McHenry, Stefanik, Smith, Comer Introduce REIN IN Inflation Act
Bill Combats Administration’s Actions Fueling Rising Prices
Washington,
January 12, 2023 -
House Financial Services Committee Chairman Patrick McHenry (R-NC ), 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) today 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 energy to groceries, Democrat-induced inflation is making everyday life unaffordable for families across western North Carolina and the country,” said Financial Services Committee Chairman Patrick McHenry. “President Biden’s inflationary executive actions have fueled the economic pain facing all Americans. The REIN IN Inflation Act will deliver on House Republicans’ commitment to rebuilding an economy that’s strong by adding much-needed transparency and reining in the inflationary actions of the Biden Administration. I’m proud to reintroduce this critical legislation with Chairwoman Stefanik and Chairman Smith.”
“Every hardworking family is forced to pay more for almost everything due to Joe Biden’s failed economic policies. Instead of reversing course, Joe Biden and his administration have doubled down on their Far-Left tax and spend agenda that has continued to exacerbate this inflation crisis. As hardworking families in New York’s 21st District and across the nation are forced to pay the price for Democrats’ out-of-control spending, I am working to hold this administration accountable and rein in the policies that fuel devastating inflation, which is a tax on every family. Already, the new Republican majority is working to fulfill our Commitment to America and create an economy that is strong, which begins with this critical check to rein in the Biden Administration’s reckless policies fueling inflation,” said Congresswoman and House Republican Conference Chair Elise Stefanik.
“The new Republican House majority is committed to honoring the promise we made to the American people to stop the reckless spending that ignited and continues to fuel inflation, which has risen 14.3 percent since President Biden took office,” said Ways and Means Chairman Jason Smith. “That’s exactly why we’re fighting to hold President Biden accountable for his radical executive actions that will cost taxpayers over one trillion dollars and counting and has thrown more fuel on the inflation fire. I’m proud to join Republican Conference Chair Elise Stefanik and Financial Services Chairman Patrick McHenry in introducing this legislation to require some much-needed transparency on the hidden costs being passed on to working families because of Joe Biden’s executive actions.”
“Americans need relief from historic inflation that’s harming their pocketbooks and livelihoods. House Republicans are holding the Biden Administration accountable for their reckless inflation-inducing government spending and providing solutions for the American people. The REIN IN Inflation Act provides transparency about the Biden Administration’s unilateral executive actions that are fueling inflation. I thank Conference Chairwoman Stefanik for leading this effort to deliver results for the American people,” said House Committee on Oversight and Accountability Chairman James Comer.
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. Since Stefanik originally introduced this bill to rein in these reckless policies, the Biden Administration has doubled down in more spending through executive action with Biden’s illegal $400 billion student loan bailout. 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.
Read full bill text here.
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