Informed Lawmaking to Combat Inflation Act
Bill: H.R.6629 | Sponsor: Rep. Katko, John (R-NY)
Policy area: Economics and Public Finance

Summary:
Informed Lawmaking to Combat Inflation Act
This bill requires the Congressional Budget Office to provide inflation estimates for certain legislation that is projected to cause an annual gross budgetary effect of at least 0.25% of the projected gross domestic product of the United States.
The estimates must determine whether the legislation will have
The requirement does not apply to legislation that (1) provides for emergency assistance or relief at the request of any state, local, or tribal government; or (2) is necessary for the national security or the ratification or implementation of international treaty obligations.

To amend the Congressional Budget and Impoundment Control Act of 1974 
  to require the Congressional Budget Office to provide an inflation 
 estimate with respect to legislation with a significant impact on the 
  Gross Domestic Product of the United States, 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 ``Informed Lawmaking to Combat 
Inflation Act''.

SEC. 2. LEGISLATIVE MANDATED INFLATION ACCOUNTABILITY AND REFORM.

    (a) In General.--Part A of title IV of the Congressional Budget and 
Impoundment Control Act of 1974 is amended by adding at the end the 
following:

                   ``mandatory inflation forecasting

    ``Sec. 407.  (a) Definitions.--In this section--
    ``(1) the term `Director' means the Director of the Congressional 
Budget Office; and
    ``(2) the term `major legislation' means any bill or joint 
resolution, or amendment thereto or conference report thereon, that 
would be projected (in a conventional cost estimate) to cause an annual 
gross budgetary effect of at least 0.25 percent of projected Gross 
Domestic Product of the United States, but does not include any such 
measure that--
            ``(A) provides for emergency assistance or relief at the 
        request of any State, local, or tribal government or any 
        official of a State, local, or tribal government; or
            ``(B) is necessary for the national security or the 
        ratification or implementation of international treaty 
        obligations.
    ``(b) Agency Assistance.--Each department, agency, establishment, 
or regulatory agency or commission, shall provide to the Director such 
information and assistance as the Director may reasonably request to 
assist the Director in carrying out this section.
    ``(c) Mandatory Inflation Forecasting.--
            ``(1) Submission of bills to the director.--On the date 
        that a committee of authorization of the Senate or the House of 
        Representatives orders reported major legislation, the 
        committee shall promptly provide the legislation to the 
        Director for the purpose of carrying out responsibilities 
        detailed in paragraph (2).
            ``(2) Mandatory reporting on inflationary forecasting.--For 
        any major legislation provided to the Director under paragraph 
        (1), the Director shall prepare and submit to the applicable 
        committee a statement estimating the inflationary effects of 
        the legislation, including whether the legislation is 
        determined to have no significant impact on inflation, is 
        determined to have quantifiable inflationary impact on the 
        consumer price index, or is determined likely to have a 
        significant impact on inflation but the amount cannot be 
        determined at the time the estimate is prepared.
            ``(3) Amended bills and joint resolutions; conference 
        reports.--If a bill or joint resolution is passed in an amended 
        form (including if passed by one House as an amendment in the 
        nature of a substitute for the text of a bill or joint 
        resolution from the other House) or is reported by a committee 
        of conference in amended form, and the amended form constitutes 
        major legislation not previously considered by either House, 
        then the chair of the committee that reported the bill or joint 
        resolution or any other committee chair designated by the 
        Speaker of the House of Representatives or the President pro 
        tempore of the Senate (as the case may be), or the committee of 
        conference, respectively, shall ensure to the greatest extent 
        practicable that the Director shall prepare a statement as 
        provided in paragraph (2) or a supplemental statement for the 
        bill or joint resolution in that amended form.
    ``(d) Legislation Subject to Point of Order.--It shall not be in 
order in the Senate or the House of Representatives to consider any 
major legislation reported by a committee unless the committee has 
published a statement of the Director in accordance with this section.
    ``(e) Provisions Relating to the House of Representatives.--
            ``(1) Enforcement.--It shall not be in order in the House 
        of Representatives to consider a rule or order that waives the 
        application of subsection (d).
            ``(2) Disposition of points of order.--
                    ``(A) Application to the house of 
                representatives.--This paragraph shall apply only to 
                the House of Representatives.
                    ``(B) Threshold burden.--In order to be cognizable 
                by the Chair, a point of order under subsection (d) or 
                paragraph (1) of this subsection must specify the 
                precise language on which it is premised.
                    ``(C) Question of consideration.--As disposition of 
                points of order under subsection (d) or paragraph (1) 
                of this section, the Chair shall put the question of 
                consideration with respect to the proposition that is 
                the subject of the points of order.
                    ``(D) Debate and intervening motions.--A question 
                of consideration under this section shall be debatable 
                for 10 minutes by each Member initiating a point of 
                order and for 10 minutes by an opponent on each point 
                of order, but shall otherwise be decided without 
                intervening motion except one that the House adjourn or 
                that the Committee of the Whole rise, as the case may 
                be.
                    ``(E) Effect on amendment in order as original 
                text.--The disposition of the question of consideration 
                under this subsection with respect to a bill or joint 
                resolution shall be considered also to determine the 
                question of consideration under this subsection with 
                respect to an amendment made in order as original 
                text.''.
    (b) Clerical Amendment.--The table of contents in section 1(b) of 
the Congressional Budget and Impoundment Control Act of 1974 is amended 
by inserting after the item relating to section 406 the following:

``Sec. 407. Mandatory inflation forecasting.''.
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