(PatriotWise.com) — The Republican-controlled House passed the Reduce Exacerbated Inflation Negatively Impacting the Nation (REIN IN) Act in a 242-148 vote, according to OANN. The legislation is designed to target the Biden administration’s executive orders, requiring them to explain how each order will reduce inflation, which peaked last June at 9.1%.
The proposal, sponsored by New York Republican Rep. Elise Stefanik, was brought to the floor two weeks after the Labor Department reported another increase in consumer prices. The legislation will allegedly make Biden’s actions more transparent by showing how much his executive orders are costing the American people, Stefanik said.
The legislation will require that the Director of the Office of Management and Budget and the Chair of the Council of Economic Advisers put together reports on how executive orders that will total at least $1 billion will impact inflation. These reports will be required before the order is signed.
The Biden administration and congressional Democrats have been criticized by Republicans for contributing to skyrocketing inflation. After passing the “bipartisan” infrastructure bill that totaled $1.2 trillion in 2021, Democrats then introduced the $740 billion Inflation Reduction Act that tackles tax reform, climate change, and healthcare.
However, both Republicans and Democrats have recently passed the $1.7 trillion spending package that included $45 billion for Ukraine and $410 million for border security in Jordan, Lebanon, Egypt, Tunisia, and Oman, according to American Pigeon.
Republican Rep. Scott Perry introduced an amendment that would set another condition for the office to create a report on executive orders that have an annual gross budgetary effect of at least $1 million.
The Federal Reserve, concerned with taming inflation, raised interest rates from 4.50% to 4.75%, a major difference when it was nearly zero in February, according to Newsmax. The increase came when the three largest Wall Street players took a downturn.
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