On Wednesday, Congressman Patrick McHenry (R-NC), Chairman of the House Financial Services Committee, Congresswoman Elise Stefanik (R-NY), House Ways and Means Chairman Jason Smith (R-MO), and House Committee on Oversight and Accountability Chairman James Comer (R-KY), celebrated the House passage of H.R. 347, the Reduce Exacerbated Inflation Negatively Impacting the Nation (REIN IN) Inflation Act. McHenry is an original cosponsor of this bill which, requires the Biden Administration to publish the inflationary impact of executive actions before enacting them.
“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. 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,”said McHenry.
Background: 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.
Since taking office, President 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—which cost as many as 59,000 jobs and up to $9.6 billion—and embracing Far Left climate policies, including setting a goal of making half of all vehicles sold in America electric by 2030. As the Biden Administration continues to push harmful economic policies, this legislation would require them to consider and report the financial impact their actions have on hardworking Americans..
The REIN IN Inflation Act passed the House of Representatives 272-148.
