Economic Recovery
As the senior House Democrat on the Joint Economic Committee and a senior Member of the House Financial Services and Oversight and Government Reform Committees, I am working with my colleagues and President Obama to strengthen our economy.
There are no doubts that the task is great and bold, but responsible actions will be needed. This page will be updated below with press releases, speeches and documents as we move forward with our efforts.
Legislation
02/17/09 - American Recovery and Reinvestment Act of 2009 (PL 111-5)
10/01/08 - Economic Stabilization Act of 2008 (The Senate's bill)
09/29/08 - H.R. 3997 (The failed House bill)
More on Economic Recovery
I rise in strong support of H.R.5618, the Restoration of Emergency Unemployment Compensation Act. At a time of unprecedented unemployment, when 1 in 10 Americans have lost their jobs through no fault of their own, it is unconscionable that Republicans have blocked for months the extension of critical unemployment benefits that help individuals and their families make ends meet while they continue to search for work.
Washington, DC — Today, Financial Services Committee Chairman Barney Frank and Joint Economic Committee Chairwoman Carolyn Maloney (D-NY) issued the following statement in response to the announcement that Goldman Sachs paid full price – a total of $1.1 billion – to buy back warrants the government received as part of the Troubled Asset Relief Program (TARP).
Washington, D.C. – Congresswoman Carolyn B. Maloney (D-NY) today applauded the House passage of H.R. 1586, which would impose a 90% federal tax on bonuses paid by AIG and other companies that received more than $5 billion in funding from the federal government’s Troubled Assets Relief Program. The bill, which passed the House by a vote of 328-93, would apply to bonuses paid after December 31, 2008 to those with more than $250,000 in adjusted gross income.
WASHINGTON, DC – Reps. Carolyn B. Maloney (D-NY), along with cosponsors Earl Pomeroy (D-ND) Eliot Engel (D-NY), Mazie Hirono (D-HI), Brian Higgins (D-NY), Zack Space (D-OH), Dutch Ruppersberger (D-MD), and Steve Cohen (D-TN) have introduced a bill, the “AIG Taxpayer Protection Act,” H.R. 1542, which would tax the bonuses of AIG employees—and any other institution in which the government owns a majority stake—at a rate of 100%.
“Like most Americans, I was outraged to learn over the weekend that AIG is paying out $165 million in bonus compensation. And while I applaud the efforts of President Obama and Secretary Geithner to use every method available under the law to reduce or eliminate these bonuses—we in Congress make the laws,” Rep. Maloney said. “By taxing these outrageous bonuses at the maximum possible rate, we can retrieve the taxpayer’s money.”
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. 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. This also demonstrates the necessity of H.R. 1242, the TARP
The letter, as sent to Chairman Bernanke, is below. The letter from noted economist and Nobel laureate Joseph Stiglitz, referenced below, is attached.