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Press Release
For Immediate Release
October 13, 2003 |
Contact: Eileen deParrie
202-225-7944 |
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MALONEY NAMED LEAD DEMOCRAT |
| Elected to be Ranking Member on Key Economic Subcommittee |
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Washington, DC - Today, Rep. Carolyn B. Maloney (D-Manhattan, Queens) was elected Ranking Member of the Subcommittee on Domestic and International Monetary Policy, Trade and Technology. A Subcommittee of the Committee on Financial Services, this Subcommittee oversees Federal Reserve interest rate policy that directly affects all mortgage, car, and credit card interest rates.
The Committee also has wide ranging legislative and oversight jurisdiction of major institutions including the Federal Reserve System, World Bank, International Monetary Fund (IMF), and international development banks. It will have economic jurisdiction critical to New York consumers and to preserving the City's place as the home to the world's preeminent financial services companies. "With unemployment at an eight year high, and the Administration's fiscal policy failing to lift the economy, monetary policy is more important than ever. While it is not always readily seen, national economic policies have a direct impact on people's lives, job opportunities, and the quality of life for the people of New York," said Congresswoman Carolyn Maloney. said Congresswoman Carolyn Maloney. "Next week, when Alan Greenspan testifies before Congress, I look forward to asking him the tough, necessary questions: What can the Fed do to get the New York economy moving and how dangerous are expanding deficits to the future of Social Security and Medicare?" She continued, "This Subcommittee also has important international responsibilities. September 11, 2001, reinforced the importance of the United States acting as a force for world stability. The Subcommittee has an opportunity to further this goal in areas ranging from dept relief for Heavily Indebted Poor Countries (HIPC) and AIDS funding for Africa to the IMF's intervention in Argentina and the coming trade agreement with Singapore." "We have a very busy agenda. I look forward to working with my friend and colleague Peter King (R-Long Island), the Subcommittee Chairman, on all these issues." Note: Federal Reserve Chairman Greenspan will testify before the Financial Services Committee on February 12, 2003. Federal Reserve Chairman Greenspan will testify before the Financial Services Committee on February 12, 2003. ### |
