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Hearings

U.S. Senator Charles E. Schumer, Chairman of the Joint Economic Committee (JEC) and Rep. Carolyn B. Maloney, Vice Chair of the JEC held a hearing to examine the war’s impact on the economy, including state and federal funds and future care costs of veterans. The hearing entitled, “Fight Now, Pay Later: The Future Costs of Funding the Iraq War” was held Thursday, June 12, 2008 at 10 am in Room 106 of the Dirksen Senate Office Building.  Montana Governor Brian Schweitzer testified along with veterans health and economics experts. Governor Schweitzer, who travelled to Iraq in May 2006, has called for a plan for success in Iraq that includes a speedy withdrawal and better healthcare opportunities for returning soldiers, especially within his own state which has the highest rate of military veterans in the U.S.  The JEC examined economic costs of the war more broadly earlier this year and released its own report on those costs last year.  Estimates have put the cost of the War in Iraq in the trillions of dollars.

U.S. Senator Charles E. Schumer and Representative Carolyn Maloney, Chairman and Vice-Chair of the Joint Economic Committee (JEC) respectively, held a hearing on the newly released Bureau of Labor Statistics’ (BLS) monthly employment figures with Deputy Commissioner Philip L. Rones on Friday, June 6, 2008 at 9:30 am in the Dirksen Senate Office Building, Room 562.  The hearing, entitled “The Employment Situation: May 2008” addressed the new jobs report released that morning.  The first panel examined the change in national unemployment rates and non-farm payroll employment figures over the past month.  The hearing’s second panel's focus was on how industries dominated by women are likely to be impacted as the downturn evolves and the economic stress that this will put on families, especially if budget shortfalls lead to service cutbacks and job losses in state and local government. As families struggle economically with less while trying to work more, policies that alleviate the squeeze that they face trying to balance work and family will become more important to implement.

Video of Senator Schumer's Opening Statement

U.S. Senator Charles E. Schumer (D-NY) conviened a Joint Economic Committee (JEC) hearing to examine the current systemic risk in the U.S. financial system and the possible government and private sector solutions to protect the economy against those ongoing risks.  The hearing, entitled, “Wall Street to Main Street:  Is the Credit Crisis Over and What Can the Federal Government Do to Prevent Unnecessary Systemic Risk in the Future?” was held on Wednesday, May 14, 2008 at 9:30 am in Room 216 of the Hart Senate Office Building.  Amidst serious economic troubles, the JEC heard from the former Chairman of the Federal Reserve Board of Governors, Paul Volcker, and experts including Douglas Elmendorf of the Brookings Institution.  The expert panels helped committee evaluate the risks posed to the financial systems and offer possible solutions.

U.S. Senator Charles E. Schumer and Representative Carolyn Maloney, Chairman and Vice-Chair of the Joint Economic Committee (JEC) respectively, held a hearing on the newly released Bureau of Labor Statistics’ (BLS) monthly employment figures with Commissioner Keith Hall on Friday, May 2, 2008 at 9:30 am in the Dirksen Senate Office Building, Room 562.  Senator Amy Klobuchar (D-MN) presided over the hearing, entitled “The Employment Situation: April 2008.”  Given three consecutive months of job losses so far, Dr. Hall assessed recent developments within the labor market.

U.S. Senator Charles E. Schumer (D-NY) convened a Joint Economic Committee (JEC) hearing to examine skyrocketing food prices and their impact on the pocketbooks of already-struggling middle-class families.  In the wake of across-the-board price increases of groceries throughout the nation, U.S. Department of Agriculture Chief Economist Dr. Joseph Glauber offered his assessment of the underlying causes behind the dire food crisis.  A representative from America’s Second Harvest, the largest domestic hunger relief organization, and the President of the National Farmer’s Union, as well as other food industry experts were on the panel.

Washington, D.C. – U.S. Senator Charles E. Schumer and Representative Carolyn Maloney, Chairman and Vice-Chair of the Joint Economic Committee (JEC) respectively, held a hearing on the newly released Bureau of Labor Statistics’ (BLS) monthly employment figures with Commissioner Keith Hall on Friday, April 4, 2008 at 9:30 am in the Dirksen Senate  Office Building, Room 106.  Representative Baron Hill (D-IN) presided over the hearing, entitled “The Employment Situation in March 2008.”  In the wake of continued declines in home prices and intensifying credit crisis spreading from Wall Street to Main Street, Dr. Hall assessed recent developments within the labor market.

Apr 02 2008

The Economic Outlook

Washington, D.C. – U.S. Senator Charles E. Schumer, Chairman of the Joint Economic Committee (JEC), held a hearing on the Economic Outlook for the United States with Chairman of the Board of Governors of the Federal Reserve System, Ben Bernanke, on April 2, 2008 at 9:30 am in  Room 106  of the Dirksen Senate Office Building.  Chairman Bernanke provided his first Congressional testimony following the March Federal Open Market Committee (FOMC) meeting and recent announcement that the Fed will inject $200 billion into the credit market.  While a key question is whether the U.S. is already in a recession or heading into one, the JEC explored additional measures to address this serious financial crisis.

Washington, D.C.U.S. Senator Charles E. Schumer and Representative Carolyn Maloney, Chairman and Vice-Chair of the Joint Economic Committee (JEC) respectively, held a hearing on the newly released Bureau of Labor Statistics’ (BLS) monthly employment figures with Commissioner Keith Hall on Friday, March 7, 2008 at 9:30 am in the  Dirksen Senate Office Building , Room 628.  The hearing, entitled The Employment Situation: February 2008  addressed the new jobs report released that morning.  The new jobs report examined the change in national unemployment rates and non-farm payroll employment figures over the past month.  The hearing’s second panel focused on the long-term unemployed and unemployment insurance benefits.  As more Americans struggle economically, with job growth stalling and wages falling, the committee analyzed the latest developments in the labor market, the best barometer of our nation’s economic health.

Washington, D.C. – Joint Economic Vice Chair Carolyn B. Maloney (D-NY) and Chairman Danny K. Davis (D-IL), Subcommittee of Federal Workforce, Postal Service, and the District of Columbia held a hearing examining the merits of the Federal Employees Paid Parental Leave Act of 2007 (HR 3799) on Thursday, March 6, 2008 at 9:30am. The Hearing, entitled “Investing in the Future of the Federal Workforce: Paid Parental Leave to Improve Recruitment and Retention,” highlighted the benefits of providing all federal employees with eight weeks of full pay for leave taken for the birth or adoption of a child. Currently, the federal government only provides employees with access to 12 weeks of unpaid leave through the 1993 Family and Medical Leave Act, which many workers cannot afford to take. Witnesses included representatives from the federal government, leading policy analysts specializing in paid family and medical leave, unions that represent federal workers, and an employee who recounted the challenges she has faced because of the unpaid leave policy currently in place.

Washington D.C. - In advance of the five year anniversary of the war in Iraq, U.S. Senator Charles E. Schumer, Chairman, and Rep. Carolyn B. Maloney, Vice Chair of the Joint Economic Committee (JEC) held a hearing to examine the true cost of the war. The hearing entitled, “War at Any Cost? The Total Economic Costs of the War Beyond the Federal Budget” was held Thursday, February 28, 2008 at 9:30 am in Room 106 of the Dirksen Senate Office Building. Nobel Prize winner and former World Bank Chief Economist, Joseph Stiglitz, testified along with former National Security Council (NSC) adviser Robert Hormats, and Rand Beers, who also served Democratic and Republican presidents on the NSC. Professor Stiglitz has been the leading economist to quantify the costs of the war in Iraq; Mr. Hormats has questioned deficit spending to pay for the war; Mr. Beers is a leading expert on the costs of Iraq war to our national security, military readiness, and reputation abroad.