Skip to main content

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

Reports & Issue Briefs

May 16 2024

How the Renewed Compacts of Free Association Support U.S. Economic, National Security, and Climate Goals

The Compacts of Free Association (COFAs) grant the United States unfettered, exclusive military access to a strategic area in the Indo-Pacific, allow Freely Associated States (FAS) citizens to live and work in the United States and its territories as lawful non-immigrants, and provide economic support and security assistance for the FAS. The COFAs govern the relationships between the United States and the three sovereign nations collectively known as the FAS: the Republic of the Marshall Islands (RMI), the Federated States of Micronesia (FSM), and the Republic of Palau. In March 2024, President Biden and the U.S. Congress affirmed this relationship for the next 20 years by renewing the COFAs and providing $7.1 billion in economic assistance agreements.

By renewing the COFAs, the United States affirms its relationships with the FAS, asserting a strategic position in the Indo-Pacific region to deter Chinese government influence and provide economic assistance for health care, education, infrastructure, the environment, and climate change adaptation. This benefits not only the FAS but the U.S. economy and national security as well.

May 10 2024

Protecting Groundwater is Essential for our Country and Economy

Groundwater, or water found underground, plays an outsize role in supporting the U.S. economy, with 90% of U.S. water systems relying on groundwater to meet demand. It is particularly vital for agricultural production and for the estimated 13 million American households that rely on private wells for their drinking water. In the United States, approximately 30% of the freshwater used for drinking, cooking, agriculture, and other important needs comes from groundwater.

Groundwater is a life-giving resource in every state across the United States, which also means threats like drought, contamination, and overuse threaten the entire nation. Recent analyses have shown that climate change and overpumping pose an increasing threat to the quality and quantity of groundwater supplies across the United States. Given the importance of groundwater to the U.S. economy and public health, it is essential that local, state, and federal governments build on recent federal investments in infrastructure and invest in proven management strategies to protect this vital resource.

May 08 2024

ICYMI: The Biden Administration Just Took Massive Steps to Protect Workers and the Climate

In recent weeks, the Biden administration took a series of key actions to protect workers, boost wages, cut pollution, and provide more clean electricity. These steps build on the landmark bills that Democrats in Congress passed in recent years to invest in clean energy, boost manufacturing, cut costs for families, and support labor unions.

Many of these rules take on massive corporate interests, so it is no surprise that big business groups and their Republican allies are already trying to use the courts to block these actions. In contrast, the Biden administration and Congressional Democrats will continue to stand up for workers and our environment in the face of this opposition.

Apr 24 2024

Fact Sheet: The Manufacturing Renaissance That Will Drive the Economy of the Future

As of February 2024, annual investment in new manufacturing facilities hit nearly $225 billion dollars, a record high even after adjusting for inflation. This spike in private investment is the direct result of bipartisan investments in infrastructure and semiconductor production and Democrats’ bold action to invest in American-made clean energy and manufacturing. This made-in-America manufacturing boom is already supporting jobs and communities across the country.

Apr 23 2024

Thanks to Democrats, Americans Are Paying Less for Prescription Drugs and Health Insurance

Last year, Democrats took action to lower drug costs and bring down health insurance premiums by passing the Inflation Reduction Act (IRA). American households are already feeling the benefits by paying less, with additional savings coming in 2025 and beyond thanks to health policies passed by Democrats. Additional actions by drug companies—following the lead of Congress and President Biden—have also lowered prescription drug and medical device costs for even more Americans.