Informed Lawmaking to Combat Inflation Act

Bill: 118-s-3895
Sponsor: full_name: Sen. Manchin, Joe, III [D-WV]
Introduced: 2024-03-07
Policy area: Economics and Public Finance
Latest action: action_date: 2024-03-07
text: Read twice and referred to the Committee on the Budget.

Summaries:
action_date: 2024-03-07
action_desc: Introduced in Senate
text: <p><b>Informed Lawmaking to Combat Inflation Act</b></p> <p>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.</p> <p>The estimates must include both the short-term and long-term inflationary effects of the legislation. Specifically, the estimates must determine whether the legislation will have</p> <ul> <li>no significant impact on inflation, </li> <li>a quantifiable inflationary impact on the consumer price index or the personal consumption expenditure 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 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.</p>

tv_txt: II 118th CONGRESS 2d Session S. 3895 IN THE SENATE OF THE UNITED STATES March 7, 2024 Mr. Manchin (for himself and Mr. Tillis ) introduced the following bill; which was read twice and referred to the Committee on the Budget A BILL 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.

1. Short title This Act may be cited as the Informed Lawmaking to Combat Inflation Act . 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 ( 2 U.S.C. 651 et seq. ) is amended by adding at the end the following: 407. Mandatory inflation forecasting (a) Definitions In this section— (1) the term Director means the Director of the Congressional Budget Office; and (2) the term major legislation — (A) means any bill or joint resolution, or amendment thereto, amendment between the Houses in relation 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 the projected gross domestic product of the United States; and (B) does not include measure described in subparagraph (A) that— (i) 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 (ii) 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 of the Federal Government 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 on which an authorizing committee of the Senate or the House of Representatives orders reported major legislation, the committee shall promptly provide the major 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 major legislation, which shall include— (A) both short-term and long-term estimates of the inflationary effects of the major legislation; and (B) whether the Director determines that the major legislation— (i) will have no significant impact on inflation; (ii) will have quantifiable inflationary impact on the consumer price index or the personal consumption expenditure index; or (iii) is 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, the chair of the committee that reported the bill or joint resolution or the chair of any other committee 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 with respect to the major legislation prepared by 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. .