II 
Calendar No. 23 
118TH CONGRESS 
1ST SESSION 
H. R. 347 
IN THE SENATE OF THE UNITED STATES 
MARCH 2, 2023 
Received; read the first time 
MARCH 6, 2023 
Read the second time and placed on the calendar 
AN ACT 
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 Representa-
tives 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 AC-
COUNTABILITY AND REFORM. 
(a) MANDATORY INFLATION FORECASTING.— 
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(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 quantifi-
able inflationary impact on the consumer or pro-
ducer price index (including a detailed description of 
such impact), or is determined likely to have a sig-
nificant impact on inflation but the amount cannot 
be determined at the time the estimate is prepared. 
Any statement prepared under this subsection shall 
incorporate the inflationary impact of the debt serv-
icing costs associated with the applicable major Ex-
ecutive order. To the greatest extent practicable, any 
estimate of the inflationary impact of any major Ex-
ecutive order under this section shall take into ac-
count 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 Exec-
utive order is determined to have a quantifiable in-
flationary impact on the consumer price index under 
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(d) RULE OF CONSTRUCTION.—Nothing in this sec-
tion shall be construed to suggest that the task of com-
bating inflation and bringing down the cost of living is 
the sole responsibility of the Executive Office of the Presi-
dent, and not also a key pursuit of the United States 
House of Representatives 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 esti-
mate) to cause an annual gross budgetary or eco-
nomic effect of at least $1,000,000, but does not in-
clude any such measure that— 
(A) provides for emergency assistance or 
relief at the request of any State or local gov-
ernment or any official of a State or local gov-
ernment; or 
(B) is necessary for the national security 
or the ratification or implementation of inter-
national treaty obligations. 
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(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. 
Passed the House of Representatives March 1, 
2023. 
Attest: 
CHERYL L. JOHNSON, 
Clerk. 
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Calendar No. 23 
118TH CONGRESS 
1ST SESSION 
H. R. 347 
AN ACT 
To require the Executive Office of the President to 
provide an inflation estimate with respect to Ex-
ecutive orders with a significant effect on the an-
nual gross budget, and for other purposes. 
MARCH 6, 2023 
Read the second time and placed on the calendar 
VerDate Sep 11 2014 
23:37 Mar 06, 2023
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PO 00000
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