EXCLUSIVE:\u00a0House Republicans led by GOP Conference Chairwoman Elise Stefanik are pushing a bill to hold the Biden administration accountable for any action it takes that may contribute to inflation.
\nThe “REIN IN Inflation Act” would require the Biden administration take into\u00a0account inflation\u00a0before enacting any executive action and improve its communication and transparency with Congress.
\nIt would require an inflation report by the Office of Management and Budget and the chairman of the Council of Economic Advisors for any action estimated to cost over $1 billion.
\nStefanik, R-N.Y., is joined by House Ways and Means Committee Chair Jason Smith, R-Mo., House Oversight Commitee Chair James Comer, R-Ky., and House Committee on Financial Services Chair Patrick McHenry, R-N.C., as co-sponsors to the bill.
\nThe lawmakers introduced similar legislation last Congress, but now that Republicans have the majority in the House, they are hopeful the Biden administration will be held to account. A GOP aide pointed out that, since last year, Biden has added to\u00a0excessive spending\u00a0by pushing his $400 billion student loan handout plan.
\nThe current\u00a0debt ceiling is $31.38 trillion, and the government is on the verge of hitting that cap.
\n“Already, the new Republican majority is working to fulfill our Commitment to America and create an economy that is strong, which begins with this critical check to rein in the Biden administration\u2019s reckless policies fueling inflation,”\u00a0Stefanik told Fox News Digital.
\nThe consumer price index rose 7% in December from a year ago, according to a new Labor Department report released last month, marking the fastest increase since June 1982, when inflation hit 7.1%.<\/p>\n