Reduce Exacerbated Inflation Negatively Impacting the Nation Act

Subjects: Economics and Public Finance, Budget process, Congressional oversight, Congressional-executive branch relations, Government information and archives, Government studies and investigations, Inflation and prices, Presidents and presidential powers, Vice Presidents

Summary:  <p><strong>Reduce Exacerbated Inflation Negatively Impacting the Nation Act </strong></p> <p>This bill requires the Office of Management and Budget and the Council of Economic Advisers to provide an inflation estimate for each executive order that is projected to cause an annual gross budgetary or economic effect of at least $1 million. </p> <p>The estimate must determine whether the executive order will have </p> <ul> <li>no significant impact on inflation,</li> <li>a quantifiable inflationary impact on the Consumer Price Index or the Producer Price Index, or</li> <li>a significant impact on inflation that cannot be quantified at the time the estimate is prepared.</li> </ul> <p>The estimate must also (1) incorporate the inflationary impact of the debt servicing costs associated with the executive order; and (2) take into account the spending patterns of military personnel and of residents of non-metropolitan areas, including rural areas and farm households.</p> <p>The requirements do not apply to executive orders that (1) provide for emergency assistance or relief at the request of any state or local government or an official of the government, or (2) are necessary for national security or the ratification or implementation of international treaty obligations.</p>

<html><body><pre>[Congressional Bills 118th Congress]
[From the U.S. Government Publishing Office]
[H.R. 347 Introduced in House (IH)]

&lt;DOC&gt;






118th CONGRESS
  1st Session
                                H. R. 347

    To require the Executive Office of the President to provide an 
inflation estimate with respect to Executive orders with a significant 
       effect on the annual gross budget, and for other purposes.


_______________________________________________________________________


                    IN THE HOUSE OF REPRESENTATIVES

                            January 12, 2023

Ms. Stefanik (for herself, Mr. McHenry, Mr. Smith of Missouri, and Mr. 
    Comer) introduced the following bill; which was referred to the 
               Committee on Oversight and Accountability

_______________________________________________________________________

                                 A BILL


 
    To require the Executive Office of the President to provide an 
inflation estimate with respect to Executive orders with a significant 
       effect on the annual gross budget, and for other purposes.

    Be it enacted by the Senate and House of Representatives of the 
United States of America in Congress assembled,

SECTION 1. SHORT TITLE.

    This Act may be cited as the ``Reduce Exacerbated Inflation 
Negatively Impacting the Nation Act''.

SEC. 2. EXECUTIVE ORDER MANDATED INFLATION ACCOUNTABILITY AND REFORM.

    (a) Mandatory Inflation Forecasting.--For any major Executive 
order, the President, acting through the Director of the Office of 
Management and Budget and the Chair of the Council of Economic 
Advisers, shall prepare and consider a statement estimating the 
inflationary effects of the Executive order, including whether the 
Executive order is determined to have no significant impact on 
inflation, is determined to have quantifiable inflationary impact on 
the consumer price index, or is determined likely to have a significant 
impact on inflation but the amount cannot be determined at the time the 
estimate is prepared.
    (b) Agency Assistance.--The head of each agency shall provide to 
the President, acting through the Director and the Chair, such 
information and assistance as the President, acting through the 
Director and the Chair, may reasonably request to assist the President, 
acting through the Director and the Chair, in carrying out this 
section.
    (c) Reporting.--Not later than 180 days after the date of the 
enactment of this Act, and every year thereafter, the President, acting 
through the Director and the Chair, shall submit to the Committees on 
the Budget of the Senate and House of Representatives a report 
containing each statement prepared and considered under subsection (a) 
during the year.
    (d) Definitions.--In this section:
            (1) Agency.--The term ``agency'' has the meaning given such 
        term in section 551 of title 5, United States Code.
            (2) Major executive order.--The term ``major Executive 
        order'' means any Executive order that would be projected (in a 
        conventional cost estimate) to cause an annual gross budgetary 
        effect of at least $1,000,000,000, but does not include any 
        such measure that--
                    (A) provides for emergency assistance or relief at 
                the request of any State or local government or any 
                official of a State or local government; or
                    (B) is necessary for the national security or the 
                ratification or implementation of international treaty 
                obligations.
            (3) State.--The term ``State'' means each State of the 
        United States, the District of Columbia, each commonwealth, 
        territory, or possession of the United States, and each 
        federally recognized Indian Tribe.
                                 &lt;all&gt;
</pre></body></html>