Inflation Prevention Act of 2023

To create a point of order against spending that will increase inflation unless inflation is not greater than 4.5 percent, and for other purposes. 1. Short title This Act may be cited as the Inflation Prevention Act of 2023 2. Point of order against spending that will increase inflation until inflation is not greater than 4.5 percent (a) Point of order in the Senate (1) In general In the Senate, it shall not be in order to consider a provision in a bill, joint resolution, motion, amendment, amendment between the Houses, or conference report that provides new budget authority and that is estimated to result in an increase in the Consumer Price Index for All Urban Consumers, as published by the Bureau of Labor Statistics, unless the annualized rate of increase in the Consumer Price Index for All Urban Consumers most recently published by the Bureau of Labor Statistics is not more than 4.5 percent. (2) Point of order sustained If a point of order is made by a Senator against a provision described in paragraph (1), and the point of order is sustained by the Chair, that provision shall be stricken from the measure and may not be offered as an amendment from the floor. (3) Form of the point of order A point of order under subsection (a)(1) may be raised by a Senator as provided in section 313(e) of the Congressional Budget Act of 1974 ( 2 U.S.C. 644(e) (4) Conference reports When the Senate is considering a conference report on, or an amendment between the Houses in relation to, a bill or joint resolution, upon a point of order being made by any Senator pursuant to subsection (a)(1), and such point of order being sustained, such material contained in such conference report or House amendment shall be stricken, and the Senate shall proceed to consider the question of whether the Senate shall recede from its amendment and concur with a further amendment, or concur in the House amendment with a further amendment, as the case may be, which further amendment shall consist of only that portion of the conference report or House amendment, as the case may be, not so stricken. Any such motion in the Senate shall be debatable. In any case in which such point of order is sustained against a conference report (or Senate amendment derived from such conference report by operation of this paragraph), no further amendment shall be in order. (5) Supermajority waiver and appeal In the Senate, this subsection may be waived or suspended only by an affirmative vote of three-fifths of the Members, duly chose and sworn. An affirmative vote of three-fifths of Members of the Senate, duly chosen and sworn shall be required to sustain an appeal of the ruling of the Chair on a point of order raised under this subsection. (b) Point of order in the House of Representatives In the House of Representatives, it shall not be in order to consider a bill, joint resolution, motion, amendment, amendment between the Houses, or conference report that provides new budget authority and that is estimated to result in an increase in the Consumer Price Index for All Urban Consumers, as published by the Bureau of Labor Statistics, unless the annualized rate of increase in the Consumer Price Index for All Urban Consumers most recently published by the Bureau of Labor Statistics is not more than 4.5 percent. (c) Determination of effect on inflation (1) Provision of estimates Upon request by a Member of Congress, the Congressional Budget Office shall prepare an estimate of the effect on the Consumer Price Index for All Urban Consumers of the provisions in a bill, joint resolution, motion, amendment, amendment between the Houses, or conference report that provide new budget authority. (2) In general The estimated amount of the increase in the Consumer Price Index for All Urban Consumers, if any, for purposes of this section shall be determined based on estimates prepared by the Congressional Budget Office. 3. CBO notification to Congress (a) In general The Congressional Budget Office shall notify Congress if the annualized rate of increase in the Consumer Price Index for All Urban Consumers is greater than 4.5 percent. (b) Submission The Congressional Budget Office may submit the certification required under subsection (a) as part of another report required to be submitted to Congress.

Summary: Inflation Prevention Act of 2023 This bill establishes a point of order that, when the annualized rate of inflation exceeds 4.5%, prohibits the House and Senate from considering legislation that provides new budget authority and is estimated to increase the Consumer Price Index for All Urban Consumers. The prohibition may be waived in the Senate by an affirmative vote of three-fifths of the Senate.