The House of Representatives recently passed the REIN IN Act, which requires the White House to assess the inflationary effect of President Biden’s executive orders before they are issued.
The bill was supported by 59 Democrats and passed in a 272-148 vote. The REIN IN Act, sponsored by House Oversight and Accountability Committee Chairman James Comer and House GOP Conference Chair Elise Stefanik, aims to put a stop to what the GOP believes is the root cause of the highest inflation levels in decades.
The bill stipulates that any executive order with an annual budgetary effect of $1 billion or more must first be studied by the administration for its possible inflationary effects on the economy.
The GOP hopes that this will make President Biden think twice before imposing costly new rules on the public. However, Democrats have rejected GOP arguments, with some insisting that the massive spending bills, like the $1.9 trillion American Rescue Plan, helped to tame inflation.
Republicans have cited two examples of Biden executive orders that have had inflationary effects: one that revoked the Keystone XL pipeline permit and another that requires the government to move toward buying only electric-only vehicles over the next decade.
The GOP has vowed to control congressional spending now that they run the House and argued that Biden also needs to be put in check because he is too casually issuing orders that lead to higher prices for Americans.
Inflation is hurting American families, and the REIN IN Act aims to force President Biden to recognize
its impact. However, Democrats have pushed back against the GOP’s arguments, with Rep. Alexandria Ocasio-Cortez claiming that the Inflation Reduction Act passed by Democrats last year has actually helped to lower inflation rates in the U.S.
Despite the opposing viewpoints, the REIN IN Act passed with bipartisan support, showing that even some Democrats agree that inflation is a concern that needs to be addressed.
The GOP hopes that this bill will put a stop to the costly policies imposed by the Biden administration and prevent further harm to American families and businesses.