The U.S. House of Representatives passed the Reduce Exacerbated Inflation Negatively Impacting the Nation (REIN IN) Inflation Act. The legislation was shepherded in part by House Financial Services Committee Chair Patrick McHenry (R-N.C.) and Chair of the House Republican Conference Elise Stefanik (R-N.Y.).
The legislation, if passed by the Senate and signed by President Joe Biden, would require the executive branch administration to publish the inflationary impact of executive actions before enacting them.
Specifically, this bill would require the chair of the Council of Economic Advisors and director of the Office of Management and Budget prepare a report including the inflationary effects of any executive action with an estimated impact of at least $1 billion. The White House would then have to report these findings to Congress annually.
“Rising prices continue to make everyday life unaffordable for families and workers across America,” said McHenry. “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.”
Democrats criticized Republicans for proposing the legislation which they contend will do little to fight inflation if enacted.
“Today on the floor we’re going to be considering something called the REIN IN Act. This is the grand Republican plan on the economy. It’s three pages. It calls for reports that many people believe to be duplicative and unnecessary. That’s their plan,” House Minority Leader Hakeem Jeffries (D-N.Y.) said during his weekly press conference prior to the vote.
Lawmakers approved amendments to the bill, including one that would require inflation estimates for executive orders that have an annual gross budgetary effect of at least $1 million. Another approved amendment directs the administration to incorporate the inflationary impact of debt servicing costs.
The legislation passed in a 272-148 vote with 59 Democrats joining most Republicans in voting for the bill’s passage.