House Republicans are taking aim at President Joe Biden's inflationary executive orders, holding a vote on legislation next week that would curb the president's ability to implement costly proposals.
The bill, Reduce Exacerbated Inflation Negatively Impacting the Nation (REIN IN) Act, would require the Biden administration to report the inflationary effects of executive orders before Biden issues them, Fox News reported. The legislation, introduced by Rep. Elise Stefanik (R., N.Y.), would apply to orders resulting in an annual cost of $1 billion or more.
Republicans cited a number of inflationary executive orders issued by Biden, such as the Keystone XL pipeline shutdown, climate policies that hinder domestic energy production, and Biden's $400 billion student loan bailout.
"Joe Biden and his administration have doubled down on their Far-Left tax and spend 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."
Consumer prices were up an annual rate of 6.4 percent in January, the Labor Department reported last week, up from 1.4 percent when Biden took office.
The proposed bill follows Biden's controversially labeled Inflation Reduction Act of 2022, which focused primarily on enacting left-wing environmental policies. Biden celebrated the legislation in a speech in September 2022, calling it "the single most important legislation passed in [this] Congress to combat inflation and one of the most significant laws in our nation's history."
Published under: Biden Administration , Elise Stefanik , Executive Order , Inflation