(RepublicanPeak.com)- The Republicans’ finger-pointing for inflation over the previous year has led to the House passing a measure that would force the Biden administration to evaluate the effect of “significant” executive orders enacted by the president on inflation.
On Wednesday, a 272-148 majority in the House of Representatives voted in favor of the REIN IN Act.
Rein is an acronym for Reducing Exacerbated Inflation Negatively Impacting the Nation.
Just four Republicans voted no on the measure, which 59 Democrats supported: Biggs (R-AZ), Good (R-VA), Rosendale (R-MT), and Roy (R-TX).
House Republicans introduced the bill only two weeks after the Department of Labor announced that consumer prices increased by 0.5% in January and 6.4% annually, which were more than projected. Inflation hit a 40-year high of 9.1 percent in June but has since been trending downward annually.
Elise Stefanik (R-NY), leader of the House Republican Conference and the bill’s primary author, echoed party-talking themes during Tuesday’s floor discussion, saying that her bill would ensure White House “transparency” in government.
She said by adopting the REIN IN Inflation Act, House Republicans will command openness for the American people by disclosing how much the president’s executive orders are costing hardworking Americans and the terrible effect it has on inflation. “The American people deserve to know the truth about this,” Stefanik said.
The proposed legislation would mandate that the Director of OMB and the Chair of the Council of Economic Advisers produce reports on the inflationary effects of “any major executive order,” defined as any action expected to have yearly gross budgetary ramifications of at least 1 billion dollars. A cost estimate is required before carrying out the order.
Inflation forecasts for presidential orders with an annual gross budgetary impact of at least $1 million were offered as an amendment by Congressman Scott Perry (R-Pa). Legislators voted to approve the plan. A second amendment presented by Texas Republican Michael Cloud was approved, requiring the government to account for the inflationary implications of debt servicing expenses.