EXCLUSIVE: House Republicans led by GOP Conference Chairwoman Elise Stefanik are pushing a bill to hold the Biden administration accountable for any action it takes that may contribute to inflation.
The “REIN IN Inflation Act” would require the Biden administration take into account inflation before enacting any executive action and improve its communication and transparency with Congress.
It would require an inflation report by the Office of Management and Budget and the chairman of the Council of Economic Advisors for any action estimated to cost over $1 billion.
Stefanik, R-N.Y., is joined by House Ways and Means Committee Chair Jason Smith, R-Mo., and House Committee on Financial Services Chair Patrick McHenry, R-N.C., as co-sponsors to the bill.
The lawmakers introduced similar legislation last Congress, but now that Republicans have the majority in the House, they are hopeful the Biden administration will be held to account. A GOP aide pointed out that, since last year, Biden has added to excessive spending by pushing his $400 billion student loan handout plan.
The current debt ceiling is $31.38 trillion, and the government is on the verge of hitting that cap.
“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,”Stefanik told Fox News Digital.
The consumer price index rose 7% in December from a year ago, according to a new Labor Department report released last month, marking the fastest increase since June 1982, when inflation hit 7.1%.
The CPI, which measures a bevy of goods ranging from gasoline and health care to groceries and rents, jumped 0.5% in the one-month period from November. New CPI numbers are expected to be released on Thursday.
“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 14.3% since President Biden took office,” added Ways and Means Chairman Smith.
“That’s exactly why we’re fighting to hold President Biden accountable for his radical executive actions that will cost taxpayers over $1 trillion and counting and has thrown more fuel on the inflation fire.”