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Smith, Key GOP Leaders Introduce REIN IN Inflation Act to Fight Biden Policies Fueling Inflation Fire

January 12, 2023

WASHINGTONHouse Ways and Means Chairman Jason Smith (MO-08), House Republican Conference Chairwoman Elise Stefanik (NY-21), and House Financial Services Committee Chairman Patrick McHenry (NC-10) today reintroduced 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.

“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 13.9 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.”

“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 House Republican Conference Chair Elise Stefanik.

“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.”

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.

President Biden’s executive actions have exacerbated inflation by spending more than $1 trillion since he took office. Since this bill was originally introduced, the Biden Administration has doubled down in more spending through executive action with Biden’s $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 the full bill text here.