Summary of Bill HR 347
Bill 118 hr 347, also known as the Reduce Exacerbated Inflation Negatively Impacting the Nation Act, aims to address the issue of rising inflation in the United States. The bill was introduced in the House of Representatives and is currently being considered by Congress.
The main goal of the bill is to implement measures that will help reduce inflation and its negative impact on the economy. This includes strategies to stabilize prices, control the money supply, and promote economic growth. The bill also includes provisions to monitor and address factors that contribute to inflation, such as rising energy costs and supply chain disruptions.
If passed, the Reduce Exacerbated Inflation Negatively Impacting the Nation Act would require the Federal Reserve to take specific actions to combat inflation, such as adjusting interest rates and implementing monetary policy measures. The bill also calls for increased transparency and accountability in the Federal Reserve's decision-making process.
Overall, the bill seeks to address the current economic challenges facing the nation and provide solutions to mitigate the effects of inflation on American households and businesses. It is currently under review in Congress, where lawmakers are debating its merits and potential impact on the economy.
Congressional Summary of HR 347
Reduce Exacerbated Inflation Negatively Impacting the Nation Act
This bill requires the Office of Management and Budget and the Council of Economic Advisers to provide an inflation estimate for each executive order that is projected to cause an annual gross budgetary or economic effect of at least $1 million.
The estimate must determine whether the executive order will have
- no significant impact on inflation,
- a quantifiable inflationary impact on the Consumer Price Index or the Producer Price Index, or
- a significant impact on inflation that cannot be quantified at the time the estimate is prepared.
The estimate must also (1) incorporate the inflationary impact of the debt servicing costs associated with the executive order; and (2) take into account the spending patterns of military personnel and of residents of non-metropolitan areas, including rural areas and farm households.
The requirements do not apply to executive orders that (1) provide for emergency assistance or relief at the request of any state or local government or an official of the government, or (2) are necessary for national security or the ratification or implementation of international treaty obligations.