The U.S. House of Representatives passed the REIN-IN bill (Reduce Exacerbated Inflation Negatively Impacting the Nation Act) 272-148 as 59 Democrats joined all the House’s Republicans to pass the act. The bill was put forth by Rep. Elise Stefanik (R-NY).
The summary of the bill states, “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.
“The estimate must determine whether the executive order will have
● “no significant impact on inflation,
● “a quantifiable inflationary impact on the consumer price index, or
● “a significant impact on inflation that cannot be quantified at the time the estimate is prepared.
“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.”
The bill specifically addresses “major” executive orders that have a monetary value attached. It would not, apparently, be activated for orders that don’t have a specific monetary value, such as immigration orders or orders that affect LGTBQ issues.
The House added several amendments to the initial bill via voice votes. One included adding the House Committee on Oversight and Accountability and the Senate Committee on Homeland Security and Governmental Affairs to the report recipient list. Another directs that the report includes any debt servicing costs in the calculations. A third amendment would require that the report include effects on the Producer Price Index, as well as the Consumer Price Index.
One amendment that failed would have restricted the report to look at only a single year's effects.
The bill now heads to the Democratically controlled Senate, where its fate is less certain.
The Kentucky Daily