Patrick McHenry (R-N.C.) introduced his first piece of legislation as the chair of the House Financial Services Committee for the 118th Congress. The legislation aims to rein in inflation but also leans heavily into partisan politics.
The Reduce Exacerbated Inflation Negatively Impacting the Nation (REIN IN) Inflation Act, introduced by McHenry, along with Reps. Elise Stefanik (R-N.Y.), House Ways and Means Committee Chair Jason Smith (R-Mo.), and House Committee on Oversight and Accountability James Comer (R-Ky.), would, if passed by both chambers and signed into law, require the executive branch administration to publish the inflationary impact of executive actions before enacting them.
“Americans need relief from historic inflation that’s harming their pocketbooks and livelihoods,” said Comer. “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.”
Specifically, this bill would require the chairman of the Council of Economic Advisors and Office of Management and Budget to 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 yearly.
“From energy to groceries, Democrat-induced inflation is making everyday life unaffordable for families across western North Carolina and the country,” McHenry said. “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.”