House Republicans are taking aim at Joe Biden’s inflationary executive orders by introducing new legislation that would curb the president’s ability to implement new massive spending proposals. The Reduce Exacerbated Inflation Negatively Impacting the Nation (REIN IN) Act would compel the White House to report to the public on the inflationary effects of executive orders before they are issued by the president. The legislation, introduced by Rep. Elise Stefanik (R-NY), would apply to orders carrying an annual cost of $1 billion or more.
Republicans cited several executive orders issued during the Biden administration that have exacerbated inflation. Those include scrapping the Keystone XL pipeline, various climate policies that cripple domestic energy production, and the administration’s proposed $400 billion student loan forgiveness handout.
“Joe Biden and his administration have doubled down on their Far-Left tax and spending agenda that has continued to exacerbate this inflation crisis,” said Stefanik. She emphasized the need to check the Biden administration’s “reckless policies fueling inflation.”
Under the legislation, the administration would be required to first study any executive order with an annual financial impact of $1 billion or more for its possible inflationary impact on the economy. However, such an analysis would not be required in cases of emergency assistance provided to states or in matters involving American national security.
Financial Services Committee Chairman Patrick McHenry (R-NC), House Ways and Means Chairman Jason Smith (R-MO) and House Committee on Oversight and Accountability Chairman James Comer (R-KY) joined Stefanik in introducing the REIN IN Act. “From energy to groceries, Democrat-induced inflation is making everyday life unaffordable for families across western North Carolina and the country,” said McHenry.
Smith said of the bill: “The new Republican House majority is committed to honoring the promise we made to the American people to stop the reckless spending that ignited and continues to fuel inflation, which has risen 14.3 percent since President Biden took office.”
“That’s exactly why we’re fighting to hold President Biden accountable for his radical executive actions that will cost taxpayers over one trillion dollars and counting and has thrown more fuel on the inflation fire,” he added.
The House Rules Committee has provided until Thursday for legislators to propose amendments to the bill. The committee will meet at the beginning of next week to set up the debate and voting schedule for the bill, and a vote on the House floor is expected to take place late next week.
The REIN IN Act provides transparency about the Biden Administration’s unilateral executive actions fueling the price inflation that continues to hammer all Americans.