As inflation surges to record-highs, Rep. Burgess Owens (UT-04) today co-sponsored the Informed Lawmaking to Combat Inflation Act, bipartisan legislation requiring lawmakers in Congress to thoroughly consider the inflationary impact of significant bills before voting on the measures.
“From groceries and gas to housing and health, President Biden’s inflation is crushing Utah families, seniors on a fixed income, and America’s small businesses,” said Rep. Owens. “The Informed Lawmaking to Combat Inflation Act is a good start to drive down costs for Americans while simultaneously reining in Washington’s out-of-control spending problem.”
Today, the U.S. Department of Labor announced the consumer price index (CPI), a measure of the average change in prices over time, increased 8.3% in April, more than the 8.1% estimate. In March, the CPI accelerated 8.5%, near the highest level in more than 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% 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.