Washington, D.C. – Rep. Carolyn B. Maloney, Vice Chair of the Joint Economic Committee (JEC), released a report today entitled “The Ripple Effect: Why Failure for the Big 3 is Not an Option.”  The domestic auto industry represents over 10 percent of the nation’s manufacturing employment. This includes employment by the Big Three, direct suppliers, production plants and new car dealers.  Collapse of the three U.S. automakers will have serious negative spillover effects in industries from tire manufacturers to technology firms researching future innovations and prevent any future progress on improving our trade balance. A conditional bridge loan is crucial in helping the Big Three survive the current economic recession.

Washington, D.C. – Congresswoman Carolyn B. Maloney (D-NY), Vice Chair of the Joint Economic Committee, issued the following statement regarding the Bureau of Labor Statistics’ November 2008 employment situation, which showed that the unemployment rate rose to 6.7 percent and nonfarm payrolls fell by 533,000 jobs. Since the start of the recession in December 2007, the economy has lost over two million private sector jobs, but due to government hiring, the economy overall has lost only 1.9 million jobs.

“Today’s jobless numbers take your breath away. The potential employment consequences if one or more of the Big Three Detroit automakers fails should be front and center as Congress debates an aid package for the ailing industry. Estimates show that millions of jobs – including vehicle assembly, parts manufacturing, suppliers, and neighborhood retailers – are potentially at risk,” Maloney said.

 

WASHINGTON—U.S. Sen. John Cornyn, R-Texas, and U.S. Rep. Carolyn Maloney, D-NY, today announced they have sent a letter to Department of Defense Secretary Robert Gates urging him to conduct a fair and open hiring process for the next Federal Voting Assistance Program (FVAP) Director.  This position is charged with administering the absentee voting system for all military and overseas voters. Citing serious concerns about the manner in which the selection process has been handled to date, Sen. Cornyn and Rep. Maloney, along with Sen. David Vitter, R-LA, and Congressman Mike Honda, D-CA, are seeking to ensure all candidates are fully considered. The incoming FVAP Director is an individual who can offer fresh approaches and solutions for improving the department, specifically the military voting system.

Today Treasury, the Federal Reserve and the Federal Deposit Insurance Corporation (FDIC) announced they are tapping further into the funds made available by the $700 billion Troubled Asset Relief Program (TARP) and providing a government guarantee for a pool of toxic assets to stabilize Citigroup. In response to this announcement, Congresswoman Carolyn B. Maloney (D-NY), Chair of the House Financial Services Subcommittee on Financial Institutions and Consumer Credit released the following statement: