Informed Lawmaking to Combat Inflation Act

Informed Lawmaking to Combat Inflation Act

This bill requires the Congressional Budget Office to provide inflation estimates for certain legislation that is projected to cause an annual gross budgetary effect of at least 0.25% of the projected gross domestic product of the United States.

The estimates must include both the short-term and long-term inflationary effects of the legislation. Specifically, the estimates must determine whether the legislation will have

• no significant impact on inflation,
• a quantifiable inflationary impact on the consumer price index or the personal consumption expenditure index, or
• a significant impact on inflation that cannot be quantified at the time the estimate is prepared.

The requirement does not apply to legislation that (1) provides for emergency assistance or relief at the request of any state, local, or tribal government; or (2) is necessary for the national security or the ratification or implementation of international treaty obligations.

Bill 118 s 3895, also known as the Informed Lawmaking to Combat Inflation Act, is a piece of legislation currently being considered by the US Congress. The main goal of this bill is to address the issue of inflation by requiring lawmakers to take into account the potential impact of proposed legislation on inflation rates.

The bill mandates that before any new legislation is introduced, lawmakers must conduct a thorough analysis of how the proposed changes could affect inflation. This analysis would include an examination of the potential costs and benefits of the proposed legislation, as well as an assessment of how it could impact the overall economy.

Additionally, the bill requires that lawmakers consult with experts in the field of economics and inflation before moving forward with any new legislation. This is intended to ensure that lawmakers have a full understanding of the potential consequences of their actions on inflation rates. Overall, the Informed Lawmaking to Combat Inflation Act aims to promote more thoughtful and informed decision-making in Congress when it comes to economic policy. By requiring lawmakers to consider the impact of their actions on inflation, the bill seeks to help mitigate the negative effects of rising prices on American consumers and businesses.