U.S. Sens. Mike Braun (R-IN) and Rick Scott (R-FL) introduced legislation requiring the administration to publish the inflationary impact of executive actions before enacting them.
Specifically, the Reduce Exacerbated Inflation Negatively Impacting the Nation (REIN IN) Inflation Act would require the chair of the Council of Economic Advisors (CEA) and the Office of Management and Budget (OMB) to examine the inflationary effects of any executive action with an estimated impact of at least $1 billion. The findings would then have to be reported to Congress each year.
“President Biden’s inflation crisis is a 9.1 percent pay cut for Americans and, and his plan to address it is tax hikes and more reckless spending. Hoosiers are sick and tired of paying for D.C.’s dysfunction. The Biden Administration should have to account for every cent of your money they spend, and the REIN IN Inflation Act will increase transparency and allow Americans to hold this administration to account,” Braun said.
The lawmakers cited executive actions, including revoking the permit for the Keystone XL pipeline, that may have exacerbated inflation and should be examined.
“Joe Biden’s inflation crisis is a tax on every American family. Even as Floridians face record-breaking inflation, this administration continues to recklessly spend taxpayers’ dollars with no accountability,” Scott said.
Companion legislation was introduced in the House by U.S. Reps. Jason Smith (R-MO), Elise Stefanik (R-NY), and Patrick McHenry (R-NC-10).
“The Congressional Budget Office has confirmed that President Biden’s executive actions are costing taxpayers at least half a trillion dollars. The President has gone around the Congress, and the American people, to enact a personal spending agenda that is throwing more fuel on the worst inflation crisis in a generation. With prices having risen 13.8 percent since Biden took office, Republicans in Congress are fighting back against this reckless spending by shining a light on the hidden costs being passed on to working families,” Smith said.