Today, Congressman Patrick McHenry (NC-10), the Republican Leader of the House Financial Services Committee, Congresswoman Elise Stefanik (NY-21), and Congressman Jason Smith (MO-08), the Republican Leader of the House Budget Committee, introduced the Reduce Exacerbated Inflation Negatively Impacting the Nation (REIN IN) Inflation Act. This bill would require the administration to publish the inflationary impact of executive actions before enacting them.
“From gas to groceries, record inflation is making everyday life unaffordable for families across western North Carolina and the country,"said Congressman McHenry."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. I’m proud to introduce this critical legislation with Chairwoman Stefanik and Ranking Member Smith to add much-needed transparency and rein in the inflationary actions of the Biden Administration.”
Background: Specifically, this bill would require the Chairman of the Council of Economic Advisors (CEA) and Office of Management and Budget (OMB) to prepare a report including the inflationary effects for any executive action with an estimated impact of at least $1 billion. The White House would then have to report these findings to Congress each year to increase transparency and accountability over executive actions.
Already, Joe Biden has taken a number of executive actions that have exacerbated inflation and led to skyrocketing prices, including revoking the permit for the Keystone XL pipeline and embracing Far-Left climate policies. As the Biden administration continues to consider harmful economic policies like canceling student debt, this legislation would require them to consider and report the financial impact their actions have on hardworking Americans.