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]
[S. 715 Introduced in Senate (IS)]

&lt;DOC&gt;






118th CONGRESS
  1st Session
                                 S. 715

    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 SENATE OF THE UNITED STATES

                             March 8, 2023

    Mr. Braun (for himself and Mr. Scott of Florida) introduced the 
 following bill; which was read twice and referred to the Committee on 
               Homeland Security and Governmental Affairs

_______________________________________________________________________

                                 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.--
            (1) In general.--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 or producer price index (including a 
        detailed description of such impact), or is determined likely 
        to have a significant impact on inflation but the amount cannot 
        be determined at the time the estimate is prepared. Any 
        statement prepared under this paragraph shall incorporate the 
        inflationary impact of the debt servicing costs associated with 
        the applicable major Executive order. To the greatest extent 
        practicable, any estimate of the inflationary impact of any 
        major Executive order under this paragraph shall take into 
        account the spending patterns of military personnel and of 
        residents of non-metropolitan areas, including rural areas and 
        farm households.
            (2) CPI impact disaggregated.--If an Executive order is 
        determined to have a quantifiable inflationary impact on the 
        consumer price index under paragraph (1), the statement 
        required by such paragraph shall include the amount of such 
        impact on the consumer price index in total and disaggregated 
        by the Food, Energy, and All Items Less Food and Energy 
        categories of the consumer price index (as such categories are 
        determined by the Secretary of Labor in consultation with the 
        Commissioner of the Bureau of Labor Statistics).
    (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 publish on the public website 
of the Office of Management and Budget and submit to the Committee on 
the Budget and the Committee on Homeland Security and Governmental 
Affairs of the Senate and the Committee on the Budget and the Committee 
on Oversight and Accountability of the House of Representatives a 
report containing each statement prepared and considered under 
subsection (a) during the year.
    (d) Rule of Construction.--Nothing in this section shall be 
construed to suggest that the task of combating inflation and bringing 
down the cost of living is the sole responsibility of the Executive 
Office of the President, and not also a key pursuit of the Senate 
during the 118th Congress through thoughtful, productive legislative 
action.
    (e) 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 
        or economic effect of at least $1,000,000, 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;
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