House Republicans Hold Biden Administration Accountable for Reckless Inflationary Spending

Washington, D.C. – Congressman Tom Cole (OK-04) released the following statement after he voted in favor of the Reduce Exacerbated Inflation Negatively Impacting the Nation (REIN IN) Inflation Act. This legislation would require the Chairman of the Council of Economic Advisors and Office of Management and Budget to publish the inflationary impact of executive actions projected to cause an annual gross budgetary effect of at least $1 million before enacting them. It would also require the White House to report these findings to Congress each year, increasing transparency and accountability between lawmakers and the Executive branch.

"President Joe Biden has issued an unprecedented amount of unchecked executive orders that have costed Americans nearly $1 trillion along with the additional cost of runaway inflation," said Cole. "In fact, the president's own Department of Energy has calculated that his very first executive order revoking the Keystone XL pipeline has cost the economy between $3.16 and $9.6 billion. While the prices of almost all goods and services have continued to rise, and year-over-year wage growth has continued to decrease during President Biden's tenure, this should serve as a wakeup call that he must reverse course. Those leading this country should first think of the effects of their policies on the American people and the economy, and I am proud to vote for this legislation that would finally provide a long-needed check on this administration."

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