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.
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.
