Measuring Real Income Growth Act of 2021

Bill: 117-hr-1756
Sponsor: full_name: Rep. Maloney, Carolyn B. [D-NY-12]
Introduced: 2021-03-10
Policy area: Commerce
Subjects: Economic performance and conditions

Government studies and investigations

Wages and earnings
Latest action: action_date: 2022-04-06
text: Ordered to be Reported in the Nature of a Substitute (Amended) by the Yeas and Nays: 23 - 18.

Summaries:
action_date: 2021-03-10
action_desc: Introduced in House
text: <p><strong>Measuring Real Income Growth Act of 2021</strong></p> <p> This bill requires the Bureau of Economic Analysis of the Department of Commerce to include in each of its gross domestic product analyses a recent estimate of the total amount added to the U.S. economy during the period covered by the recent estimate. The estimate must also disaggregate this amount by each of the 10 deciles of income and the highest 1% of income.</p>

tv_txt: I 117th CONGRESS 1st Session H. R. 1756 IN THE HOUSE OF REPRESENTATIVES March 10, 2021 Mrs. Carolyn B. Maloney of New York (for herself and Mr. Beyer ) introduced the following bill; which was referred to the Committee on Oversight and Reform A BILL To require the Bureau of Economic Analysis of the Department of Commerce to provide estimates relating to the distribution of aggregate economic growth across specific percentile groups of income.

1. Short title This Act may be cited as the Measuring Real Income Growth Act of 2021 . 2. Estimates of aggregate economic growth across income groups (a) Definitions In this section: (1) Bureau The term Bureau means the Bureau of Economic Analysis of the Department of Commerce. (2) Gross domestic product analysis The term gross domestic product analysis — (A) means a quarterly or annual analysis conducted by the Bureau with respect to the gross domestic product of the United States; and (B) includes a revision prepared by the Bureau of an analysis described in subparagraph (A). (3) Recent estimate The term recent estimate means the most recent estimate described in subsection (b) that is available on the date on which the gross domestic product analysis with which the estimate is to be included is conducted. (b) Inclusion in reports Not later than 1 year after the date of the enactment of this Act, in each gross domestic product analysis conducted by the Bureau, the Bureau shall include a recent estimate of, with respect to specific percentile groups of income, the total amount that was added to the economy of the United States during the period to which the recent estimate pertains, including in— (1) each of the 10 deciles of income; and (2) the highest 1 percent of income. (c) Authorization of appropriations There are authorized to be appropriated to the Secretary of Commerce such sums as are necessary to carry out this section.