Rep. Elise Stefanik (R-N.Y.) has announced a proposal that would hold the Biden administration accountable for record inflation that has climbed to a 41-year-high.
The bill, titled REIN IN Inflation Act, would require the administration to assess the inflationary effect of any executive order before implementing it. The Council of Economic Advisors and the Office of Management and Budget, the White House agencies charged with advising the president on economic-related policies and administering the federal budget, respectively, would need to prepare a report estimating the inflationary effects of any action that costs $1 billion or more.
The legislation comes as the U.S. inflation rate surged to 9.1 percent in June compared to a year earlier. The figure marks the highest annual increase since November 1981, surpassing the market estimate of 8.8 percent, and is half a percentage point higher than May’s annual rate….