Reduce Exacerbated Inflation Negatively Impacting the Nation Act
Bill: S.4598 | Sponsor: Sen. Braun, Mike (R-IN)
Policy area: Economics and Public Finance

Summary:
Reduce Exacerbated Inflation Negatively Impacting the Nation Act
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 effect of at least $1 billion.
The estimate must determine whether the executive order will have
The requirement does 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.

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--
            (1) to have no significant impact on inflation;
            (2) to have quantifiable inflationary impact on the 
        consumer price index; or
            (3) 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 may reasonably request to 
assist the President in carrying out this section.
    (c) Reporting.--Not later than 180 days after the date of enactment 
of this Act, and every year thereafter, the President, acting through 
the Director and the Chair, shall submit to the Committee on the Budget 
of the Senate and the Committee on the Budget of the House of 
Representatives a report containing each statement prepared and 
considered under subsection (a) during the year before the year during 
which the report is submitted.
    (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''--
                    (A) means an 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; and
                    (B) does not include an executive order that--
                            (i) 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
                            (ii) 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.
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