Inflation Prevention Act
Bill: S.3495 | Sponsor: Sen. Scott, Tim (R-SC)
Policy area: Congress

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

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.

    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 ``Inflation Prevention Act''.

SEC. 2. POINT OF ORDER AGAINST SPENDING THAT WILL INCREASE INFLATION 
              UNTIL INFLATION IS NOT GREATER THAN 4.5 PERCENT.

    (a) Point of Order.--
            (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) Determination of effect on inflation.--
                    (A) 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.
                    (B) 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.
    (b) 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)).
    (c) 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 subsection), no further 
amendment shall be in order.
    (d) Supermajority Waiver and Appeal.--In the Senate, this section 
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 section.

SEC. 3. NOTIFICATION.

    (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.
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