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The U.S. House of Representatives on Wednesday passed a bill named Reduce Exacerbated Inflation Negatively Impacting the Nation (REIN IN) Inflation Act which requires the administration to publish the inflationary impact of the President’s executive actions before enacting them.
According to a release, the 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, it said.
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Reining In: Financial Services Chairman Patrick McHenry stated 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,” he said.
“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,” McHenry stated.
Oversight and Accountability Chairman James Comer said the Act will bring transparency to spending and other inflationary policies initiated by Executive Orders from the White House.
“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,” Comer said.
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Image and article originally from www.benzinga.com. Read the original article here.