Americans continue to suffer after President Biden’s record spending sent inflation soaring
WASHNGTON—House Committee on Oversight and Accountability Chairman James Comer (R-Ky.) today delivered remarks on the House floor in support of H.R. 347, the Reduce Exacerbated Inflation Negatively Impacting the Nation Act, or the REIN IN Act. Over the last two years, President Biden spent over a trillion dollars without Congress via executive actions, while American workers saw their paychecks shrinking from inflation. The REIN IN Act ensures that before spending through Executive Orders, the President must first be informed of any potential inflationary effects.
Chairman Comer’s remarks as prepared for delivery appear below.
Thank you, Madam Speaker.
I rise in support of H.R. 347, the Reduce Exacerbated Inflation Negatively Impacting the Nation Act, or REIN IN Act.
Sky-high inflation started sweeping across the nation soon after the Biden Administration came into power.
Pushing one big-spending policy after another, President Biden has continued to throw fuel on the inflationary fire.
That fire is rapidly consuming the wages of our constituents.
They have had to pay higher and higher prices for everything from eggs to electricity—all while inflation pushes their real wages farther and farther behind.
But President Biden just does not seem to get it—or admit it.
At first, he and his administration ignored warnings his policies would spark inflation.
Then, they tried to spin the tale that inflation was only “temporary.”
Then, when it became obvious to everyone that was not the case, they attempted to claim that a monthly decrease in the rate of how fast inflation was rising meant inflation was actually falling.
But anyone could see that made no sense.
It’s long past time the President learned and admitted more about how his actions have led to this harmful inflation.
That is why we need this bill.
The REIN IN Act ensures that costly actions the President decides to take solely under his own authority—through Executive Orders—will not go into effect until he’s informed of and considers the potential inflationary effects.
How does the bill require that?
Simple—it requires the President to receive and consider inflation estimates from the Office of Management and Budget (OMB) and the Council of Economic Advisers (CEA) for each executive order that is projected to cause an annual gross budgetary effect of at least $1 billion.
The hope is the President—once he’s informed of and understands the potential for inflationary harm from his own policy initiatives—will think twice about inflicting such harm.
Here’s hoping he does.
In addition, the bill requires regular reports to Congress on these new inflation estimates that are prepared for and considered by the President.
That way, if the President ignores the dangers and marches ahead with an inflation- inducing policy, Congress will be better equipped to take timely action to rein in an irresponsible use of Presidential power.
That is our Constitutional role in the legislative branch—which the REIN IN Act recognizes.
This powerful legislative medicine will—I hope—lead the President to stop his inflationary onslaught on our economy.
I urge all my colleagues to support this vital legislation and reserve the balance of my time.