This week, U.S. Rep. John Katko, R-NY, and retiring U.S. Rep. Stephanie Murphy, D-Fla., teamed up on the “Informed Lawmaking to Combat Inflation Act.”
The proposal, which Katko introduced. “would require lawmakers in Congress to thoroughly consider the inflationary impact of significant bills before voting on the measures.” Murphy is co-sponsoring the bill. Other backers include U.S. Reps. Ashley Hinson, R-Iowa, and Kurt Schrader, D-Oreg.
“The U.S. Department of Labor recently announced the consumer price index (CPI), a measure of the average change in prices over time, was 7 percent higher in December 2021 than December 2020. This builds on a 6.8 percent CPI increase in November 2021 and represents the most rapid rate of inflation in nearly 40 years. To help combat this troubling trend, the Informed Lawmaking to Combat Inflation Act directs the nonpartisan Congressional Budget Office (CBO) to analyze the inflationary impact of pending legislation that exceeds a budgetary impact of 0.25 percent of the nation’s Gross Domestic Product (GDP). Critically, this bill includes a mechanism to ensure lawmakers have a chance to review this analysis before significant bills are brought before the House of Representatives for a vote,” Katko’s office noted.
“Inflation is at a 40-year high. It’s hurting the economy here in Central New York, and nationwide. For working families, rising prices at the grocery store are cutting into their budgets and making it harder to make ends meet,” said Katko. “Given the current economic climate, it is critical that Congress thoroughly consider how bills passed in Washington will contribute to inflation and impact families and businesses nationwide. The Informed Lawmaking to Combat Inflation Act will ensure lawmakers honor their responsibility to be fully informed on the inflationary impact of significant bills before they come up for a vote.”
Murphy weighed in on the proposal on Wednesday.
“It’s getting harder for families to make ends meet because the prices of goods and services are going up,” said Murphy. “Congress must address inflation more aggressively, but we can at least start by not making the problem worse. Requiring members of Congress to understand the inflationary impact of their actions will be key to getting inflation under control. I’m proud to lead this bipartisan effort in Congress, and I will keep working around the clock to get our economy back on track.”
Murphy upset longtime U.S. Rep. John Mica, R-Fla., to win the seat in 2016. After three terms, Murphy, who worked at the Pentagon under then-President George W. Bush, said she would not run for reelection in 2022.
The bill was sent to the U.S. House Rules and the Budget Committees.
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