The impact of President Biden’s executive actions on inflation could become clearer, under a new bill co-sponsored by a Republican member of the N.C. congressional delegation.
Supporters unveiled the Reduce Exacerbated Inflation Negatively Impacting the Nation, or REIN IN, Act Thursday. U.S. Rep. Patrick McHenry, R-10th District, is sponsoring the bill, along with fellow GOP Reps. Elise Stefanik of New York and Jason Smith of Missouri.
McHenry serves as the top Republican on the House Financial Services Committee. Stefanik chairs the House Republican Conference. Smith leads Republicans on the House Budget Committee.
“Specifically, this bill would require the Chairman of the Council of Economic Advisors and Office of Management and Budget to prepare a report including the inflationary effects for any executive action with an estimated impact of at least $1 billion,” according to a news release from McHenry’s office. “The White House would then have to report these findings to Congress each year to increase transparency and accountability over executive actions.”
Supporters contend Biden’s actions have helped drive inflation.
“Already, Joe Biden has taken a number of executive actions that have exacerbated inflation and led to skyrocketing prices, including revoking the permit for the Keystone XL pipeline and embracing Far-Left climate policies,” according to McHenry’s news release. “As the Biden administration continues to consider harmful economic policies like canceling student debt, this legislation would require them to consider and report the financial impact their actions have on hardworking Americans.”
“From gas to groceries, record inflation is making everyday life unaffordable for families across western North Carolina and the country,” McHenry said in the release. “President Biden and Congressional Democrats’ policies are directly responsible for the surge in consumer prices causing economic pain for all Americans. Specifically, President Biden’s executive orders hindered domestic energy production and fueled the labor shortage — both contributors to inflation. I’m proud to introduce this critical legislation with Chairwoman Stefanik and Ranking Member Smith to add much-needed transparency and rein in the inflationary actions of the Biden Administration.”
Political observers do not expect the legislation to move forward under a U.S. House run by Democrats.