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H.R. 347: Reduce Exacerbated Inflation Negatively Impacting the Nation Act

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The summary below was written by the Congressional Research Service, which is a nonpartisan division of the Library of Congress, and was published on Mar 8, 2023.

Reduce Exacerbated Inflation Negatively Impacting the Nation Act

This bill requires the Office of Management and Budget and the Council of Economic Advisers to provide an inflation estimate for each executive order that is projected to cause an annual gross budgetary or economic effect of at least $1 million.

The estimate must determine whether the executive order will have

no significant impact on inflation, a quantifiable inflationary impact on the Consumer Price Index or the Producer Price Index, or a significant impact on inflation that cannot be quantified at the time the estimate is prepared. The estimate must also (1) incorporate the inflationary impact of the debt servicing costs associated with the executive order; and (2) take into account the spending patterns of military personnel and of residents of non-metropolitan areas, including rural areas and farm households.

The requirements do not apply to executive orders that (1) provide for emergency assistance or relief at the request of any state or local government or an official of the government, or (2) are necessary for national security or the ratification or implementation of international treaty obligations.