Expose BIDEN Act

To require the Comptroller General of the United States to report on the impact of major rules on inflation and gross domestic product, and for other purposes. 1. Short title This Act may be cited as the Expose Biden’s Inflation, Deficits, and Economic Neglect Act of 2022 Expose BIDEN Act 2. Comptroller General Report on impact of major rules on inflation and gross domestic product (a) Review (1) In general Beginning on the date described under paragraph (2), the Comptroller General of the United States shall review each major rule to determine the impact of each such rule on the economy of the United States, including— (A) the impact of each such rule on— (i) inflation in the United States; and (ii) the gross domestic product of the United States; and (B) whether any such rule contributed to— (i) an increase in inflation in the United States; or (ii) a decline in the gross domestic product of the United States. (2) Timing of review The Comptroller General shall begin conducting the review required by paragraph (1) on— (A) the effective date, if the Director has issued two consecutive reports on the gross domestic product of the United States indicating a decline in such gross domestic product in the two quarters preceding the effective date; or (B) if the Director has not issued two consecutive reports on the gross domestic product of the United States indicating a decline in such gross domestic product in the two quarters preceding the effective date, whichever occurs first after the effective date: (i) The first date on which the Director determines that the gross domestic product of the United States declined in the two quarters preceding such date. (ii) The publication date of the first monthly report published by the Bureau of Labor Statistics that shows an increase of 5 percent or greater in the Consumer Price Index for All Urban Consumers (CPI–U) over a 12-month period. (b) Report Not later than 6 months after the date on which the Comptroller General begins conducting the review required by subsection (a), the Comptroller General shall submit to the President, Committee on Oversight and Reform of the House of Representatives, and the Committee on Homeland Security and Governmental Affairs of the Senate a report on such review that includes— (1) a description of any impact of such rules on— (A) inflation in the United States; and (B) the gross domestic product of the United States; and (2) an identification of any such rule that the Comptroller General determines contributed to— (A) an increase in inflation in the United States; or (B) a decline in the gross domestic product of the United States. (c) Suspension of enforcement and promulgations of major rules during preparation of report During the period in which the Comptroller General is preparing the report required by subsection (b)— (1) no major rule may be enforced; and (2) no major rule may be promulgated. (d) Rescission and promulgation of rules that contribute to decline in GDP and inflation (1) Rescission of rules Following the submission of the report under subsection (b), the head of each relevant Federal agency shall permanently rescind any rule identified in the report as being shown to have contributed to— (A) an increase in inflation in the United States; or (B) a decline in the gross domestic product of the United States. (2) Replacement rules The head of a Federal agency may not promulgate a rule to replace a rule rescinded under paragraph (1) before the sunset date unless such head demonstrates to the Comptroller General of the United States that such rule will not contribute to— (A) an increase in inflation in the United States; or (B) a decline in the gross domestic product of the United States. (e) Definitions In this section: (1) Director The term Director (2) Effective date The term effective date (3) Major rule The term major rule (4) Sunset date The term sunset date (A) the Director issues a report indicating that the gross domestic product of the United States has— (i) increased in the two consecutive quarters preceding the date on which the Director issues the report; and (ii) met or exceeded the gross domestic product for the quarter preceding such two consecutive quarters; and (B) the Bureau of Labor Statistics publishes a monthly report that shows an increase of 2.5 percent or less in the Consumer Price Index for All Urban Consumers (CPI–U) over a 12-month period.

Summary: Expose Biden's Inflation, Deficits, and Economic Neglect Act of 2022 or the Expose BIDEN Act This bill requires the Government Accountability Office to determine the impact on the U.S. economy of each major rule issued after 12 p.m. on January 20, 2021. Any major rule that is determined to increase inflation or cause a decline in the gross domestic product must be rescinded.