Informed Lawmaking to Combat Inflation Act

Hozzl · 2023-12-15T15:58:37Z

Explore the details of House Bill 3640 Informed Lawmaking to Combat Inflation Act currently in Congress. Get insights into its purpose, current status, sponsors, and potential impact on Economics and Public Finance. Stay informed on legislative developments.

12/15/2023, 3:58 PM

Summary of Bill HR 3640

Bill 118 hr 3640, also known as the Informed Lawmaking to Combat Inflation Act, aims to address the issue of inflation in the United States through a more informed and data-driven approach to lawmaking. The bill requires that any proposed legislation that could potentially impact inflation be accompanied by a detailed analysis of its potential effects on prices, wages, and overall economic stability.

The bill mandates that this analysis be conducted by the Congressional Budget Office (CBO) and the Joint Committee on Taxation (JCT), who will provide lawmakers with a comprehensive report outlining the potential economic consequences of the proposed legislation. This report must be made available to the public before any vote is taken on the bill.

Additionally, the bill establishes a new Congressional Inflation Oversight Committee, which will be responsible for monitoring inflation trends and providing recommendations to Congress on how to address any potential spikes in prices. This committee will also work closely with the Federal Reserve to ensure that monetary policy is aligned with efforts to combat inflation. Overall, the Informed Lawmaking to Combat Inflation Act seeks to promote transparency and accountability in the legislative process, with the goal of making more informed decisions that will help mitigate the impact of inflation on the American economy.

Congressional Summary of HR 3640

Informed Lawmaking to Combat Inflation Act

This bill requires the Congressional Budget Office to provide inflation estimates for certain legislation that provides for direct spending and 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 determine whether the legislation will have

no significant impact on inflation,
a quantifiable inflationary impact on the consumer price 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.

Current Status of Bill HR 3640

Bill HR 3640 is currently in the status of Bill Introduced since May 24, 2023. Bill HR 3640 was introduced during Congress 118 and was introduced to the House on May 24, 2023. Bill HR 3640's most recent activity was Referred to the Committee on Rules, and in addition to the Committee on the Budget, for a period to be subsequently determined by the Speaker, in each case for consideration of such provisions as fall within the jurisdiction of the committee concerned. as of May 24, 2023