[House Report 117-588]
[From the U.S. Government Publishing Office]


117th Congress   }                                    {     Report
                        HOUSE OF REPRESENTATIVES
 2d Session      }                                    {     117-588

======================================================================
 
   RESOLUTION OF INQUIRY DIRECTING THE SECRETARY OF THE TREASURY TO 
TRANSMIT CERTAIN DOCUMENTS TO THE HOUSE OF REPRESENTATIVES RELATING TO 
    THE PROJECTED INFLATIONARY IMPACT OF THE IMPLEMENTATION OF THE 
INFRASTRUCTURE INVESTMENT AND JOBS ACT, THE BUILD BACK BETTER ACT, AND 
  THE INFRASTRUCTURE AND JOBS ACT IN CONJUNCTION WITH THE BUILD BACK 
                               BETTER ACT

                                _______
                                

  December 1, 2022.--Referred to the House Calendar and ordered to be 
                                printed

                                _______
                                

 Mrs. Carolyn B. Maloney of New York, from the Committee on Oversight 
                  and Reform, submitted the following

                             ADVERSE REPORT

                             together with

                             MINORITY VIEWS

                      [To accompany H. Res. 1412]

    The Committee on Oversight and Reform, to whom was referred 
the resolution (H. Res. 1412) of inquiry directing the 
Secretary of the Treasury to transmit certain documents to the 
House of Representatives relating to the projected inflationary 
impact of the implementation of the Infrastructure Investment 
and Jobs Act, the Build Back Better Act, and the Infrastructure 
and Jobs Act in conjunction with the Build Back Better Act, 
having considered the same, reports unfavorably thereon with an 
amendment and recommends that the resolution as amended not be 
agreed to.

                                CONTENTS

                                                                   Page
Summary and Purpose of Legislation...............................     2
Background and Need for Legislation..............................     2
Section-by-Section Analysis......................................     4
Legislative History..............................................     4
Committee Consideration..........................................     4
Roll Call Votes..................................................     4
Explanation of Amendments........................................     6
List of Related Committee Hearings...............................     6
Statement of Oversight Findings and Recommendations of the 
  Committee......................................................     6
Statement of General Performance Goals and Objectives............     6
Application of Law to the Legislative Branch.....................     6
Duplication of Federal Programs..................................     6
Disclosure of Directed Rule Makings..............................     6
Federal Advisory Committee Act Statement.........................     6
Unfunded Mandates Reform Act Statement...........................     6
Earmark Identification...........................................     7
Committee Cost Estimate..........................................     7
New Budget Authority and Congressional Budget Office Cost 
  Estimate.......................................................     7
Changes in Existing Law Made by the Bill, as Reported............     7
Minority Views...................................................     8

    The amendment is as follows:
  Strike all after the resolving clause and insert the 
following:

          Resolved, That not later than 14 days after the date of the 
        adoption of this resolution, the Secretary of the Treasury is 
        directed to transmit to the House of Representatives copies of 
        any document, memorandum, correspondence, and other 
        communication or any portion of any such communication in the 
        possession of the Secretary that refers or relates to the 
        projected inflationary impact of the implementation of the 
        Infrastructure Investment and Jobs Act, the Build Back Better 
        Act, and the Infrastructure and Jobs Act in conjunction with 
        the Build Back Better Act.

                   SUMMARY AND PURPOSE OF LEGISLATION

    H. Res. 1412 directs the Secretary of the Treasury to 
transmit certain documents to the House of Representatives 
relating to the projected inflationary impact of the 
implementation of the Infrastructure Investment and Jobs Act, 
the Build Back Better Act, and the Infrastructure Investment 
and Jobs Act in conjunction with the Build Back Better Act. 
(The resolution refers to the ``Infrastructure and Jobs Act,'' 
but this appears to be a typo, since the correct title for the 
bipartisan infrastructure law is the ``Infrastructure 
Investment and Jobs Act.'')

                  BACKGROUND AND NEED FOR LEGISLATION

    The Committee opposes this resolution, which is a partisan 
effort by Republicans to blame President Biden for inflation 
while ignoring evidence about the true causes of higher prices 
and the clear economic benefits of President Biden's 
legislative achievements. House Republicans have claimed that 
President Biden's landmark economic legislation is the cause of 
high inflation, but economists strongly disagree, pointing out 
these laws are strengthening the economy while reducing long-
term inflationary pressures. Economists have explained that the 
real causes of higher prices include supply chain disruptions 
following the pandemic, Russia's illegal war in Ukraine, price-
gouging by major corporations, and other factors.
    The Infrastructure Investment and Jobs Act, also called the 
Bipartisan Infrastructure Law, received bipartisan support in 
both the House and Senate and was signed into law by President 
Biden in November 2021. Economists--including conservative 
economists--agree this law will not increase inflation:
           The Joint Economic Committee stated, ``[T]he 
        bipartisan Infrastructure Investment and Jobs Act will 
        make investments that reduce long-term inflationary 
        pressures. Investing in roads, bridges, freight rail, 
        airports and cargo ports will strengthen supply chains, 
        improve productivity and reduce long-term 
        inflation.''\1\
---------------------------------------------------------------------------
    \1\Joint Economic Committee, The Bipartisan Infrastructure 
Investment and Jobs Act Will Create Jobs, Strengthen the Economy and 
Reduce Inflationary Pressures (Nov. 29, 2021) (online at 
www.jec.senate.gov/public/_cache/files/d1342923-d8e84c82-b1ea-
6818a9253e25/econ-benefits-of-
bipartisan-infra-deal-fact-sheet.pdf) (emphasis added).
---------------------------------------------------------------------------
           17 Nobel Prize-winning economists wrote that 
        this bill, along other components of President Biden's 
        economic agenda, ``will ease longer-term inflationary 
        pressures'' because the legislation invests ``in long-
        term economic capacity and will enhance the ability of 
        more Americans to participate productively in the 
        economy.''\2\
---------------------------------------------------------------------------
    \2\Open Letter from Nobel Laureates in Support of Economic Recovery 
Agenda (Sep. 20, 2021) (online at https://www.epi.org/open-letter-from-
nobel-laureates-in-support-of-economic-recovery-agenda/).
---------------------------------------------------------------------------
           Conservative economists Douglas Holtz-Eakins 
        and Michael Strain explained that ``a well-structured 
        infrastructure bill would boost the supply side of the 
        economy, reducing inflationary pressures.''\3\
---------------------------------------------------------------------------
    \3\Id. (emphasis added).
---------------------------------------------------------------------------
           Republican Senator Rob Portman, a former 
        Director of the White House Office of Management and 
        Budget, stated that the bipartisan Infrastructure 
        Investment and Jobs Act invests in ``ports and freight-
        rail and roads and bridges and other assets that will 
        help on the supply side, that's why economists say this 
        bill is counterinflationary.''\4\
---------------------------------------------------------------------------
    \4\Id. (emphasis added).
---------------------------------------------------------------------------
           Mark Zandi of Moody's Analytics stated that 
        the bipartisan law and other key elements of President 
        Biden's economic agenda ``do not add to inflation 
        pressures, as the policies help to lift long-term 
        economic growth via stronger productivity and labor 
        force growth, and thus take the edge off of 
        inflation.''\5\
---------------------------------------------------------------------------
    \5\EXCLUSIVE Rating Agencies Say Biden's Spending Plans Will Not 
Add to Inflationary Pressure, Reuters (Nov. 17, 2021) (online at 
www.reuters.com/world/us/exclusive-rating-agencies-say-bidens-spending-
plans-will-not-add-inflationary-2021-11-17/) (emphasis added).
---------------------------------------------------------------------------
           Eden Perry at S&P Global Ratings, when asked 
        whether the law would add to inflation, responded, 
        ``The answer is no,'' explaining the law will reduce 
        inflation by improving supply chains and increasing 
        productivity.\6\
---------------------------------------------------------------------------
    \6\Brookings Institution, Four Questions (and Answers) About the 
Infrastructure Investment and Jobs Act (Aug. 8, 2022) (online at 
www.brookings.edu/blog/up-front/2022/08/08/four-questions-and-answers-
about-the-infrastructure-investment-and-jobs-act/) (emphasis added).
---------------------------------------------------------------------------
    The other bill referenced in the resolution, the Build Back 
Better Act, passed the House in November 2021 but did not pass 
the Senate in its original form. Instead, a substantially 
revised bill--the Inflation Reduction Act--passed the House and 
Senate and was signed into law by President Biden in August 
2022.
    Economists agree that the Inflation Reduction Act will not 
lead to an increase in inflation. 126 leading economists--
including seven Nobel Laureates, two former Treasury 
Secretaries, two former Fed Vice Chairs and two former CEA 
Chairs--wrote:

          This historic legislation makes crucial investments 
        in energy, health care, and in shoring up the nation's 
        tax system. These investments will fight inflation and 
        lower costs for American families while setting the 
        stage for strong, stable, and broadly shared long-term 
        economic growth. . . . This proposal addresses some of 
        the country's biggest challenges at a significant 
        scale. And because it is deficit-reducing, it does so 
        while putting downward pressure on inflation.\7\
---------------------------------------------------------------------------
    \7\Letter from 126 Economists to Congressional Leaders (Aug. 2, 
2022) (online at www.documentcloud.org/documents/22124998-letter-from-
economists-to-congressional-leadership).

    Economists have made clear that the actual causes of high 
global inflation that is impacting people in the United States 
have nothing to do with the Infrastructure Investment and Jobs 
Act or the Inflation Reduction Act. Instead, global supply 
chain issues--including due to Russia's illegal invasion of 
Ukraine--have caused higher prices.\8\ In addition, a recent 
staff analysis by the Oversight Committee's Subcommittee on 
Economic and Consumer Policy reveals that corporate price hikes 
in certain concentrated industries like shipping, rental cars, 
and fossil fuels have hurt consumers and contributed to higher 
prices.\9\
---------------------------------------------------------------------------
    \8\See, e.g., KPMG, Economic Analysis: Russia-Ukraine War Impact on 
Supply Chains and Inflation (online at www.kpmg.us/insights/2022/
russia-ukraine-war-impact-supply-chains-
inflation.html) (accessed Nov. 13, 2022).
    \9\Committee on Oversight and Reform, Subcommittee on Economic and 
Consumer Policy, Staff Report: Power and Profiteering: How Certain 
Industries Hiked Prices and Drove Inflation (Nov. 2022) (online at 
https://oversight.house.gov/sites/democrats.oversight.house.gov/files/
2022.
11.04%20ECP%20Staff%20Report%20re%20Excess%20Corporate%20Profits.pdf).
---------------------------------------------------------------------------
    Considering the partisan nature of this resolution and the 
clear evidence that neither bill addressed in the resolution is 
contributing meaningfully to inflation, the Committee 
recommends not considering this resolution further.

                      SECTION-BY-SECTION ANALYSIS

    H. Res. 1412 directs the Secretary of the Treasury to 
transmit certain documents to the House of Representatives 
relating to the projected inflationary impact of the 
implementation of the Infrastructure Investment and Jobs Act, 
the Build Back Better Act, and the Infrastructure Investment 
and Jobs Act in conjunction with the Build Back Better Act.

                          LEGISLATIVE HISTORY

    H. Res. 1412 was introduced on September 30, 2022, by 
Representative Mike Carey. The resolution was referred to the 
Committee on Oversight and Reform.

                        COMMITTEE CONSIDERATION

    On November 17, 2022, the Committee met in open session 
and, with a quorum being present, considered H. Res. 1412. The 
resolution was ordered reported unfavorably, as amended, on 
November 17, 2022.

                            ROLL CALL VOTES

    There was one roll call vote during consideration of H. 
Res. 1412. Chairwoman Maloney's amendment in the nature of a 
substitute was agreed to by voice vote. H. Res. 1412 was 
ordered unfavorably reported to the House on a roll call vote 
of 21 to 18.

	     [GRAPHIC(S) NOT AVAILABLE IN TIFF FORMAT]

                       EXPLANATION OF AMENDMENTS

    During Committee consideration of the bill, Chairwoman 
Maloney offered an amendment in the nature of a substitute that 
did not make substantive changes to the legislation.

                   LIST OF RELATED COMMITTEE HEARINGS

    The Committee did not hold any hearings on this resolution.

  STATEMENT OF OVERSIGHT FINDINGS AND RECOMMENDATIONS OF THE COMMITTEE

    In compliance with clause 3(c)(1) of rule XIII and clause 
(2)(b)(1) of rule X of the Rules of the House of 
Representatives, the Committee's oversight findings and 
recommendations are reflected in the Background and Need for 
Legislation section above.

         STATEMENT OF GENERAL PERFORMANCE GOALS AND OBJECTIVES

    In accordance with clause 3(c)(4) of rule XIII of the Rules 
of the House of Representatives, the performance goals or 
objectives of this resolution are to seek documents from the 
Secretary of the Treasury concerning the inflationary impact of 
certain legislation.

              APPLICATION OF LAW TO THE LEGISLATIVE BRANCH

    Section 102(b)(3) of Public Law 104-1 requires a 
description of the application of this resolution to the 
legislative branch where the bill relates to the terms and 
conditions of employment or access to public services and 
accommodations. This bill does not relate to employment or 
access to public services and accommodations in the legislative 
branch.

                    DUPLICATION OF FEDERAL PROGRAMS

    In accordance with clause 2(c)(5) of rule XIII no provision 
of this resolution establishes or reauthorizes a program of the 
federal government known to be duplicative of another federal 
program, a program that was included in any report from the 
Government Accountability Office to Congress pursuant to 
section 21 of Public Law 111-139, or a program related to a 
program identified in the most recent Catalog of Federal 
Domestic Assistance.

                  DISCLOSURE OF DIRECTED RULE MAKINGS

    This resolution does not direct the completion of any 
specific rule makings within the meaning of section 551 of 
title 5, U.S.C.

                     FEDERAL ADVISORY COMMITTEE ACT

    The Committee finds that this legislation does not direct 
the establishment of advisory committees within the definition 
of Section 5(b) of the appendix to title 5, U.S.C.

                      UNFUNDED MANDATES STATEMENT

    The Committee finds that H. Res 1412 does not contain any 
unfunded mandates.

                         EARMARK IDENTIFICATION

    This resolution does not include any congressional 
earmarks, limited tax benefits, or limited tariff benefits as 
defined in clause 9 of rule XXI of the House of 
Representatives.

                           COMMITTEE ESTIMATE

    The Committee finds that H. Res, 1412 would not affect 
direct spending.

   NEW BUDGET AUTHORITY AND CONGRESSIONAL BUDGET OFFICE COST ESTIMATE

    Pursuant to clause 3(c)(3) of rule XIII of the House of 
Representatives, the Congressional Budget Office will not 
produce a cost estimate as the resolution does not have the 
force of law.

         CHANGES IN EXISTING LAW MADE BY THE BILL, AS REPORTED

    The resolution makes no change to existing law.

                             MINORITY VIEWS

    Committee Republicans support House Resolution 1412. House 
Republicans are seeking more information on whether the Biden 
Administration--specifically the leadership of the U.S. 
Treasury--understood how their recent reckless legislative 
spending packages would contribute to historic levels of 
inflation. Everyday Americans have been struggling under the 
weight of high inflation for more than a year. No issue 
suffocates the growth and prosperity of the middle and lower 
income Americans more than unrelenting inflation. Make no 
mistake about it--record government spending contributed to the 
surging inflation Americans are experiencing.

I. CURRENT INFLATION RATES ARE HISTORICALLY SIGNIFICANT AND ARE HARMING 
                     THE MOST VULNERABLE AMERICANS.

    Across the country, Americans have felt the effects of 
inflation on their wallets as prices of everyday products have 
jumped to their highest points in 40 years.\1\ The price of 
groceries rose 12.4 percent in October from October 2021, and 
the price of gasoline rose 17.5 percent in that same period.\2\ 
Rising housing costs, like rent, are increasing at more than 
double the average pace in the 10 years before the COVID-19 
pandemic.\3\
---------------------------------------------------------------------------
    \1\David J. Lynch, Biden's Rescue Plan Made Inflation Worse but the 
Economy Better, The Wash. Post (Oct. 9, 2022).
    \2\Austen Hufford, Inflation Report: What Costs More--and Less, The 
Wall St. J. (Nov. 10, 2022).
    \3\Gwynn Guilford and Nick Timiraos, October Inflation Report Shows 
Consumer Prices Rose 7.7% From Year Earlier, The Wall St. J. (Nov. 10, 
2022).
---------------------------------------------------------------------------
    In an attempt to reduce inflation, the Federal Reserve has 
raised interest rates at the fastest pace since the early 
1980s.\4\ The Fed has raised interest rates six straight times 
in 2022\5\--something the Fed hasn't done since 2005.\6\ The 
most recent rate increase, at the beginning of this month, 
brought the fed-funds rate to a level not seen since the 
beginning of 2008, just before the Great Recession.\7\ Credit 
cards, mortgages, auto loans, student loans, and savings 
accounts are all affected by these hikes. Consequently, the 
average American's household debt is increasing at the fastest 
pace since 2008.\8\
---------------------------------------------------------------------------
    \4\Nick Timiraos, Federal Reserve Hikes by 0.75 Point, Signals 
Slower Increases but Ultimately Higher Rates, The Wall St. J. (Nov. 2, 
2022).
    \5\Nicholas Goodkind, The Fed makes history with a fourth straight 
three-quarter-point rate hike, CNN Business (Nov. 2, 2022).
    \6\Sarah Foster, How much will the Fed raise interest rates in 
2022? Here's what experts are saying, Bankrate (Nov. 3, 2022).
    \7\Nick Timiraos, Federal Reserve Hikes by 0.75 Point, Signals 
Slower Increases but Ultimately Higher Rates, The Wall St. J. (Nov. 2, 
2022).
    \8\Tweet, Morning Brew (@MorningBrew) (Nov. 15, 2022, 2:59PM).
---------------------------------------------------------------------------
    To put this in perspective, according to the Congressional 
Joint Economic Committee's Inflation Tracker, prices increased 
13.9 percent between January 2021--when President Biden took 
office--and October 2022.\9\ That 13.9 percent increase cost 
the average American household $753 in October 2022 alone. That 
is just one month. Even if prices stop increasing altogether, 
the inflation that has already occurred will cost the average 
American household $9,038 over the next year.\10\
---------------------------------------------------------------------------
    \9\State Inflation Tracker October 2022, JEC Republicans (Nov. 10, 
2022).
    \10\Id.
---------------------------------------------------------------------------
    The impact of this inflation especially harms the most 
vulnerable Americans. The year over year cost increase of 
everyday goods forces families to choose between food, rent, 
medical needs, or gas. These prices hikes are particularly 
harmful to low-income Americans and those on a fixed income--
like the elderly or disabled--who are unable to find ways to 
supplement their income. A September report from the Department 
of Health and Human Services found that 1,216 drugs had price 
increases which exceeded the 8.5 percent inflation rate during 
the 12-month period from July 2021 to July 2022.\11\ Food costs 
at the grocery store continue to increase. Eggs are up 43 
percent since October 2021, and milk and chicken are up 14.5 
percent. Home electricity and gas bills continue to rise. 
Electricity is up about 14 percent and home gas up 20 percent. 
The cost to simply keep a roof over one's head is up 6.9 
percent. Senior citizens--who are already particularly 
vulnerable to social isolation--are having to cut back on 
social outings with friends and even restrict their daily diets 
to make up for the gap. This failure to protect our most 
vulnerable cannot go unaddressed.
---------------------------------------------------------------------------
    \11\Issue Brief, Price Increases for Prescription Drugs, 2016-2022, 
Assistant Sect'y for Planning and Eval. (Sept. 30, 2022).
---------------------------------------------------------------------------
    With historic inflation and ever-increasing interest rates, 
Americans have valid concerns for recession--all happening 
under President Biden's watch. Passing the Resolution of 
Inquiry would give Congress a useful tool to hold this 
Administration accountable.

 II. CONGRESSIONAL DEMOCRATS AND THE BIDEN ADMINISTRATION CONTINUE TO 
   SHIFT THE BLAME AND DENY THE ROLE THEY PLAYED IN CAUSING CURRENT 
                            INFLATION RATES.

    It is unacceptable for Congressional Democrats to continue 
to fail to hold the Biden Administration accountable for its 
botched economic policies and ignore one of the biggest 
economic crises our country has faced in decades. At every 
opportunity, Congressional Democrats are attempting to shift 
the blame for the economic crisis onto private companies, 
claiming ``corporate greed'' is the culprit.\12\ However, price 
mark-ups and market concentration are not a recent phenomenon--
these are economic trends that have been observed since the 
early 1980s. ``The administration likes to blame inflation on 
the war in Ukraine or private companies, claiming they are 
greedy and only looking out for their bottom line. But that is 
misleading,'' said Rep. Glenn Grothman during the November 17, 
2022 markup hearing.\13\ It is telling that even U.S. Treasury 
Secretary Janet Yellen refused to blame inflation on corporate 
greed when testifying before the Senate Finance Committee.\14\
---------------------------------------------------------------------------
    \12\See H. Comm. on Oversight and Reform, Staff Report: Power and 
Profiteering: How Certain Industries Hiked Prices and Drove Inflation, 
117th Congress (Nov. 2021).
    \13\H. Comm on Oversight and Reform, Markup of H.R. 1283 Mail 
Tracking Act; H. Res. 1412 ``Of Inquiry Directing the Secretary of the 
Treasury to Transmit Certain Documents to the House of Representatives 
Relating to the Projected Inflationary Impact of the Implementation of 
of the Infrastructure Investment and Jobs Act, the Build Back Better 
Act, and the Implementation of the Infrastructure and Jobs Act in 
Conjunction with the Build Back Better Act''; and Several Postal Naming 
Measures, 117th Cong. (Nov. 17, 2022) (statement of Rep. Glenn 
Grothman).
    \14\See S. Comm. on Finance, Hearing on the President's Fiscal Year 
Budget, 117th Cong. (June 7, 2022).
---------------------------------------------------------------------------
    What is a recent development during this new period of 
record inflation is President Biden's unprecedented, costly 
leftist policies.\15\ Over the past year and a half, the Biden 
Administration and Congressional Democrats initially denied 
inflation was even happening. Then they refused to acknowledge 
their policies were contributing to the record-level inflation. 
On June 5, 2021, U.S. Treasury Secretary Janet Yellen warned 
that inflation could hit as high as 3 percent but that it was 
``transitory.''\16\ On July 19, 2021, President Biden 
downplayed the risk of inflation, telling reporters that price 
hikes ``are expected to be temporary.''\17\ When the July 2022 
inflation numbers were released, President Biden claimed ``our 
economy had zero percent inflation.''\18\ The same day the 
worsening August 2022 inflation numbers were released, 
President Biden hosted a party to celebrate his additional 
half-trillion-dollar Inflation Reduction Act (IRA), which, 
economists agree, will do little or nothing to reduce actual 
inflation that is crushing everyday Americans.\19\
---------------------------------------------------------------------------
    \15\Max Zahn, Are record corporate profits driving inflation? 
Here's what experts think, ABC News (Jun. 30, 2022).
    \16\Mike Madden & Rachel Siegel, U.S. policymakers misjudged 
inflation threat until it was too late, The Wash. Post (Jun. 18, 2022).
    \17\Mike Madden & Rachel Siegel, U.S. policymakers misjudged 
inflation threat until it was too late, The Wash. Post (Jun. 18, 2022).
    \18\Jordan Boyd, Media Parrot Biden's Absurd Claim That July's 8.5 
Percent Inflation Increase Is Actually `Zero', The Federalist (Aug. 10, 
2022).
    \19\Christopher Rugaber & Josh Boak, Inflation Reduction Act may 
have little impact on inflation, Assoc. Press (Aug. 16, 2022).
---------------------------------------------------------------------------
    Rather than take responsibility for the problem, President 
Biden continued to deflect--arguing on 60 Minutes in August 
2022 that 8.3 percent inflation was not a problem because it 
did not go up too much in the last month.\20\
---------------------------------------------------------------------------
    \20\Scott Pelley, President Joe Biden: The 2022 60 Minutes 
Interview, CBS News (Sept. 18, 2022).
---------------------------------------------------------------------------

III. HISTORICALLY UNPRECEDENTED DEMOCRAT-LED FEDERAL SPENDING PACKAGES 
                       CONTRIBUTED TO INFLATION.

    The U.S. had comparably similar inflation rates to the rest 
of the world before the COVID-19 pandemic at the start of 2020. 
However, with massive spending packages like the 2021 American 
Rescue Plan Act (P.L. 117-2), the 2021 Infrastructure 
Investment and Jobs Act (P.L. 117-58), and the Inflation 
Reduction Act of 2022 (P.L. 117-169), the Biden Administration 
has caused consumers to experience historically high prices by 
overstimulating the economy. These three laws, combined with 
other spending policies, have amounted to a net $4.8 trillion 
deficit increase thus far in President Biden's term.\21\
---------------------------------------------------------------------------
    \21\The Biden Administration Has Approved $4.8 Trillion of New 
Borrowing, Cmte. For a Responsible Fed. Budget (Sept. 13, 2022).
---------------------------------------------------------------------------
    This reckless spending under the Biden Administration is 
far from over. According to the Committee for a Responsible 
Federal Budget (CRFB), the Administration still has 
approximately $3 trillion left from the spending packages, tax 
cuts, loans, grants, and subsidies--all money allocated to the 
COVID-19 pandemic which the President has declared to be 
over.\22\ ``This level of incompetence borders on negligence. 
It is imperative that we understand the effects of Democrats'' 
disastrous economic policies that have allowed inflation to 
flourish and harm all Americans,'' said Rep. Virginia Foxx 
during the November 17, 2022 markup hearing.\23\
---------------------------------------------------------------------------
    \22\COVID Money Tracker, Committee for a Responsible Federal 
Budget, at https://www.covidmoneytracker.org/ (last visited Nov. 30, 
2022); See Scott Pelley, President Joe Biden: The 2022 60 Minutes 
Interview, CBS News (Sept. 18, 2022).
    \23\H. Comm on Oversight and Reform, Markup of H.R. 1283 Mail 
Tracking Act; H. Res. 1412 ``Of Inquiry Directing the Secretary of the 
Treasury to Transmit Certain Documents to the House of Representatives 
Relating to the Projected Inflationary Impact of the Implementation of 
of the Infrastructure Investment and Jobs Act, the Build Back Better 
Act, and the Implementation of the Infrastructure and Jobs Act in 
Conjunction with the Build Back Better Act''; and Several Postal Naming 
Measures, 117th Cong. (Nov. 17, 2022)(statement of Rep. Virginia Foxx).
---------------------------------------------------------------------------
    In the beginning of 2021, Republicans and Democrats 
predicted that inflation would result from the Biden 
Administration's $2 trillion American Rescue Plan. Harvard 
Professor Larry Summers--a top economic advisor to both 
President Clinton and President Obama--warned in February 2021 
that President Biden's $2 trillion stimulus plan was dangerous. 
He said there needed to be ``plans in place to address [the] 
possible, and quite serious, problem'' of inflation.\24\
---------------------------------------------------------------------------
    \24\Larry Summers, The Biden stimulus is admirably ambitious. But 
it brings some big risks, too, The Wash. Post (Feb. 4, 2021).
---------------------------------------------------------------------------
    Stanford economist John Taylor says that ``inflation rises 
when the growth of money supply increases too rapidly.''\25\ It 
appears that instead of taking time to analyze the impact that 
additional government spending might have on inflation when 
interest rates were near zero, the Biden Administration just 
blindly pumped more money into the economy. By passing this 
resolution of inquiry, Congress will be better equipped to 
investigate the inflation threat the Administration's multiple 
spending packages unleashed, and whether the Biden 
Administration just blindly ignored the dangers--harming the 
American people in the process.
---------------------------------------------------------------------------
    \25\Melissa DeWitte, What causes inflation? Stanford scholar 
explains, Stanford News (Sept. 6, 2022).
---------------------------------------------------------------------------

                             IV. CONCLUSION

    Committee Republicans support H. Res. 1412 which would help 
the U.S. House of Representative conduct necessary oversight 
over the Biden Administration's--specifically the U.S. 
Treasury's--understanding of how their reckless legislative 
spending packages would contribute to the historic levels of 
inflation Americans are experiencing.

                                   James Comer,
                                           Ranking Member, Committee on 
                                               Oversight and Reform.

                                  [all]