Washington, D.C. – Congresswoman Elise Stefanik (R-NY), House Committee on Oversight and Accountability Chairman James Comer (R-KY), House Ways and Means Chairman Jason Smith (R-MO), and House Financial Services Committee Chairman Patrick McHenry (R-NC) today celebrated the House passage of the Reduce Exacerbated Inflation Negatively Impacting the Nation (REIN IN) Inflation Act. This bill requires the Biden Administration to publish the inflationary impact of executive actions before enacting them.
“As every hardworking family is forced to pay more for almost everything due to Bidenflation, I am proud to pass my bill, the REIN IN Inflation Act, to hold the Biden Administration accountable for their reckless spending causing prices to skyrocket,” Stefanik said. “During the past two years of Far Left one-party Democrat rule in Washington led by Joe Biden, inflation skyrocketed to the highest level in my lifetime. It is a tax on every American, and it continues to be the number one concern I hear across my district in Upstate New York. By passing the REIN IN Inflation Act, House Republicans are providing a critical check on the Biden Administration and taking a step forward in fulfilling our Commitment to America to create an economy that is strong for every hardworking family.”
“Over the past two years, President Biden has pushed for one big-spending spree after another, fueling Bidenflation and then ignoring it while he left struggling American families to pay the price. With this legislation, Congress is taking steps to rein in irresponsible use of Presidential power. The REIN IN Act will bring transparency to spending and other inflationary policies initiated by Executive Orders from the White House so that in the future, if a President tries to ignore all warning signs and march ahead with inflation-inducing policies, Congress will be better equipped to hold them accountable,” said Oversight and Accountability Chairman James Comer.
“House Republicans are holding the Biden Administration accountable for fueling the worst spike in prices in a generation,” said Ways and Means Chairman Jason Smith. “Under this bill, President Biden will have to reveal the inflationary cost of his reckless agenda, which he has tried to dismiss or downplay for the last two years. Since the start of his Administration, President Biden has spent more than $1 trillion on executive actions that are continuing to fuel his inflation crisis – including a $500 billion student loan giveaway to the wealthy. Democrats have created an economy where the wealthy and well-connected get handouts, while the working class pays the price. In fact, since Biden took office, real wages for working families have gone down 3.9 percent. On the Ways and Means Committee, we are listening to working Americans who are telling us high prices have made life unaffordable. We will continue to fight for families, farmers, and small businesses to stop the flood of Democrat wasteful spending that is feeding the vicious cycle of historic inflation and rising interest rates.”
“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 Financial Services Chairman Patrick McHenry.
“Right now, out-of-control government spending and failed policies are driving up the cost of operating small businesses, but Congresswoman Stefanik is working to alleviate the impact of this inflation crisis by having this administration take into account the impact of their policies on small businesses and hardworking families in Upstate New York,” said Doug Ford, Vice President of Sales and Purchasing at Curtis Lumber in Ballston Spa.
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, 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.
Read full bill text here.
