Senators Braun and Scott (FL) Introduce McHenry’s REIN IN Inflation Act in the Senate
July 22, 2022 -
Today, Senator Mike Braun and Senator Rick Scott introduced the Reduce Exacerbated Inflation Negatively Impacting the Nation (REIN IN) Inflation Act. This bill would require the administration to publish the inflationary impact of executive actions before enacting them. The companion legislation was introduced by House Budget Committee Republican Leader Jason Smith (MO-08), House Republican Conference Chairwoman Elise Stefanik (NY-21) and House Committee on Financial Services Republican Leader Patrick McHenry (NC-10) in the House of Representatives.
“From gas to groceries, record inflation is making everyday life unaffordable for families across western North Carolina and the country. President Biden and Congressional Democrats’ policies are directly responsible for the surge in consumer prices causing economic pain for all Americans. Specifically, President Biden’s executive orders hindered domestic energy production and fueled the labor shortage—both contributors to inflation. I’m glad to see Senators Braun and Scott introduce the Senate companion of Chairwoman Stefanik, Ranking Member Smith, and my legislation to add much-needed transparency and rein in the inflationary actions of the Biden Administration.”—House Committee on Financial Services Republican Leader Patrick McHenry
“President Biden’s inflation crisis is a 9.1% pay cut for Americans and, and his plan to address it is tax hikes and more reckless spending. Hoosiers are sick and tired of paying for D.C.’s dysfunction. The Biden Administration should have to account for every cent of your money they spend and the REIN IN Inflation Act will increase transparency and allow Americans to hold this administration to account.”—Sen. Mike Braun
“Joe Biden’s inflation crisis is a tax on every American family. Even as Floridians face record-breaking inflation, this administration continues to recklessly spend taxpayers’ dollars with no accountability. It’s wrong and must end NOW. I urge my colleagues to support this commonsense bill that will throw a spotlight on the Biden administration’s reckless tax-and-spend habits and socialist agenda.”—Sen. Rick Scott
“The Congressional Budget Office has confirmed that President Biden’s executive actions are costing taxpayers at least half a trillion dollars. The President has gone around the Congress, and the American people, to enact a personal spending agenda that is throwing more fuel on the worst inflation crisis in a generation. With prices having risen 13.8% since Biden took office, Republicans in Congress are fighting back against this reckless spending by shining a light on the hidden costs being passed on to working families. I thank Senator Braun for championing this bill in the Senate to hold the President accountable.”—House Budget Committee Republican Leader Jason Smith
“Today, every hardworking family is forced to pay more for almost everything due to Joe Biden’s failed economic policies. Instead of reversing course, Joe Biden and his administration have doubled down on their Far-Left tax and spend agenda and continue to exacerbate this inflation crisis. As hardworking families in New York’s 21st District and across the nation are forced to pay the price for Democrats’ out-of-control spending, I am proud that Senator Braun is championing this legislation in the Senate to hold this administration accountable and rein in the policies that fuel devastating inflation on behalf of families struggling across our nation.”—Congresswoman Elise Stefanik
What the REIN in Inflation Act does:
- Require the Chairman of the Council of Economic Advisors (CEA) and Office of Management and Budget (OMB) to prepare a report including the inflationary effects for any executive action with an estimated impact of at least $1 billion.
- The White House would then have to report these findings to Congress each year to increase transparency and accountability over executive actions.
- Already, Joe Biden has taken a number of executive actions that have exacerbated inflation and led to skyrocketing prices, including revoking the permit for the Keystone XL pipeline and embracing Far-Left climate policies. As the Biden administration continues to consider harmful economic policies like canceling student debt, this legislation would require them to consider and report the financial impact their actions have on hardworking Americans.
Read full bill text here.
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