A group of House Republicans recently introduced legislation that would require the administration to publish the inflationary impact of executive actions before enacting them.
Specifically, the Reduce Exacerbated Inflation Negatively Impacting the Nation (REIN IN) Inflation Act would require the chair of the Council of Economic Advisors (CEA) and the 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 administration would then have to report these findings to Congress each year.
“America is hurtling towards a recession, and rather than lowering prices and restoring economic stability, Washington Democrats are reviving their reconciliation bill that spends hundreds of billions of dollars and levies a trillion-dollar tax increase on families and small businesses,” said U.S. Rep. Jason Smith (R-MO), ranking member on the House Budget Committee and one of the bill’s sponsors.
Among the executive actions, the lawmakers said potential executive actions like canceling student debt would need to be assessed for their impact on inflation.
“Inflation is the number one issue I hear about from families across New York’s 21st District,” said U.S. Rep. Elise Stefanik (R-NY), House conference chair and one of the bill’s sponsors. “When local small businesses brought this to my attention, I brought their concerns to the highest level, stood up against reckless government spending that increased inflation, and have introduced legislation to hold this administration accountable for their devastating economic failures.”
U.S. Rep. Patrick McHenry (R-NC), ranking member of the House Financial Services Committee, also sponsored the bill.
“From gas to groceries, record inflation is making everyday life unaffordable for families across western North Carolina and the country. President Biden and Congressional Democrats’ policies are directly responsible for the surge in consumer prices, causing economic pain for all Americans. Specifically, President Biden’s executive orders hindered domestic energy production and fueled the labor shortage—both contributors to inflation,” McHenry said.