The U.S. House of Representatives advanced legislation that would require the president to publish the inflationary impact of executive actions before enacting them.
The Reduce Exacerbated Inflation Negatively Impacting the Nation (REIN IN) Inflation Act, sponsored by U.S. Reps. Patrick McHenry (R-NC), Elise Stefanik (R-NY), Jason Smith (R-MO), and James Comer (R-KY), passed by a margin of 272-148.
“Despite the Biden Administration’s claims that it is lowering costs to tackle inflation, the facts show otherwise. Rising prices continue to make everyday life unaffordable for families and workers across America,” McHenry, chair of the Financial Services Committee, said. “From the student loan scam, to limiting domestic energy production, to regulatory overload, President Biden’s reckless executive actions have fueled the financial pain felt by hardworking Americans. By passing the REIN IN Inflation Act, House Republicans are forcing this administration to confront the economic realities of its misguided proposals and acting to deliver much-needed transparency for the American people.”
Specifically, this bill would require the chair of the Council of Economic Advisors (CEA) and Office of Management and Budget (OMB) to prepare a report including the inflationary effects of any executive action with an estimated impact of at least $1 billion. The White House would be required to report these findings to Congress each year.
“House Republicans are holding the Biden Administration accountable for fueling the worst spike in prices in a generation,” Smith, chair of the Ways and Means Committee, said. “Under this bill, President Biden will have to reveal the inflationary cost of his reckless agenda, which he has tried to dismiss or downplay for the last two years.”
The bill now moves to the Senate for consideration.