PRICE Act

Bill: 117-s-3770
Sponsor: full_name: Sen. Lee, Mike [R-UT]
Introduced: 2022-03-07
Policy area: Economics and Public Finance
Latest action: action_date: 2022-03-07
text: Read twice and referred to the Committee on the Budget.

Summaries:
action_date: 2022-03-07
action_desc: Introduced in Senate
text: <p><strong>Preventing Runaway Inflation in Consumer Expenditures Act or the PRICE Act</strong></p> <p>This bill establishes a point of order that prohibits the Senate from considering legislation that would cause a net increase in outlays unless the Congressional Budget Office certifies that inflation is below 3%. The point of order may be waived by an affirmative vote of three-fifths of the Senate. </p>

tv_txt: II 117th CONGRESS 2d Session S. 3770 IN THE SENATE OF THE UNITED STATES March 7, 2022 Mr. Lee (for himself and Mr. Scott of Florida ) introduced the following bill; which was read twice and referred to the Committee on the Budget A BILL To establish a point of order against legislation that would cause a net increase in outlays unless the Director of the Congressional Budget Office certifies that inflation is below 3 percent.

1. Short title This Act may be cited as the Preventing Runaway Inflation in Consumer Expenditures Act or the PRICE Act . 2. Point of order against legislation that would cause a net increase in outlays unless the Director of the Congressional Budget Office certifies that inflation is below 3 percent (a) Point of order It shall not be in order in the Senate to consider any bill, joint resolution, motion, amendment, amendment between the Houses, or conference report that would cause a net increase in outlays relative to the most recently published Congressional Budget Office baseline unless the Director of the Congressional Budget Office certifies (based on the most recent data available to the Director) that inflation, as measured in either the average of the annualized changes in the 3 most recently published monthly reports on the consumer price index for all-urban consumers published by the Bureau of Labor Statistics of the Department of Labor, or the previous year’s unadjusted annual change in that index, is below 3 percent. (b) Waiver and appeal Subsection (a) may be waived or suspended in the Senate only by an affirmative vote of three-fifths of the Members, duly chosen and sworn. An affirmative vote of three-fifths of the 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 subsection (a).