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Rep. Elise Stefanik, Chairwoman
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Press Releases

House Republicans Are Fighting to REIN IN Inflation

Washington, D.C., February 28, 2023
  • House Republicans
This week, House Republicans will hold Joe Biden and his Administration accountable for the reckless spending that has created the inflation crisis burdening families and small businesses across the country. In order to work toward an economy that’s STRONG, House Republicans will bring up for a vote the REIN IN Inflation Act, which is led by Chairwoman Stefanik and cosponsored by Ways and Means Chairman Jason Smith, Financial Services Chairman Patrick McHenry, and Oversight and Accountability Chairman James Comer.
 
In Joe Biden’s first year in office, he issued more executive orders than any president since Gerald Ford. After two years in office, Joe Biden has now issued a shocking 107 executive orders. Biden’s reckless executive spending agenda has cost hardworking families more than $1 trillion in taxpayer dollars and even more in the added cost of inflation, which has risen more than 14 percent since Joe Biden took office.
 
REIN IN Inflation Act:
  • The Reduce Exacerbated Inflation Negatively Impacting the Nation (REIN IN) Inflation Act requires the Biden Administration to publish the inflationary impact of executive orders before enacting them. 
    • Specifically, this bill would require the Chairman of the Council of Economic Advisors and Office of Management and Budget to prepare a report including the inflationary effects for any executive order with an estimated impact of at least $1 billion. The White House would then have to report these findings to Congress each year to increase transparency and accountability over executive actions.
  • On Biden’s his first day in office, he canceled the Keystone XL pipeline permit—and with it, the 830,000 thousand barrels per day of oil it would have supplied from Canada to U.S. refineries.
    • The ultimate cost of this reckless executive order is now reported to be as much as 59,000 jobs and up to $9.6 BILLION that would have helped our economy thrive.
  • President Biden also signed another out-of-touch executive order, setting the goal of making half of all vehicles sold in America electricby 2030. 
    • Replacing all gas powered vehicles with electric vehicles could cost the average American family an extra $5,400 a year for five years.
 
BIDEN’S ECONOMIC CRISIS BY THE NUMBERS:
  • Inflation is a tax on ALL Americans.
  • When Joe Biden took office, inflation was at just 1.4%. 
  • In January, the CPI came in at 6.4% for the 12 months ending December.
    • This was “hotter” than economists had projected and showed that inflation was not cooling down as the Biden Administration has claimed. 
  • Americans are paying more for just about everything because of inflation.
  • Year-over-year real wage growth has been negative for 22 months. 
    • Real average hourly earnings for all employees decreased 0.2%from December to January.
    • Real average hourly earnings decreased 1.8%, seasonally adjusted, from January 2022 to January 2023.
  • The skyrocketing cost of goods and services cost families $10,000 over the last two years. 
    • A new ABC News-Washington Post poll reports more Americans than ever before say they are WORSE off financially than before the president took office. 
 
MAKE NO MISTAKE: It’s long past time for Joe Biden to take into account the harmful impact of his failed Far Left agenda, which continues to worsen our inflation crisis and drive up the prices of goods, gas, and groceries. House Republicans are laser-focused on working to REIN IN Joe Biden’s reckless executive spending in order to deliver an economy that’s strong for the American people.