Section 1 Short title
This Act may be cited as the “Reduce Exacerbated Inflation Negatively Impacting the Nation Act”.
Reduce Exacerbated Inflation Negatively Impacting the Nation Act
A BILL
To require the Executive Office of the President to provide an inflation estimate with respect to executive orders with a significant effect on the annual gross budget, and for other purposes.
Sec. 2 Executive order mandated inflation accountability and reform
Mandatory inflation forecasting— For any major executive order, the President, acting through the Director of the Office of Management and Budget and the Chair of the Council of Economic Advisers, shall prepare and consider a statement estimating the inflationary effects of the executive order, including whether the executive order is determined—
to have no significant impact on inflation;
to have quantifiable inflationary impact on the consumer price index; or
likely to have a significant impact on inflation but the amount cannot be determined at the time the estimate is prepared.
Agency assistance— The head of each agency shall provide to the President, acting through the Director and the Chair, such information and assistance as the President may reasonably request to assist the President in carrying out this section.
Reporting— Not later than 180 days after the date of enactment of this Act, and every year thereafter, the President, acting through the Director and the Chair, shall submit to the Committee on the Budget of the Senate and the Committee on the Budget of the House of Representatives a report containing each statement prepared and considered under subsection (a) during the year before the year during which the report is submitted.
Definitions— In this section:
Agency— The term agency has the meaning given such term in section 551 of title 5, United States Code.
Major executive order— The term major executive order—
means an executive order that would be projected (in a conventional cost estimate) to cause an annual gross budgetary effect of at least $1,000,000,000; and
does not include an executive order that—
provides for emergency assistance or relief at the request of any State or local government or any official of a State or local government; or
is necessary for the national security or the ratification or implementation of international treaty obligations.
State— The term State means each State of the United States, the District of Columbia, each commonwealth, territory, or possession of the United States, and each federally recognized Indian Tribe.