Democrats blasted House Republicans on Wednesday for passing a bill marketed as fighting economic inflation which actually does nothing to actually combat the effects of inflation.
The Reduce Exacerbated Inflation Negatively Impacting the Nation or REIN IN Act requires the president to issue inflation estimates for "major" executive orders that are projected to cause an annual gross budgeting effect of at least $1 billion. That forecasting, however, does not apply to measures related to emergency assistance or national security.
During his weekly press conference, House Democratic Leader Rep. Hakeem Jeffries, D-N.Y., balked at the bill saying the Republicans need to put forward serious proposals, not "silliness."
"This is their grand plan. It's three pages," Jeffries scoffed.
Rep. Elise Stefanik, R-N.Y., who sponsored the bill said during House floor remarks Tuesday that the bill would be a check on what she calls "Bidenflation" and an effort toward more transparency from the White House.
"Joe Biden has fueled this inflation crisis and caused this inflation crisis working with the previous radical, socialist Democrat majority," said Stefanik, "By passing the REIN IN Act, House Republicans will demand transparency for the American people."
During debates yesterday, Rep. Cori Bush, D-Mo., called the bill "unbelievable," saying that while Democrats passed legislation that has been driving down inflation every month, "House Republicans have come up with nothing more than a study."
"They have circumvented regular order to bring this hollow bill to a vote on the House floor," said Bush, "Even as people continue to suffer the consequences of inflation and flawed responses that exacerbate unemployment, corporations, especially in the energy industry, have capitalized on this crisis to raise prices for everyday people and for families."
Rep. Alexandria Ocasio-Cortez, D-N.Y., questioned why members were voting for a bill that is "not even ready for a vote" and evaded the committee process.
"[I]f they had gone through regular order, they may have caught that this bill does nothing to rein in inflation, in part, because in their haste to put it together, my colleagues on the other side of the aisle committed an incredibly basic drafting error that makes this bill completely unenforceable," said Ocasio-Cortez.
Ultimately, the bill passed with bipartisan support from 59 Democrats, while four Republicans voted against the measure.
Republicans have long blamed the Biden administration's American Rescue Plan and provisions of the Inflation Reduction Act for driving up inflation.
While consumer prices jumped by a half-percent in January, overall inflation has decreased from the 9.1 percent reported last summer.
