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

Press Center

Jun 19 2019

Vice Chair Maloney’s Statement on Fed’s FOMC Meeting

WASHINGTON—Congresswoman Carolyn B. Maloney (NY-12), Vice Chair of the U.S. Congress Joint Economic Committee, issued the following statement after the Federal Reserve’s Federal Open Market Committee (FOMC) completed its June meetings and reported that its median growth projection is 2.1 percent for 2019 and 2 percent for 2020.

“The FOMC’s median forecast of an economic deceleration this year and next is roughly in line with projections made by the Congressional Budget Office, the International Monetary Fund and many independent economists in the private sector. This is further evidence that the Republican tax law created only a short-term pickup in the economy and will not provide the sustained growth needed to pay for itself that was promised by the president and congressional Republicans.”

“Today’s meeting also serves as a reminder of the importance of an independent Federal Reserve, as the central bank should be left free to assess the economy and implement monetary policy in order to fulfill its congressional mandates. Unfortunately, President Trump is now trying to strong-arm the Fed into lowering interest rates by threatening to demote or even fire Chairman Jerome Powell. That is entirely inappropriate and puts at risk the Fed’s credibility, which is a pillar of America’s economic strength. I urge my Republican colleagues to join me in condemning the Trump administration’s repeated efforts to politicize the Federal Reserve.”

Press contact
Randy Woods
Randy_Woods@jec.senate.gov
(202) 224-2599

Jun 07 2019

Vice Chair Maloney’s Statement on May Jobs Report

WASHINGTON—Congresswoman Carolyn B. Maloney (NY-12), Vice Chair of the U.S. Congress Joint Economic Committee, issued the following statement after the Bureau of Labor Statistics reported nonfarm payroll employment grew by 75,000 in May and the unemployment rate remained at 3.6 percent. Average hourly earnings increased 3.1 percent from the prior year.

“Today’s payroll growth is very disappointing and far lower than economists had forecast, as factories and builders hired at a much slower pace. Wage growth has also decelerated and missed expectations in May. While it is too soon to know whether this all is a result of the president’s trade wars, today’s data should give everyone pause and reason to question his reckless and haphazard tariff policies.”

“I am also concerned about the persistent inequalities that prevent too many Americans from enjoying the benefits of a growing economy. Black and Hispanic unemployment remain well above the rates among whites and Asians. The share of women working or seeking work remains below pre-recession levels, as high day care costs and inadequate paid family leave policies make it hard for young mothers to stay in the job market.”

“That’s why it’s so important for Congress to pass a law that would allow workers to care for a child or sick family member without facing financial hardship. I also urge Congress to approve legislation that would require the Bureau of Economic Analysis to report economic growth by income decile and the top 1 percent. That would help us measure inequality and develop policies to ensure all Americans benefit from our nation’s economic progress.”

Congresswoman Maloney in March introduced the Federal Employee Paid Leave Act (H.R. 1534) that would provide 12 weeks of paid family leave for federal workers. H.R. 1534 would guarantee paid leave for all instances covered by the Family and Medical Leave Act, which currently guarantees only unpaid leave. She also introduced the Measuring Real Income Growth Act (H.R. 707) this Congress and in the 115th Congress. The legislation would require BEA to publish distributional analyses of gross domestic product.

Press Contact:
Randy Woods
Randy_Woods@jec.senate.gov
(202) 224-2599

May 22 2019

Joint Economic Committee Hearing Focused on Business Uses of 2020 Census

Congresswoman Carolyn B. Maloney, Vice Chair of the Joint Economic Committee, presided over a hearing today on the economic impacts of the 2020 census and business uses of federal data. The hearing focused on the importance of next year’s count, which will be used to produce economic data that businesses rely on to make decisions ranging from marketing strategies to long-term investments.

Here are key excerpts from the hearing:

“Businesses use census data to make economic and strategic decisions that determine the flow of almost $4 trillion in annual private investment,” Congresswoman Maloney said in her opening statement. “When businesses plot their strategies, they look at census data to understand the skills of the workforce and the characteristics of potential customers.”

“Getting the count wrong would be costly with far-reaching effects on nearly every segment of the population and on nearly every industry in our economy,” she added later in her statement. “We would be misallocating resources through misguided business investments and poorly targeted government expenditures. We would be using flawed data as the basis for making and evaluating decisions. And we would be doing this for a decade.”

“The vitality of the nation’s economy and the 6 million businesses inside that economy are greatly affected by decisions made using census-derived data—by businesses themselves, of course, and as well as by the federal government, state and local governments, workers, and students,” Dr. Andrew Reamer, research professor at the George Washington Institute of Public Policy, said in his prepared remarks.

“Because accurate census data is considered the gold standard of publicly available data, it creates a competitive advantage for our country,” Mr. Howard Fienberg, Vice President of Advocacy at the Insights Association and Co-director of The Census Project, said in prepared remarks. “One of the greatest barriers to international expansion is the lack of good, transparent data, but census data gives the private sector the confidence to get their capital off the sidelines and put it to productive use here in the U.S.”

Congresswoman Maloney is co-chair of the House Census Caucus and introduced the Census IDEA Act in this Congress, which mandates a three-year review process for each question proposed to the decennial census. A video of the full hearing is available here, and the Congresswoman’s opening statement is here.

Press Contact (Democrats):

Randy Woods
Randy_Woods@jec.senate.gov
202-503-5943 

May 20 2019

Hearing to Focus on Economic Impacts of the 2020 Census

A hearing before the Joint Economic Committee, “The Economic Impacts of the 2020 Census and Business Uses of Federal Data,” will take place Wednesday, May 22, 2019, at 2:00 p.m., in 210 of the Cannon House Office Building. A live stream of the hearing will be available on the Committee website: https://www.jec.senate.gov/public/.

Witnesses:

Dr. Andrew Reamer, Research Professor
George Washington Institute of Public Policy
George Washington University
Washington, DC

Mr. Howard Fienberg, Vice President, Advocacy
Insights Association
Washington, DC

Ms. Mallory Bateman, Coordinator, State Data Center
Senior Research Analyst, The Kem C. Gardner Policy Institute
The University of Utah
Salt Lake City, Utah

Dr. Nicholas Eberstadt, Henry Wendt Chair in Political Economy
American Enterprise Institute
Washington, DC

Vice Chair Carolyn B. Maloney will preside

Background:

The hearing will focus on the importance of conducting a thorough and accurate decennial census. Census data provide a benchmark for nearly all federal statistics, which are critical to understanding the economy and for businesses as they plan everything from marketing strategies to long-term investments. The discussion occurs amid increased politicization of the 2020 census, with the potential citizenship question threatening to reduce the rate of response in some communities.

Press Contact (Democrats):
Randy Woods
Randy_Woods@jec.senate.gov
202-503-5943

May 03 2019

Vice Chair Maloney’s Statement on April Jobs Report

WASHINGTON—Congresswoman Carolyn B. Maloney (NY-12), Vice Chair of the U.S. Congress Joint Economic Committee, issued the following statement after the Bureau of Labor Statistics reported nonfarm payroll employment grew by 263,000 in April and the unemployment rate fell by 0.2 percentage point to 3.6 percent. Average hourly earnings grew 3.2 percent from the prior year.

“I’m pleased that our economy continues to create jobs and opportunities for Americans almost a decade after the Great Recession ended. That progress is resulting in lower unemployment and wage gains as more Americans enter the labor market or find better paying jobs.”

“But much more needs to be done to reduce the inequality that holds back too many people and limits our country’s economic potential. The black unemployment rate is more than double the rate among whites, and there are still 1.2 million people who have been unemployed for 27 weeks or longer. The share of women working or seeking work remains below pre-recession levels and falls short of countries like Canada and Great Britain, where governments have paid family-leave policies.”

“That’s why it’s so important for us to pass a law that would allow workers to take paid leave after the birth or adoption of a child or to care for a sick family member. I also urge Congress to approve legislation that would require the Bureau of Economic Analysis to report economic growth by income decile and the top 1 percent. That would allow us to track changes in inequality to ensure all Americans benefit from our country’s economic growth.”

Congresswoman Maloney in March introduced the Federal Employee Paid Leave Act (H.R. 1534) that would provide 12 weeks of paid family leave for federal workers. FEPLA would guarantee paid leave for all instances covered by the Family and Medical Leave Act, which currently guarantees only unpaid leave. She also introduced the Measuring Real Income Growth Act (H.R. 707) this Congress and in the 115th Congress. The legislation would require BEA to publish distributional analyses of gross domestic product.

Press contact
Randy Woods
Randy_Woods@jec.senate.gov
(202) 224-2599

May 02 2019

Vice Chair Maloney’s Statement on Stephen Moore

WASHINGTON—Congresswoman Carolyn B. Maloney (NY-12), Vice Chair of the U.S. Congress Joint Economic Committee, issued the following statement after Stephen Moore withdrew from consideration from the Federal Reserve Board.

``I’m relieved that Stephen Moore has withdrawn his name from consideration. As I wrote in my letter to the Senate Banking Committee early last month, I found him to be unqualified for the job and was disturbed by his bizarre and sexist comments about women. President Trump now has the opportunity to nominate two members to the Fed Board, and I hope he selects candidates with deep expertise in monetary policy who recognize the importance of central bank independence.’’

Press contact
Randy Woods
Randy_Woods@jec.senate.gov
(202) 224-2599

May 01 2019

Vice Chair Maloney’s Statement on Federal Reserve Press Conference

Congresswoman Carolyn B. Maloney (NY-12), Vice Chair of the U.S. Congress Joint Economic Committee, issued the following statement after Federal Reserve Chairman Jerome Powell’s press conference Wednesday.

“It was heartening to see Chairman Powell shrug off President Trump’s attempts to influence monetary policy, with him saying the Fed is a ‘nonpolitical institution.’”

“Fed independence has served this country extremely well in recent decades by allowing the central bank to focus on its congressional mandates of price stability and maximum employment, which helped America rebound from the 2008 financial crisis. As President Trump continues to put pressure on Chairman Powell in speeches and on Twitter, I hope my Republican colleagues in Congress will join me and others to urge the President to stop interfering with Fed policy.”

“Meanwhile I’m happy to see news reports that GOP senators are reluctant to approve the potential nomination of Stephen Moore to the Fed Board. His appointment would be another attempt by President Trump to politicize the Fed, while his past comments about women make him undeserving of such an important position in our country.”

Press contact
Randy Woods
Randy_Woods@jec.senate.gov
(202) 224-2599

Apr 30 2019

Congressional Panel Agrees Economic Inequality a National Crisis

Witnesses invited by Republicans and Democrats to a hearing of the Joint Economic Committee on Tuesday largely agreed that America faces a crisis of economic inequality. Solutions proposed during the nearly two-hour hearing (see list of witnesses and prepared testimony here) included comprehensive immigration reform; improved workforce development policies; investment in community institutions; and targeted programs to boost childhood development. Highlights of the hearing, presided over by Senator Mike Lee (R-UT), are below.

• Dr. Patrick Sharkey said in his opening statement that ``labor market opportunities, social networks, environmental hazards and the quality of institutions like schools, libraries, banks and police departments vary dramatically depending on where one lives, creating a rigid geography of vulnerability and opportunity.’’

• Mr. José Quiñonez focused his testimony on helping underprivileged communities gain access to secure financial instruments that can provide opportunities. ``Being poor in America is expensive, particularly for people living outside of the financial mainstream,’’ he said in opening remarks, adding that nearly one-in-seven Latinos do not have checking or savings accounts and that almost one-third of Latinos do not have credit scores.

• Senator Maggie Hassan (D-NH) opened the hearing for the Democrats, saying ``we must do more to level the playing field and help aspiring business owners build social capital. Our country was founded on the idea that nurturing the talent and the energy of every person promotes human dignity and ignites a vibrant and competitive economy, and government certainly has a role in ensuring that we do just that.’’

• Representative Joyce Beatty (D-OH) asked whether America’s income-opportunity gap constitutes a national emergency. All witnesses agreed except Sharkey, who said we’re ``close’’ to an emergency because income inequality is a national trend with ``very severe implications.’’ Quiñonez gave a ``hard yes’’ for his answer.

• Senator Gary Peters (D-MI) noted that large cities are expanding economically far faster than the rest of America. ``Just those few urban areas are growing whereas the rest is being left behind’’–especially rural areas, he said. The Senator added that economic mobility is difficult as it’s hard for people to move to expensive cities without social safety nets.

• Representative Denny Heck (D-WA) focused on counties in his state where the loss of timber jobs have led to long-term double-digit unemployment, asking whether traumatic job loss can diminish so-called social capital. Dr. Sharkey replied that ``what destroys communities is when there’s a combination of this kind of economic shock or long-term economic distress combined with the absence of a foundation of strong community institutions that are unable to absorb people who are unemployed.’’

• Representative David Trone (D-MD) cited policies that result in a new form of racial segregation in public schools, noting that ``in many ways a child’s zip code is determining their economic prospects.’’

• Representative Don Beyer (D-VA), who started working in car dealerships in the 1970s, noted the importance of maintaining a good credit score. Quiñonez remarked how his organization helps people establish credit, likening credit reports to ``passports to the financial marketplace. Without that passport, you are really denied everything.’’

• You can watch the entire hearing on our Facebook page and check our Twitter feed for more quotes and videos from Tuesday’s event.

Press Contact (Democrats):

Randy Woods
Randy_Woods@jec.senate.gov
202-503-5943

Apr 29 2019

Hearing to Focus on Communities and Economic Inequality

A hearing before the Joint Economic Committee, "Expanding Opportunity by Strengthening Families, Communities, and Civil Society,’’ will take place Tuesday, April 30, 2019, at 10:00 a.m., in 216 of the Hart Senate Office Building. A live stream of the hearing will be available at this link. 

Witnesses:

Dr. Nathaniel Hendren, Professor of Economics and Founding Co-Director of Opportunity Insights
Harvard University
Cambridge, MA

Dr. Ryan Streeter, Director of Domestic Policy Studies
American Enterprise Institute
Washington, DC

Mr. José A. Quiñonez, Founder and CEO
Mission Asset Fund
San Francisco, CA

Dr. Patrick Sharkey, Professor and Chair of the Sociology Department
New York University
New York, NY

Chairman Mike Lee presiding.


Background:

The hearing will focus on how family relationships and community networks can impact poverty and financial instability in America. Democrats believe the federal government can help families and communities address persistent inequality by supporting programs that offer critical services ranging from paid family leave to high-quality schooling.

The Democratic witnesses are José Quiñonez and Patrick Sharkey. Mr. Quiñonez founded the nonprofit Mission Asset Fund, which has pioneered a model that offers people with limited or no access to credit a pathway to mainstream financial services. He will demonstrate that government support plays a key role in helping low-income people improve their financial situation. Dr. Sharkey is a sociologist who has studied urban poverty and inequality, finding that one’s neighborhood plays a key role in determining economic well-being. His research shows how persistently disadvantaged communities have been subject to a lack of social investment, punitive policies and high levels of violence.

 

Press Contact (Democrats):

Randy Woods
Randy_Woods@jec.senate.gov
202-503-5943

Apr 26 2019

Vice Chair Maloney's Statement on First Quarter GDP Numbers

WASHINGTON— Congresswoman Carolyn B. Maloney (NY-12), Vice Chair of the U.S. Congress Joint Economic Committee, issued the following statement after the Bureau of Economic Analysis (BEA) released its initial estimate of first quarter gross domestic product (GDP), showing that GDP grew at annual rate of 3.2 percent in the first three months of 2019 following a 2.2 percent increase in the previous quarter.

“Today’s data show the U.S economic expansion that started under President Obama continues at a healthy pace, despite self-inflicted wounds imposed by the Trump Administration, including trade tensions with our closest allies and the government shutdown.’’

“The main question facing our economy and our country right now is who is benefiting from these gains? While the Trump administration likes to say its tax cuts and regulatory rollbacks are the main drivers of America’s economic growth, they will provide only short-term gains by leading to lower taxes for the fortunate few and corporate stock buybacks. Those policies do not benefit working Americans and will worsen inequality, which is why I have introduced legislation that would require BEA to report growth by income decile. The bill would help us craft policies to help Americans who are not currently benefitting from the economic expansion.”

Maloney introduced the Measuring Real Income Growth Act (H.R. 707) this Congress and also in the 115th Congress. The legislation would require BEA to publish distributional analyses of 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.

 

Press contact
Randy Woods
Randy_Woods@jec.senate.gov
(202) 224-2599