Reduce Exacerbated Inflation Negatively Impacting the Nation Act

Read the second time. Placed on Senate Legislative Calendar under General Orders. Calendar No. 23.

Mar 6, 2023

This bill requires the Office of Management and Budget and the Council of Economic Advisers to estimate the inflationary impact of executive orders that are projected to have an annual gross budgetary or economic effect of at least $1 million. The estimate must classify the executive order's inflation impact as having no significant effect, a quantifiable effect on the Consumer Price Index or Producer Price Index, or a significant effect that cannot be quantified. The estimate must include debt servicing costs and account for spending patterns of military personnel and residents of non-metropolitan and rural areas. The requirements do not apply to executive orders providing emergency assistance or relief at the request of state or local governments, or those necessary for national security or to implement international treaty obligations.

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Reduce Exacerbated Inflation Negatively Impacting the Nation Act This bill requires the Office of Management and Budget and the Council of Economic Advisers to provide an inflation estimate for each executive order that is projected to cause an annual gross budgetary or economic effect of at least $1 million. The estimate must determine whether the executive order will have no significant impact on inflation, a quantifiable inflationary impact on the Consumer Price Index or the Producer Price Index, or a significant impact on inflation that cannot be quantified at the time the estimate is prepared. The estimate must also (1) incorporate the inflationary impact of the debt servicing costs associated with the executive order; and (2) take into account the spending patterns of military personnel and of residents of non-metropolitan areas, including rural areas and farm households. The requirements do not apply to executive orders that (1) provide for emergency assistance or relief at the request of any state or local government or an official of the government, or (2) are necessary for national security or the ratification or implementation of international treaty obligations.