117 S4598 IS: Reduce Exacerbated Inflation Negatively Impacting the Nation Act U.S. Senate 2022-07-21 text/xml EN Pursuant to Title 17 Section 105 of the United States Code, this file is not subject to copyright protection and is in the public domain.

II117th CONGRESS2d SessionS. 4598IN THE SENATE OF THE UNITED STATESJuly 21, 2022Mr. Braun (for himself and Mr. Scott of Florida) introduced the following bill; which was read twice and referred to the Committee on Homeland Security and Governmental AffairsA BILLTo require the Executive Office of the President to provide an inflation estimate with respect to executive orders with a significant effect on the annual gross budget, and for other purposes.

1.

Short title

This Act may be cited as the Reduce Exacerbated Inflation Negatively Impacting the Nation Act.

2.

Executive order mandated inflation accountability and reform

(a)

Mandatory inflation forecasting

For any major executive order, the President, acting through the Director of the Office of Management and Budget and the Chair of the Council of Economic Advisers, shall prepare and consider a statement estimating the inflationary effects of the executive order, including whether the executive order is determined— (1)to have no significant impact on inflation; (2)to have quantifiable inflationary impact on the consumer price index; or (3)likely to have a significant impact on inflation but the amount cannot be determined at the time the estimate is prepared.(b)

Agency assistance

The head of each agency shall provide to the President, acting through the Director and the Chair, such information and assistance as the President may reasonably request to assist the President in carrying out this section.(c)

Reporting

Not later than 180 days after the date of enactment of this Act, and every year thereafter, the President, acting through the Director and the Chair, shall submit to the Committee on the Budget of the Senate and the Committee on the Budget of the House of Representatives a report containing each statement prepared and considered under subsection (a) during the year before the year during which the report is submitted.(d)

Definitions

In this section:(1)

Agency

The term agency has the meaning given such term in section 551 of title 5, United States Code.(2)

Major executive order

The term major executive order— (A)means an executive order that would be projected (in a conventional cost estimate) to cause an annual gross budgetary effect of at least $1,000,000,000; and(B)does not include an executive order that—(i)provides for emergency assistance or relief at the request of any State or local government or any official of a State or local government; or(ii)is necessary for the national security or the ratification or implementation of international treaty obligations.(3)

State

The term State means each State of the United States, the District of Columbia, each commonwealth, territory, or possession of the United States, and each federally recognized Indian Tribe.