WASHINGTON – This week, House Budget Committee Republican Leader Jason Smith (Mo.), House Republican Conference Chairwoman Elise Stefanik (N.Y.), and House Committee on Financial Services Republican Leader Patrick McHenry (N.C.) introduced the Reduce Exacerbated Inflation Negatively Impacting the Nation (REIN IN) Inflation Act. The bill would require the administration to publish the inflationary impact of executive actions before enacting them.
“The Congressional Budget Office has confirmed that President Biden’s executive actions are costing taxpayers at least half a trillion dollars with zero input from Congress, adding more fuel to the inflation fire sparked by reckless one-party Democrat spending. The enormous price tag of these actions, conducted in secret without Congressional approval, speaks to how far President Biden is willing to go in order to enact his reckless, far-left spending agenda,” said Smith. “America is hurtling towards a recession, and rather than lowering prices and restoring economic stability, Washington Democrats are reviving their reconciliation bill that spends hundreds of billions of dollars and levies a trillion-dollar tax increase on families and small businesses. President Biden has demonstrated that he neither cares about, nor is willing to address, the record high inflation affecting American families, which has risen 13.8% since Joe Biden took office. I thank Chairwoman Stefanik for her leadership on this bill and hope Congress will intervene to require some much needed transparency on the hidden costs being passed on to working families because of Joe Biden’s executive actions.”
“Inflation is the number one issue I hear about from families across New York’s 21st District,” said Stefanik. “When local small businesses brought this to my attention, I brought their concerns to the highest level, stood up against reckless government spending that increased inflation, and have introduced legislation to hold this administration accountable for their devastating economic failures. 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. My bill will ensure this administration takes into account the harmful impact of their policies that worsen this inflation crisis and drive up prices of goods, gas, and groceries.”
“From gas to groceries, record inflation is making everyday life unaffordable for families across western North Carolina and the country. 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,” said McHenry.
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, President 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.
In Smith’s fight to hold the administration accountable for their reckless spending, he requested – and received – a Congressional Budget Office (CBO) report on the cost of President Biden’s executive actions. The study found that found President Biden’s overreach has cost taxpayers at least $532 billion.