frequently follows confidence.  This is a critical step toward restoring financial stability that I hope will bring us closer to turning the corner on this crisis.”

May 04 2009

HEARING ANNOUNCEMENT - Joint Economic Committee to Hold Hearing on April Jobs Report


JOINT ECONOMIC COMMITTEE TO HOLD HEARING ON APRIL JOBS REPORT

Following 15 Months Straight of Job Losses, JEC Continues to Examine Employment Figures and Labor Trends

Washington D.C. – Congresswoman Carolyn B. Maloney, Chair of the Joint Economic Committee (JEC) will hold a hearing on the newly released employment figures from the Bureau of Labor Statistics (BLS).  Senator Amy Klobuchar (D- MN) will preside over the hearing entitled, “The Employment Situation: April 2009” on Friday, May 8, 2009 at 9:30 am in Dirksen Room 106.  BLS commissioner Keith Hall will testify to recent developments in the labor market, as the JEC continues a series of hearings examining the causes and ongoing effects of the financial crisis and the economic downturn.

WHAT:            JEC Hearing: “The Employment Situation: April 2009”
WHO:              Dr. Keith Hall, Commissioner, Bureau of Labor Statistics                  
WHEN:            9:30 a.m., Friday, May 8, 2009
WHERE:          Dirksen Senate Office Building, Room 106

Apr 29 2009

JEC Chair Maloney Reacts To The Release of First Quarter GDP Numbers

JEC CHAIR MALONEY REACTS TO THE RELEASE OF 1ST QUARTER GDP NUMBERS

Washington, D.C. – Congresswoman Carolyn B. Maloney, Chair, Joint Economic Committee (JEC), made the following statement after the economy shrank by 6.1 percent in the first quarter of 2009:

“The hangover from the Bush administration is even worse than we thought. These numbers reflect a drawdown in business inventories and continued weakness in the housing and commercial real estate markets.  Americans are starting to spend more and I’m optimistic that we will begin to see the effects of the stimulus next quarter.”

Apr 28 2009

Rep. Maloney's Statement on Equal Pay Day

Equal Pay For Equal Work?
New Evidence on the Persistence of the Gender Pay Gap

On Equal Pay Day, Chair Maloney Examines Gender Wage Gap
As Families Are Squeezed Even Harder During Recession

GAO Details Findings of New Report on Gender Pay Gap in Federal Work Force

Washington, D.C. – Today, in honor of Equal Pay Day and the gender-pay equality yet to be achieved, JEC Chair Carolyn B. Maloney released the following statement:

“Equal Pay Day is a reminder that, now more than ever, women’s earnings are critical for families’ economic well-being.  In the current economic climate, every dollar counts, but the latest report by the Government Accountability Office (GAO) suggests that we have considerable work left to do before women earn equal pay for equal work.  The GAO found that an 11 cent gap remains between men’s and women’s pay in the federal workforce, which should be a model employer. As families continue to struggle during this economic crisis, they should not also be short changed by discrimination against women in the labor market.”

Apr 03 2009

Chair Maloney Reacts to Grim Jobs Numbers

CHAIR MALONEY REACTS TO GRIM JOBS NUMBERS

Washington, D.C. - Today the Bureau of Labor Statistics (BLS) released its monthly jobs report for March.  Congresswoman Carolyn B. Maloney, Chair of the Joint Economic Committee, released the following statement in reaction to the 663,000 jobs lost last month, 5.1 million since the start of the recession 15 months ago, bringing the unemployment rate to 8.5 percent:

“Today’s unemployment numbers are grim, but they show the wisdom of Congress and the President’s agenda to rebuild our economy.  Both the Recovery Act and budget, passed just last night, are targeted at getting Americans back to work and making strategic investments to grow our economy.”

Mar 15 2009

AIG Reveals Counterparties after Chair Maloney Urges Fed to Release Info


AIG REVEALS COUNTERPARTIES AFTER CHAIR MALONEY
URGES FED TO RELEASE INFORMATION


Washington, D.C. - Today Congresswoman Carolyn B. Maloney, Chair of the Joint Economic Committee (JEC), released the following statement reacting to the release of AIG counterparty information.  AIG’s filing comes after Congresswoman Maloney repeatedly urged the Federal Reserve to release the identities and amounts:


“I’ve been asking for this information for months.  This is a good first step, but I’m concerned by how long it took to be released.  Not knowing was not acceptable. Transparency about the counterparties is essential to having an informed debate and developing solutions to our current economic crisis, as well as to Congress’ ability to oversee the use of taxpayers’ money. But the speed with which the economic crisis is unfolding requires that future disclosures be made in a much more timely fashion.”


On March 4, 2009, Chair Maloney sent a letter to Federal Reserve Chairman Ben Bernanke to renew her request from November 18, 2008 for information pertaining to the Federal Reserve’s purchase of collateralized debt obligations and residential mortgage backed securities from AIG.  


The Joint Economic Committee, established under the Employment Act of 1946, was created by Congress to review economic conditions and to analyze the effectiveness of economic policy.
 www.jec.senate.gov
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Mar 06 2009

Chair Maloney Reacts To COP Report

Washington, D.C. – Congresswoman Carolyn B. Maloney, Chair, Joint Economic Committee (JEC) released the following statement commenting on today’s Congressional Oversight Panel (COP) report entitled “Foreclosure Crisis: Working Toward a Solution”:

“The COP report highlights the urgency of Senate passage of the Helping Families Save Their Homes bill that just passed in the House of Representatives yesterday.   More than 2 million homes have gone into foreclosure, and millions of other homeowners find themselves owing more to the bank than their homes are worth. People who are losing their jobs are also losing their homes.  Not surprisingly, states like California and Nevada which have extremely high foreclosure rates also have unemployment rates higher than the national average.  Without modifications to the bankruptcy code, lenders don’t have the incentive to negotiate with borrowers – leaving many borrowers underwater.  Given trends in the labor market, this current anomaly in the bankruptcy code is giving greater force to the foreclosure wave.”

The COP report notes that bankruptcy reform is the central tool in the Administration’s Homeowner Affordability and Stability Plan for addressing the problem of homeowners with negative equity in their homes.  The report says that “without the bankruptcy piece the Plan does not deal with mortgages that substantially exceed the value of the home, which could limit the relief it provides in parts of the country that have experienced the greatest price declines.”

This morning’s JEC hearing on the February 2009 employment situation with the Bureau of Labor Statistics Commissioner, Keith Hall, discussed how the labor market and housing crisis problems are intertwined.  More information about Chair Maloney’s statement and the hearing can be found at the JEC website.

The COP’s report can be found at the COP website. 

 


The Joint Economic Committee, established under the Employment Act of 1946, was created by Congress to review economic conditions and to analyze the effectiveness of economic policy.
 www.jec.senate.gov
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Mar 06 2009

Chair Maloney: Recession Affects All Walks of Life

CHAIR MALONEY: RECESSION AFFECTS ALL WALKS OF LIFE

Washington, D.C. – Today the Bureau of Labor Statistics (BLS) released its monthly jobs report for February.  Congresswoman Carolyn B. Maloney, Chair of the Joint Economic Committee, released the following statement in reaction to the 651,000 jobs lost last month and 4.4 million since the start of the recession 14 months ago:

“Today’s gut-wrenching jobs losses underscore that this recession continues to affect people from all walks of life.  The stimulus will need time to kick in, but the magnitude of these losses indicates that additional measures will likely be needed.  As unemployment continues to rise, our foreclosure crisis will only grow worse – which is why the House took bold action to pass the Helping Families Save Their Homes Act yesterday.  Congress moved quickly to pass the American Recovery and Reinvestment Act to get people back to work; now we must shore up our financial system and stem the tide of foreclosures.”

Quick Facts From the February Jobs Report:
• 651,000 were lost in February, raising the unemployment rate to 8.1 percent, the highest rate in 25 years. 
• After 14 consecutive months of job loss 4.4 million jobs have been lost since the recession began in December 2007.
• Manufacturing has cut 1.3 million jobs since December 2007.

The Joint Economic Committee, established under the Employment Act of 1946, was created by Congress to review economic conditions and to analyze the effectiveness of economic policy.
 www.jec.senate.gov
#          #          #

Mar 04 2009

In Letter To Bernanke, JEC Chair Maloney Renews Request For AIG Transparency

IN LETTER TO BERNANKE JEC CHAIR MALONEY RENEWS REQUEST FOR AIG TRANSPARENCY

Washington, D.C. – Today Congresswoman Carolyn B. Maloney, Chair of the Joint Economic Committee, sent the following letter to Federal Reserve Chairman Ben Bernanke.  Chair Maloney is renewing her request for information pertaining to the Federal Reserve’s purchase of collateralized debt obligations and residential mortgage backed securities from AIG.  

The letter, as sent to Chairman Bernanke, is below.  The letter from noted economist and Nobel laureate Joseph Stiglitz, referenced below, is attached.

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BY ELECTRONIC MAIL AND MAIL DELIVERY

March 4, 2009

Hon. Ben Bernanke
Chairman
Board of Governors of the Federal Reserve

Dear Chairman Bernanke:

As you may recall, late last year, when you were testifying before the House Financial Services Committee, you agreed, in response to my request, to provide me and the Committee with information about the counterparty transactions in which the Federal Reserve (or entities set up and funded by the Federal Reserve) purchased from certain counterparties multi-sector collateralized debt obligations (CDOs) on which AIG had written credit default swap (CDS) contracts.  In connection with the purchase of these CDOs, counterparties unwound related CDS transactions.  Also, the Federal Reserve funded the purchase of residential mortgage backed securities (RMBS) from AIG.  I requested information on the identities of the counterparties from whom the CDOs and CDS were purchased, the price paid by the Fed for the CDOs, CDS and RMBS, and a description of how the prices were determined.

However, to date, your office has not provided that information to me nor, as far as I am aware, to the Financial Services Committee.  This letter is to reiterate that request and to ask that the information be provided to me at the Joint Economic Committee and to the Financial Services Committee as soon as possible. As the New York Times editorial said on March 3, 2009 about these very transactions: “The AIG bailouts fail the basic test of transparency: Who ends up with the money?”  I agree with the Times that “not knowing is not acceptable.”

In further support of my request, I attach a letter from a fellow New Yorker, the noted economist and Nobel laureate Joseph Stiglitz, separately requesting release of this information on his own behalf and explaining how the Fed’s providing this information is essential to informed debate over, and efficient development of solutions to, our current economic crisis, as well as to Congress’ ability to oversee the use of taxpayers’ money with respect to the AIG bailout or similar efforts.   This is the letter I put into the record at the Financial Services hearing at which you testified on February 25, 2009.
           
Thank you very much for your prompt response to this request.

                                                Sincerely,


                                                Carolyn B. Maloney
                                                Chair, Joint Economic Committee
Enclosure