Reduce Exacerbated Inflation Negatively Impacting the Nation Act

Floor Speech

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Ms. McCOLLUM. Madam Chair, I rise in opposition to H.R. 347, the REIN IN Act.

House Republicans are claiming this bill will require the administration to publish the inflationary impact of executive actions before enacting them, but if Republicans had taken the time to hold a hearing on this bill, they would have discovered that the bill merely requires the President to ``prepare and consider'' the inflationary impact--not publish it. This is yet another misleading political stunt from the new Republican majority.

For two years, House Republicans blamed President Biden and Congressional Democrats for inflation and promised they would fix it. Yet, they passed on the opportunity to work with Democrats to fight inflation by passing the Inflation Reduction Act to rebuild American manufacturing and lower the costs of prescription drugs, health care, energy, and other goods and services.

Since 2020, inflation has risen worldwide, exacerbated by supply chain delays caused by the COVID-19 pandemic. At the outbreak of the pandemic, Democrats worked swiftly to pass relief packages, helping American families and businesses survive while preventing economic collapse. Recent figures have shown that these programs worked: inflation is lower in the U.S. than in the U.K., Canada, and 20 European Union member states. Today, while Republicans offer this thoughtless bill, 432,000 Minnesotans and millions of other Americans who have benefited from the emergency SNAP funding are seeing their extra benefits run out. This bill does nothing to reduce everyday costs for these and other Americans.

Madam Chair, H.R. 347 is yet more proof that Republicans would rather blame President Biden and Democrats for inflation than take steps to address it.

It should be rejected.

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