House Passes REIN IN Inflation Act

House Passes REIN IN Inflation Act

( – Inflation has become a serious problem across the globe over the last couple of years. In America, it began rising in November 2020 and has been a thorn in the sides of families ever since.

Though inflation is beginning to fall, it isn’t happening quickly enough. Republicans were able to take back the majority in the House, in part because of their concerns about the economy. Recently, they passed a bill they hope will get the country back on the right track.

REIN IN Inflation Act

On March 1, the House passed HR 347, the Reduce Exacerbated Inflation Negatively Impacting the Nation (REIN IN) Act, with a bipartisan vote of 272 to 148. Reps. Elise Stefanik (R-NY), Patrick McHenry (R-NC), Jason Smith (R-MO), and James Comer (R-KY) introduced the legislation at the beginning of January.

According to a January 12 press release from the Financial Services Committee, the legislation would require presidents to publish studies that show the inflationary impact of their executive orders before those orders can be enacted. That would allow the American people to see if the country’s commander-in-chief is going to cause them financial harm with a particular order.

Financial Services Committee Chairman McHenry accused Democrats of making “everyday life unaffordable for families” and pointed to some of Biden’s executive orders as reasons for that as well. He said the legislation will “deliver on House Republicans’ commitment to rebuilding” the economy.

When the bill passed, Stefanik celebrated the successful vote. She released a statement saying the act will “hold the Biden Administration accountable for their reckless spending causing prices to skyrocket.” She said the president has pushed for multiple big spending bills and has ignored the Americans he left struggling to pay the price of his policies.

Opposition to Bill

Rep. Alexandria Ocasio-Cortez (D-NY), who supported many socialist-style spending programs, clapped back at lawmakers for their support of the REIN IN Act. Fox Business reported the congresswoman claimed, “Republicans have labeled virtually” all federal spending over the last three years as “inflationary.” Meanwhile, she claimed they refused to support policies like the child tax credit payments, “eviction moratoriums, and the Paycheck Protection Act.”

AOC didn’t mention the eviction moratoriums and Paycheck Protection Act were supported by Republicans. Former President Donald Trump put both into effect in 2020, not Biden.

Fifty-nine Democrats disagreed with AOC’s position and voted with Republicans to pass the legislation. Now it is headed to the Senate.

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