Dozens of Democrats in the House have joined Republicans this week in a vote to require the White House to examine the inflationary effects of Joe Biden’s executive orders prior to him issuing them. The bill is the latest attempt of Republicans to oppose the Biden administration’s expansionary fiscal measures, which are known to cause an inflationary effect in the field of economics. However, the bill was also supported by 59 Democrats in a 272-148 vote to pass it.
Under the REIN IN Act, any executive order with an annual budget of over $1 billion or more would require a study into the possible inflationary effects on the economy. The Financial Services Committee said in an official press release this Wednesday:
House Financial Services Committee Chairman Patrick McHenry (R-NC), Congresswoman Elise Stefanik (R-NY), House Ways and Means Chairman Jason Smith (R-MO), and House Committee on Oversight and Accountability Chairman James Comer (R-KY), today celebrated the House passage of the Reduce Exacerbated Inflation Negatively Impacting the Nation (REIN IN) Inflation Act. This bill requires the Biden Administration to publish the inflationary impact of executive actions before enacting them.
“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. 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,” said Financial Services Chairman Patrick McHenry.
“As every hardworking family is forced to pay more for almost everything due to Bidenflation, I am proud to pass my bill, the REIN IN Inflation Act, to hold the Biden Administration accountable for their reckless spending causing prices to skyrocket,” Elise Stefanik said. “During the past two years of Far Left one-party Democrat rule in Washington led by Joe Biden, inflation skyrocketed to the highest level in my lifetime. It is a tax on every American, and it continues to be the number one concern I hear across my district in Upstate New York. By passing the REIN IN Inflation Act, House Republicans are providing a critical check on the Biden Administration and taking a step forward in fulfilling our Commitment to America to create an economy that is strong for every hardworking family.”
“Over the past two years, President Biden has pushed for one big-spending spree after another, fueling Bidenflation and then ignoring it while he left struggling American families to pay the price. With this legislation, Congress is taking steps to rein in irresponsible use of Presidential power. The REIN IN Act will bring transparency to spending and other inflationary policies initiated by Executive Orders from the White House so that 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,” said Oversight and Accountability Chairman James Comer.
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