Congressman Jake LaTurner (R-KS) cosponsored the Inflation Prevention Act, introduced by Congressman Mike Garcia (R-CA), that would help combat inflationary spending. Americans are facing increasing costs of consumer goods because of record government spending over the last two years. In December, consumer prices rose by 7 percent, a nearly 40-year high. This bill would bar legislation that would be estimated to increase inflation until the year-over-year inflation rate drops below 4.5 percent:
"For the past year, hard-working Kansans have struggled to keep up with the highest inflation in four decades. Kansans have been forced to pay soaring prices for essential goods while they watched the value of their paychecks plummet,” said Rep. LaTurner.“The Biden Administration may not be feeling the negative impact of skyrocketing inflation within the walls of the White House, but out in the real world, it's hitting working-class Americans the hardest. I'm proud to support the Inflation Prevention Act that puts Congress on the right path to providing much-needed relief to struggling families across the country.”
The Inflation Prevention Act specifies that all inflationary estimates will be provided by the Congressional Budget Office (CBO) using the Consumer Price Index for all Urban Consumers. It instructs the CBO to make an analysis if requested by a Member of Congress.
Senator Tim Scott (R-SC) and Senator John Thune (R-SD) introduced companion legislation in the U.S. Senate. Reps. Rodney Davis (R-IL), Michelle Steel (R-CA), Young Kim (R-CA), David Valadao (R-CA), Glenn Grothman (R-WI), Nancy Mace (R-SC), William Timmons (R-SC), Randy Feenstra (R-IA), Steven Palazzo (R-MS), Bill Huizenga (MI), Barry Moore (R-AL), David McKinley (R-WV), and Alex Mooney (R-WV) have all joined Rep. LaTurner as original cosponsors of the bill.
Original source can be found here.
