Economic Recovery

Legislation

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

Employers Shed Over Half a Million Jobs and Unemployment Rises to 6.7 Percent

Dec 5, 2008 Press Release

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.

 

Statement of Congresswoman Maloney on Federal Aid for Citigroup

Nov 24, 2008 Press Release
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:

Rep. Maloney Asks Greenspan Why He Opposed Regulation of Derivatives as Former Fed Chair Admits Error

Oct 23, 2008 Press Release
Normal 0 false false false MicrosoftInternetExplorer4 In today’s hearing held by the House Oversight and Government Reform Committee, Rep. Carolyn Maloney asked former Federal Reserve Chairman Alan Greenspan about his longstanding opposition to the regulation of derivatives, and Greenspan conceded that at least one type of controversial derivatives -- credit default swaps -- should be regulated.  

 

Rep. Maloney's floor statement on Rescue Plan

Sep 29, 2008 Press Release
Mrs. MALONEY of New York. Madam Speaker, this is a difficult vote. This bill is not popular, but it is necessary. A wholesale failure of the banking system would be the financial equivalent of an economic heart attack, the consequences of which could severely affect the lives and livelihoods of millions of ordinary American citizens.

House Passes Maloney’s Landmark Credit Cardholders’ Bill of Rights

Sep 23, 2008 Press Release

Washington, DC, Sept. 23—In an historic action, the U.S. House acted to regulate practices in the credit card industry for the first time today by passing H.R. 5244, the Credit Cardholders’ Bill of Rights, sponsored by Reps. Carolyn Maloney (D-NY) and Barney Frank (D-MA). It passed the House by a vote of 312 to 112.

Rep. Maloney's Statement on financial turmoil

Sep 17, 2008 Press Release

Washington, D.C. -- Congresswoman Carolyn Maloney issued the following statement on the the financial turmoil permeating the markets:


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