House GOP Bill Would Bar Passing Legislation Estimated to Increase Inflation

US Democratic presidential candidate Joe Biden speaks about on the third plank of his Build Back Better economic recovery plan for working families, on July 21, 2020, in New Castle, Delaware. (Photo by BRENDAN SMIALOWSKI/AFP via Getty Images)
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House Republicans introduced a bill on Thursday which would ban passing legislation estimated to increase inflation until the year-over-year inflation rate drops below 4.5 percent.

Rep. Mike Garcia (R-CA), the main sponsor of the bill, said the goal of the Inflation Prevent Act is to help alleviate the inflation crisis for American families through “practical barriers limiting out-of-control government spending.” Co-sponsor and fellow California Republican Rep. Young Kim said policies should “make life easier” for everyday Americans, “not harder.”

The Labor Department said the Consumer Price Index (CPI)—which tracks what consumers pay for goods and services—rose by seven percent from a year ago. That was the fastest 12-month pace since 1982 and the seventh straight month of inflation above 5 percent. In November, CPI was up 6.9 percent.

“Americans are struggling to make ends meet as our 40-year high inflation raises prices of everyday goods, and in California, everything is more expensive. Unfortunately, Speaker Pelosi continues to push big-government, big-spending policies that are driving up inflation,” Kim said in a statement.

A pedestrian walks past gas station fuel prices above $5 and $6 per gallon at Death Valley National Park in June 17, 2021 in Furnace Creek, California. - Much of the western United States is braced for record heat waves this week, with approximately 50 million Americans placed on alert Tuesday for "excessive" temperatures, which could approach 120 degrees Fahrenheit (50 degrees Celsius) in some areas. The National Park Service warns of extreme summer heat, urging tourists to carry extra water and "travel prepared to survive" in the hottest, lowest, and driest national park featuring steady drought and extreme climates. (Photo by Patrick T. FALLON / AFP) (Photo by PATRICK T. FALLON/AFP via Getty Images)

A pedestrian walks past gas station fuel prices above $5 and $6 per gallon at Death Valley National Park in June 17, 2021 in Furnace Creek, California. (Photo by PATRICK T. FALLON/AFP via Getty Images)

Reps. Rodney Davis (R-IL), Michelle Steel (R-CA), David Valadao (R-CA), Nancy Mace (R-SC), Glenn Grothman (R-WI), Steven Palazzo (R-MS), Jake LaTurner (R-KS), Barry Moore (R-AL), David Mckinley (R-WV), William Timmons (R-SC), Bill Huizenga (MI), and Randy Feenstra (R-IA) joined Kim and Garcia. 

Senator Tim Scott (R-SC) and Senator John Thune (R-SD) introduced companion legislation in the U.S. Senate in early January. The bill would bar the passing of legislation estimated to increase the CPI, as published by the Bureau of Labor Statistic (BLS), unless the most recently published CPI is not more 4.5 percent. 

“American families cannot continue to endure the burden of skyrocketing costs of everyday goods brought on by reckless spending in Washington,” Scott said in a statement. “A sound financial future requires wise financial action now.”

Reps. Rodney Davis (R-IL), Michelle Steel (R-CA), Young Kim (R-CA), David Valadao (R-CA), Glenn Grothman (R-WI), Nancy Mace (R-SC), William Timmons (R-SC), Jake LaTurner (R-KS), Randy Feenstra (R-IA), Steven Palazzo (R-MS), Bill Huizenga (MI), Barry Moore (R-AL), David McKinley (R-WV), and Alex Mooney (R-WV) have signed on as original cosponsors of the Senate bill.

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