The Economy

Our economy must work for everyone

As the former Chair of the Joint Economic Committee, and current Ranking Member, Carolyn Maloney has fought to ensure that every American sees the benefits of the world’s largest economy. She has been active in highlighting and reducing income inequality by demanding the Bureau of Economic Analysis to report who's benefiting from our growing GDP and supporting a myriad of legislation aimed at protecting individuals including her landmark 2009 Credit CARD Act. Additionally, Carolyn has been a leading proponent of a $15 federal minimum wage, a champion of fair tax laws, and an advocate for small businesses.

  • Creating tens of thousands of New York jobs through critical infrastructure projects like the Second Avenue Subway and the Kosciuszko Bridge. These transportation projects are subsequently responsible for further economic growth as they allow connection between previously separate communities and encourage travel. 

 

  • Opposing trade deals that harm the American workers, including NAFTA and CAFTA, and supporting policies that bolster American farmers and made-in-America products.

 

  • Working to strengthen unions and worker’s rights, with efforts that have merited endorsements from major unions including the American Federation of Labor and Congress of Industrial Organizations. 

 

  • Supporting critical legislation like the Dodd-Frank Act and Sarbanes Oxley Act that hold financial institutions accountable and benefit the consumer while simultaneously fostering strong economic growth. Carolyn was a strong advocate for the creation of an important facet of the Dodd-Frank Act: The Consumer Financial Protection Bureau. 

 

  • Passing the Terrorism Risk Insurance Act (TRIA) and subsequent re-authorizations, and introducing the Pandemic Risk Insurance Act (PRIA), both of which provide federal backstops to reduce losses from future disasters and help protect economic growth. 

 

  • Combating identity theft, advocating for the enhancement of data loss alerts, and fighting for universal file freeze. While it has already been introduced and adopted in a number of states, the universal file freeze initiative would protect all consumers by preventing the issuance of a new credit card and granting of new credit until explicitly requested by the lender. 

 

  • Leveraging her leadership roles on the Joint Economic Committee and House Financial Services Committee to champion critical legislation that protects consumers and ensures that all financial institutions are held fully accountable. She has helped institute a number of crucial projects including the Basel Accords, which set new risk-based liquidity standards. She has also helped lead investigations into violations of federal law that hurt consumers including the Equifax Breach and Bangladesh Bank Heist. 

 

  • Fighting for small businesses by introducing legislation like the Investing in America’s Small Businesses Act of 2017 (H.R. 1833) which establishes a grant program to fund technical assistance and loan-loss reserve programs. 

 

  • Encouraging enhanced women's labor force participation through paid family leave, equal pay, and other initiatives. Carolyn has authored a number of reports that reveal the true extent, and effects, of the gender pay gap including “A New Look Through the Glass Ceiling: Where are the Women?”.

 

  • Held hearings and issued reports on the effects of insufficient banking and financial services on underbanked communities and the economic cost of gun violence.

 

  • Working to increase funding for affordable housing, NYCHA, Section 8 subsidies and more, in addition to defending NYCHA from exploitation from private developers. 

 

  • Sponsor, H.R. 4254: Overdraft Protection Act of 2019. Protects consumers by eliminating predatory overdraft practices that cost over $16 billion every year. 

 

  • Sponsor, H.R. 2513: Corporate Transparency Act of 2019. Requires companies to disclose their beneficial owners, defined as an individual that exerts significant control over a company, owns more than 25%, or receives a meaningful financial benefit from the organization. This helps to actively combat money laundering and abusive real estate practices.

 

  • Sponsor, H.R. 627: Credit CARD Act of 2009. Ends the most harmful predatory lending practices by credit card companies. This landmark legislation saved individuals over $100 billion in ten years and has been hailed as some of the best consumer-protection legislation ever enacted. 

 

  • Sponsor, H.R. 1242: To amend the Emergency Economic Stabilization Act of 2008 to provide for additional monitoring and accountability of the Troubled Asset Relief Program. Establishes a database with which to monitor the allocation of government funding through the Troubled Asset Relief Program in order to ensure the proper use of taxpayer dollars. 

 

  • Co-Sponsor, H.R. 4545: Financial Institutions Examination Fairness and Reform Act. Ensures that financial institutions can properly address concerns about their examinations, allowing government officials to better understand the intricacies and issues with exams. Introduced in 2017 by Rep. Scott Tipton. 

©2019