Reduce Exacerbated Inflation Negatively Impacting the Nation Act

Bill: 117-hr-8369
Sponsor: full_name: Rep. Stefanik, Elise M. [R-NY-21]
Introduced: 2022-07-13
Policy area: Economics and Public Finance
Subjects: Budget process

Congressional oversight

Congressional-executive branch relations

Government information and archives

Government studies and investigations

Inflation and prices

Presidents and presidential powers, Vice Presidents
Latest action: action_date: 2022-07-13
text: Referred to the House Committee on Oversight and Reform.

Summaries:
action_date: 2022-07-13
action_desc: Introduced in House
text: <p><strong>Reduce Exacerbated Inflation Negatively Impacting the Nation Act </strong></p> <p>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. </p> <p>The estimate must determine whether the executive order will have </p> <ul> <li>no significant impact on inflation,</li> <li>a quantifiable inflationary impact on the consumer price index, or</li> <li>a significant impact on inflation that cannot be quantified at the time the estimate is prepared.</li> </ul> <p>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.</p>

tv_txt: I 117th CONGRESS 2d Session H. R. 8369 IN THE HOUSE OF REPRESENTATIVES July 13, 2022 Ms. Stefanik (for herself, Mr. Smith of Missouri , and Mr. McHenry ) introduced the following bill; which was referred to the Committee on Oversight and Reform A BILL 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.

1. Short title This Act may be cited as the Reduce Exacerbated Inflation Negatively Impacting the Nation Act . 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 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. (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, acting through the Director and the Chair, may reasonably request to assist the President, acting through the Director and the Chair, in carrying out this section. (c) Reporting Not later than 180 days after the date of the enactment of this Act, and every year thereafter, the President, acting through the Director and the Chair, shall submit to the Committees on the Budget of the Senate and House of Representatives a report containing each statement prepared and considered under subsection (a) during the year. (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 means any 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, but does not include any such measure that— (A) 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 (B) 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.