House Report 117-588 — Resolution of Inquiry Directing the Secretary
Summary
House Report 117–588, dated December 1, 2022, is an adverse report of the Committee on Oversight and Reform on H. Res. 1412, a resolution of inquiry directing the Secretary of the Treasury to transmit certain documents relating to the projected inflationary impact of the Infrastructure Investment and Jobs Act and the Build Back Better Act, submitted together with minority views. The committee reports unfavorably with an amendment. The report states that Representative Mike Carey introduced the resolution on September 30, 2022, and that the committee ordered it reported unfavorably on November 17, 2022, on a roll call vote of 21 to 18. The minority views, over the name of James Comer, Ranking Member, state that Committee Republicans support House Resolution 1412.
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Cite this document
“House Report 117-588 — Resolution of Inquiry Directing the Secretary.”
Original at www.govinfo.gov. Archived at Pandemic Darlings, https://pandemicdarlings.com/source-documents/crpt-crpt-117hrpt588-crpt-117hrpt588/
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117TH CONGRESS REPORT
" HOUSE OF REPRESENTATIVES !
2d Session 117–588
RESOLUTION OF INQUIRY DIRECTING THE SECRETARY OF THE TREASURY
TO TRANSMIT CERTAIN DOCUMENTS TO THE HOUSE OF REPRESENTA-
TIVES RELATING TO THE PROJECTED INFLATIONARY IMPACT OF THE
IMPLEMENTATION OF THE INFRASTRUCTURE INVESTMENT AND JOBS
ACT, THE BUILD BACK BETTER ACT, AND THE INFRASTRUCTURE AND
JOBS ACT IN CONJUNCTION WITH THE BUILD BACK BETTER ACT
DECEMBER 1, 2022.—Referred to the House Calendar and ordered to be printed
Mrs. CAROLYN B. MALONEY of New York, from the Committee on
Oversight and Reform, submitted the following
ADVERSE REPORT
together with
MINORITY VIEWS
[To accompany H. Res. 1412]
The Committee on Oversight and Reform, to whom was referred
the resolution (H. Res. 1412) of inquiry directing the Secretary of
the Treasury to transmit certain documents to the House of Rep-
resentatives relating to the projected inflationary impact of the im-
plementation of the Infrastructure Investment and Jobs Act, the
Build Back Better Act, and the Infrastructure and Jobs Act in con-
junction with the Build Back Better Act, having considered the
same, reports unfavorably thereon with an amendment and rec-
ommends that the resolution as amended not be agreed to.
CONTENTS
Page
Summary and Purpose of Legislation .................................................................... 2
Background and Need for Legislation .................................................................... 2
Section-by-Section Analysis .................................................................................... 4
Legislative History .................................................................................................. 4
Committee Consideration ........................................................................................ 4
Roll Call Votes ......................................................................................................... 4
Explanation of Amendments ................................................................................... 6
List of Related Committee Hearings ...................................................................... 6
Statement of Oversight Findings and Recommendations of the Committee ...... 6
Statement of General Performance Goals and Objectives .................................... 6
Application of Law to the Legislative Branch ....................................................... 6
Duplication of Federal Programs ............................................................................ 6
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Disclosure of Directed Rule Makings ..................................................................... 6
39–008
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2
Federal Advisory Committee Act Statement ......................................................... 6
Unfunded Mandates Reform Act Statement ......................................................... 6
Earmark Identification ............................................................................................ 7
Committee Cost Estimate ....................................................................................... 7
New Budget Authority and Congressional Budget Office Cost Estimate ........... 7
Changes in Existing Law Made by the Bill, as Reported ..................................... 7
Minority Views ......................................................................................................... 8
The amendment is as follows:
Strike all after the resolving clause and insert the following:
Resolved, That not later than 14 days after the date of the adoption of this
resolution, the Secretary of the Treasury is directed to transmit to the House
of Representatives copies of any document, memorandum, correspondence, and
other communication or any portion of any such communication in the posses-
sion of the Secretary that refers or relates to the projected inflationary impact
of the implementation of the Infrastructure Investment and Jobs Act, the Build
Back Better Act, and the Infrastructure and Jobs Act in conjunction with the
Build Back Better Act.
SUMMARY AND PURPOSE OF LEGISLATION
H. Res. 1412 directs the Secretary of the Treasury to transmit
certain documents to the House of Representatives relating to the
projected inflationary impact of the implementation of the Infra-
structure Investment and Jobs Act, the Build Back Better Act, and
the Infrastructure Investment and Jobs Act in conjunction with the
Build Back Better Act. (The resolution refers to the ‘‘Infrastructure
and Jobs Act,’’ but this appears to be a typo, since the correct title
for the bipartisan infrastructure law is the ‘‘Infrastructure Invest-
ment and Jobs Act.’’)
BACKGROUND AND NEED FOR LEGISLATION
The Committee opposes this resolution, which is a partisan effort
by Republicans to blame President Biden for inflation while ignor-
ing evidence about the true causes of higher prices and the clear
economic benefits of President Biden’s legislative achievements.
House Republicans have claimed that President Biden’s landmark
economic legislation is the cause of high inflation, but economists
strongly disagree, pointing out these laws are strengthening the
economy while reducing long-term inflationary pressures. Econo-
mists have explained that the real causes of higher prices include
supply chain disruptions following the pandemic, Russia’s illegal
war in Ukraine, price-gouging by major corporations, and other fac-
tors.
The Infrastructure Investment and Jobs Act, also called the Bi-
partisan Infrastructure Law, received bipartisan support in both
the House and Senate and was signed into law by President Biden
in November 2021. Economists—including conservative econo-
mists—agree this law will not increase inflation:
• The Joint Economic Committee stated, ‘‘[T]he bipartisan
Infrastructure Investment and Jobs Act will make investments
that reduce long-term inflationary pressures. Investing in
roads, bridges, freight rail, airports and cargo ports will
strengthen supply chains, improve productivity and reduce
long-term inflation.’’ 1
1 Joint Economic Committee, The Bipartisan Infrastructure Investment and Jobs Act Will Cre-
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ate Jobs, Strengthen the Economy and Reduce Inflationary Pressures (Nov. 29, 2021) (online at
www.jec.senate.gov/public/_cache/files/d1342923-d8e84c82-b1ea-6818a9253e25/econ-benefits-of-
bipartisan-infra-deal-fact-sheet.pdf) (emphasis added).
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3
• 17 Nobel Prize-winning economists wrote that this bill,
along other components of President Biden’s economic agenda,
‘‘will ease longer-term inflationary pressures’’ because the
legislation invests ‘‘in long-term economic capacity and will en-
hance the ability of more Americans to participate productively
in the economy.’’ 2
• Conservative economists Douglas Holtz-Eakins and Mi-
chael Strain explained that ‘‘a well-structured infrastructure
bill would boost the supply side of the economy, reduc-
ing inflationary pressures.’’ 3
• Republican Senator Rob Portman, a former Director of the
White House Office of Management and Budget, stated that
the bipartisan Infrastructure Investment and Jobs Act invests
in ‘‘ports and freight-rail and roads and bridges and other as-
sets that will help on the supply side, that’s why economists
say this bill is counterinflationary.’’ 4
• Mark Zandi of Moody’s Analytics stated that the bipar-
tisan law and other key elements of President Biden’s eco-
nomic agenda ‘‘do not add to inflation pressures, as the
policies help to lift long-term economic growth via stronger pro-
ductivity and labor force growth, and thus take the edge off of
inflation.’’ 5
• Eden Perry at S&P Global Ratings, when asked whether
the law would add to inflation, responded, ‘‘The answer is
no,’’ explaining the law will reduce inflation by improving sup-
ply chains and increasing productivity.6
The other bill referenced in the resolution, the Build Back Better
Act, passed the House in November 2021 but did not pass the Sen-
ate in its original form. Instead, a substantially revised bill—the
Inflation Reduction Act—passed the House and Senate and was
signed into law by President Biden in August 2022.
Economists agree that the Inflation Reduction Act will not lead
to an increase in inflation. 126 leading economists—including seven
Nobel Laureates, two former Treasury Secretaries, two former Fed
Vice Chairs and two former CEA Chairs—wrote:
This historic legislation makes crucial investments in
energy, health care, and in shoring up the nation’s tax sys-
tem. These investments will fight inflation and lower costs
for American families while setting the stage for strong,
stable, and broadly shared long-term economic growth.
. . . This proposal addresses some of the country’s biggest
challenges at a significant scale. And because it is deficit-
2 Open Letter from Nobel Laureates in Support of Economic Recovery Agenda (Sep. 20, 2021)
(online at https://www.epi.org/open-letter-from-nobel-laureates-in-support-of-economic-recovery-
agenda/).
3 Id. (emphasis added).
4 Id. (emphasis added).
5 EXCLUSIVE Rating Agencies Say Biden’s Spending Plans Will Not Add to Inflationary Pres-
sure, Reuters (Nov. 17, 2021) (online at www.reuters.com/world/us/exclusive-rating-agencies-say-
bidens-spending-plans-will-not-add-inflationary-2021-11-17/) (emphasis added).
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6 Brookings Institution, Four Questions (and Answers) About the Infrastructure Investment and
Jobs Act (Aug. 8, 2022) (online at www.brookings.edu/blog/up-front/2022/08/08/four-questions-
and-answers-about-the-infrastructure-investment-and-jobs-act/) (emphasis added).
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4
reducing, it does so while putting downward pressure on
inflation.7
Economists have made clear that the actual causes of high global
inflation that is impacting people in the United States have noth-
ing to do with the Infrastructure Investment and Jobs Act or the
Inflation Reduction Act. Instead, global supply chain issues—in-
cluding due to Russia’s illegal invasion of Ukraine—have caused
higher prices.8 In addition, a recent staff analysis by the Oversight
Committee’s Subcommittee on Economic and Consumer Policy re-
veals that corporate price hikes in certain concentrated industries
like shipping, rental cars, and fossil fuels have hurt consumers and
contributed to higher prices.9
Considering the partisan nature of this resolution and the clear
evidence that neither bill addressed in the resolution is contrib-
uting meaningfully to inflation, the Committee recommends not
considering this resolution further.
SECTION-BY-SECTION ANALYSIS
H. Res. 1412 directs the Secretary of the Treasury to transmit
certain documents to the House of Representatives relating to the
projected inflationary impact of the implementation of the Infra-
structure Investment and Jobs Act, the Build Back Better Act, and
the Infrastructure Investment and Jobs Act in conjunction with the
Build Back Better Act.
LEGISLATIVE HISTORY
H. Res. 1412 was introduced on September 30, 2022, by Rep-
resentative Mike Carey. The resolution was referred to the Com-
mittee on Oversight and Reform.
COMMITTEE CONSIDERATION
On November 17, 2022, the Committee met in open session and,
with a quorum being present, considered H. Res. 1412. The resolu-
tion was ordered reported unfavorably, as amended, on November
17, 2022.
ROLL CALL VOTES
There was one roll call vote during consideration of H. Res. 1412.
Chairwoman Maloney’s amendment in the nature of a substitute
was agreed to by voice vote. H. Res. 1412 was ordered unfavorably
reported to the House on a roll call vote of 21 to 18.
7 Letter from 126 Economists to Congressional Leaders (Aug. 2, 2022) (online at
www.documentcloud.org/documents/22124998-letter-from-economists-to-congressional-leader-
ship).
8 See, e.g., KPMG, Economic Analysis: Russia-Ukraine War Impact on Supply Chains and In-
flation (online at www.kpmg.us/insights/2022/russia-ukraine-war-impact-supply-chains-
inflation.html) (accessed Nov. 13, 2022).
9 Committee on Oversight and Reform, Subcommittee on Economic and Consumer Policy, Staff
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Report: Power and Profiteering: How Certain Industries Hiked Prices and Drove Inflation (Nov.
2022) (online at https://oversight.house.gov/sites/democrats.oversight.house.gov/files/2022.
11.04%20ECP%20Staff%20Report%20re%20Excess%20Corporate%20Profits.pdf).
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5
COMMITTEE ON OVERSIGHT AND REFORM
117TH CONGRESS
RATIO 25-19
ROLL CALL
Vote on: H. Res. 1412, "Of inquiry directing the Secretary of the Treasury to transmit certain documents to the House of
Representatives relating to the projected Inflationary impact of the implementation of the Infrastructure Investment and Jobs
Act, the Build Back Better Act, and the Infrastructure and Jobs Act in conjunction with the Build Back Better Act"
Date· 11-17-2022 VOTE#· 2
,we No Present
ONEY (NY) MR. COMER (KY)
man/ X (Rankina Membeli X
MS. NORTON /DC\ X MR. JORDAN (OH)
MR. LYNCH IMA' X MS. FOXX (NC) X
MR. COOPER ITNI X MR. HICE (GA) X
MR. CONNOLLY IVA) X MR. GROTHMAN (WI) X
---·- .. ·------- m' X MR. CLOUD ITX\ X
""
MR. RASKIN IMO\ X MR. GIBBS IOH) X
MR. KHANNA ICAI MR. HIGGINS ILAl X
MR. MF!IME IMO\ X MR. NORMAN (SC) X
MS. OCASIO-CORTEZ INY) MR. SESSIONS (TX) X
MS. TLAIB (Mil X MR. KELLER IPA) X
MS. PORTER (CA) X MR. BIGGS (AZl X
MS. BUSH (MO) X MR. CLYDE (GA) X
MS. BROWN IOH\ X MS. MACE (SC) X
MR. DAVIS /ILi X MR. FRANKLIN (FL) X
MS. WASSERMAN SCHULTZ IFL\ X MR. LATURNER /KS\ X
MR. w•u·H 'VT' MR. FALLON (TX\ X
MR. JOHNSON IGAI MS. HERRELL INMl X
MR. SARBANES (MD\ X MR. DONALDS (FL) X
MS. SPEIER (CA) X MR. FLOOD (NE)
MS. KELLY /ILi X
MS. LAWRENCE /Ml\ X
MR. DESAULNIER /CA) X
MR. GOM~Z /CAI X
MS. PRESSLEY IMA I X
Roll Call Totals: Ayes: 21 Nays: 18 Present:
(REVISED 1-25-2022)
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EXPLANATION OF AMENDMENTS
During Committee consideration of the bill, Chairwoman Malo-
ney offered an amendment in the nature of a substitute that did
not make substantive changes to the legislation.
LIST OF RELATED COMMITTEE HEARINGS
The Committee did not hold any hearings on this resolution.
STATEMENT OF OVERSIGHT FINDINGS AND RECOMMENDATIONS OF THE
COMMITTEE
In compliance with clause 3(c)(1) of rule XIII and clause (2)(b)(1)
of rule X of the Rules of the House of Representatives, the Commit-
tee’s oversight findings and recommendations are reflected in the
Background and Need for Legislation section above.
STATEMENT OF GENERAL PERFORMANCE GOALS AND OBJECTIVES
In accordance with clause 3(c)(4) of rule XIII of the Rules of the
House of Representatives, the performance goals or objectives of
this resolution are to seek documents from the Secretary of the
Treasury concerning the inflationary impact of certain legislation.
APPLICATION OF LAW TO THE LEGISLATIVE BRANCH
Section 102(b)(3) of Public Law 104–1 requires a description of
the application of this resolution to the legislative branch where
the bill relates to the terms and conditions of employment or access
to public services and accommodations. This bill does not relate to
employment or access to public services and accommodations in the
legislative branch.
DUPLICATION OF FEDERAL PROGRAMS
In accordance with clause 2(c)(5) of rule XIII no provision of this
resolution establishes or reauthorizes a program of the federal gov-
ernment known to be duplicative of another federal program, a pro-
gram that was included in any report from the Government Ac-
countability Office to Congress pursuant to section 21 of Public
Law 111–139, or a program related to a program identified in the
most recent Catalog of Federal Domestic Assistance.
DISCLOSURE OF DIRECTED RULE MAKINGS
This resolution does not direct the completion of any specific rule
makings within the meaning of section 551 of title 5, U.S.C.
FEDERAL ADVISORY COMMITTEE ACT
The Committee finds that this legislation does not direct the es-
tablishment of advisory committees within the definition of Section
5(b) of the appendix to title 5, U.S.C.
UNFUNDED MANDATES STATEMENT
The Committee finds that H. Res 1412 does not contain any un-
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funded mandates.
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EARMARK IDENTIFICATION
This resolution does not include any congressional earmarks, lim-
ited tax benefits, or limited tariff benefits as defined in clause 9 of
rule XXI of the House of Representatives.
COMMITTEE ESTIMATE
The Committee finds that H. Res, 1412 would not affect direct
spending.
NEW BUDGET AUTHORITY AND CONGRESSIONAL BUDGET OFFICE COST
ESTIMATE
Pursuant to clause 3(c)(3) of rule XIII of the House of Represent-
atives, the Congressional Budget Office will not produce a cost esti-
mate as the resolution does not have the force of law.
CHANGES IN EXISTING LAW MADE BY THE BILL, AS REPORTED
The resolution makes no change to existing law.
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MINORITY VIEWS
Committee Republicans support House Resolution 1412. House
Republicans are seeking more information on whether the Biden
Administration—specifically the leadership of the U.S. Treasury—
understood how their recent reckless legislative spending packages
would contribute to historic levels of inflation. Everyday Americans
have been struggling under the weight of high inflation for more
than a year. No issue suffocates the growth and prosperity of the
middle and lower income Americans more than unrelenting infla-
tion. Make no mistake about it—record government spending con-
tributed to the surging inflation Americans are experiencing.
I. CURRENT INFLATION RATES ARE HISTORICALLY SIGNIFICANT AND
ARE HARMING THE MOST VULNERABLE AMERICANS.
Across the country, Americans have felt the effects of inflation on
their wallets as prices of everyday products have jumped to their
highest points in 40 years.1 The price of groceries rose 12.4 percent
in October from October 2021, and the price of gasoline rose 17.5
percent in that same period.2 Rising housing costs, like rent, are
increasing at more than double the average pace in the 10 years
before the COVID–19 pandemic.3
In an attempt to reduce inflation, the Federal Reserve has raised
interest rates at the fastest pace since the early 1980s.4 The Fed
has raised interest rates six straight times in 2022 5—something
the Fed hasn’t done since 2005.6 The most recent rate increase, at
the beginning of this month, brought the fed-funds rate to a level
not seen since the beginning of 2008, just before the Great Reces-
sion.7 Credit cards, mortgages, auto loans, student loans, and sav-
ings accounts are all affected by these hikes. Consequently, the av-
erage American’s household debt is increasing at the fastest pace
since 2008.8
To put this in perspective, according to the Congressional Joint
Economic Committee’s Inflation Tracker, prices increased 13.9 per-
cent between January 2021—when President Biden took office—
1 David J. Lynch, Biden’s Rescue Plan Made Inflation Worse but the Economy Better, THE
WASH. POST (Oct. 9, 2022).
2 Austen Hufford, Inflation Report: What Costs More—and Less, THE WALL ST. J. (Nov. 10,
2022).
3 Gwynn Guilford and Nick Timiraos, October Inflation Report Shows Consumer Prices Rose
7.7% From Year Earlier, THE WALL ST. J. (Nov. 10, 2022).
4 Nick Timiraos, Federal Reserve Hikes by 0.75 Point, Signals Slower Increases but Ultimately
Higher Rates, THE WALL ST. J. (Nov. 2, 2022).
5 Nicholas Goodkind, The Fed makes history with a fourth straight three-quarter-point rate
hike, CNN BUSINESS (Nov. 2, 2022).
6 Sarah Foster, How much will the Fed raise interest rates in 2022? Here’s what experts are
saying, BANKRATE (Nov. 3, 2022).
7 Nick Timiraos, Federal Reserve Hikes by 0.75 Point, Signals Slower Increases but Ultimately
Higher Rates, THE WALL ST. J. (Nov. 2, 2022).
8 Tweet, Morning Brew (@MorningBrew) (Nov. 15, 2022, 2:59PM).
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(8)
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and October 2022.9 That 13.9 percent increase cost the average
American household $753 in October 2022 alone. That is just one
month. Even if prices stop increasing altogether, the inflation that
has already occurred will cost the average American household
$9,038 over the next year.10
The impact of this inflation especially harms the most vulnerable
Americans. The year over year cost increase of everyday goods
forces families to choose between food, rent, medical needs, or gas.
These prices hikes are particularly harmful to low-income Ameri-
cans and those on a fixed income—like the elderly or disabled—
who are unable to find ways to supplement their income. A Sep-
tember report from the Department of Health and Human Services
found that 1,216 drugs had price increases which exceeded the 8.5
percent inflation rate during the 12-month period from July 2021
to July 2022.11 Food costs at the grocery store continue to increase.
Eggs are up 43 percent since October 2021, and milk and chicken
are up 14.5 percent. Home electricity and gas bills continue to rise.
Electricity is up about 14 percent and home gas up 20 percent. The
cost to simply keep a roof over one’s head is up 6.9 percent. Senior
citizens—who are already particularly vulnerable to social isola-
tion—are having to cut back on social outings with friends and
even restrict their daily diets to make up for the gap. This failure
to protect our most vulnerable cannot go unaddressed.
With historic inflation and ever-increasing interest rates, Ameri-
cans have valid concerns for recession—all happening under Presi-
dent Biden’s watch. Passing the Resolution of Inquiry would give
Congress a useful tool to hold this Administration accountable.
II. CONGRESSIONAL DEMOCRATS AND THE BIDEN ADMINISTRATION
CONTINUE TO SHIFT THE BLAME AND DENY THE ROLE THEY PLAYED
IN CAUSING CURRENT INFLATION RATES.
It is unacceptable for Congressional Democrats to continue to fail
to hold the Biden Administration accountable for its botched eco-
nomic policies and ignore one of the biggest economic crises our
country has faced in decades. At every opportunity, Congressional
Democrats are attempting to shift the blame for the economic crisis
onto private companies, claiming ‘‘corporate greed’’ is the culprit.12
However, price mark-ups and market concentration are not a re-
cent phenomenon—these are economic trends that have been ob-
served since the early 1980s. ‘‘The administration likes to blame in-
flation on the war in Ukraine or private companies, claiming they
are greedy and only looking out for their bottom line. But that is
misleading,’’ said Rep. Glenn Grothman during the November 17,
2022 markup hearing.13 It is telling that even U.S. Treasury Sec-
9 STATE INFLATION TRACKER OCTOBER 2022, JEC REPUBLICANS (Nov. 10, 2022).
10 Id.
11 Issue Brief, Price Increases for Prescription Drugs, 2016–2022, Assistant Sect’y for Planning
and Eval. (Sept. 30, 2022).
12 See H. Comm. on Oversight and Reform, Staff Report: Power and Profiteering: How Certain
Industries Hiked Prices and Drove Inflation, 117th Congress (Nov. 2021).
13 H. Comm on Oversight and Reform, Markup of H.R. 1283 Mail Tracking Act; H. Res. 1412
‘‘Of Inquiry Directing the Secretary of the Treasury to Transmit Certain Documents to the House
of Representatives Relating to the Projected Inflationary Impact of the Implementation of of the
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Infrastructure Investment and Jobs Act, the Build Back Better Act, and the Implementation of
Continued
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10
retary Janet Yellen refused to blame inflation on corporate greed
when testifying before the Senate Finance Committee.14
What is a recent development during this new period of record
inflation is President Biden’s unprecedented, costly leftist poli-
cies.15 Over the past year and a half, the Biden Administration and
Congressional Democrats initially denied inflation was even hap-
pening. Then they refused to acknowledge their policies were con-
tributing to the record-level inflation. On June 5, 2021, U.S. Treas-
ury Secretary Janet Yellen warned that inflation could hit as high
as 3 percent but that it was ‘‘transitory.’’ 16 On July 19, 2021, Presi-
dent Biden downplayed the risk of inflation, telling reporters that
price hikes ‘‘are expected to be temporary.’’ 17 When the July 2022
inflation numbers were released, President Biden claimed ‘‘our
economy had zero percent inflation.’’ 18 The same day the wors-
ening August 2022 inflation numbers were released, President
Biden hosted a party to celebrate his additional half-trillion-dollar
Inflation Reduction Act (IRA), which, economists agree, will do lit-
tle or nothing to reduce actual inflation that is crushing everyday
Americans.19
Rather than take responsibility for the problem, President Biden
continued to deflect—arguing on 60 Minutes in August 2022 that
8.3 percent inflation was not a problem because it did not go up
too much in the last month.20
III. HISTORICALLY UNPRECEDENTED DEMOCRAT-LED FEDERAL
SPENDING PACKAGES CONTRIBUTED TO INFLATION.
The U.S. had comparably similar inflation rates to the rest of the
world before the COVID–19 pandemic at the start of 2020. How-
ever, with massive spending packages like the 2021 American Res-
cue Plan Act (P.L. 117–2), the 2021 Infrastructure Investment and
Jobs Act (P.L. 117–58), and the Inflation Reduction Act of 2022
(P.L. 117–169), the Biden Administration has caused consumers to
experience historically high prices by overstimulating the economy.
These three laws, combined with other spending policies, have
amounted to a net $4.8 trillion deficit increase thus far in Presi-
dent Biden’s term.21
This reckless spending under the Biden Administration is far
from over. According to the Committee for a Responsible Federal
Budget (CRFB), the Administration still has approximately $3 tril-
lion left from the spending packages, tax cuts, loans, grants, and
the Infrastructure and Jobs Act in Conjunction with the Build Back Better Act’’; and Several
Postal Naming Measures, 117th Cong. (Nov. 17, 2022) (statement of Rep. Glenn Grothman).
14 See S. Comm. on Finance, Hearing on the President’s Fiscal Year Budget, 117th Cong. (June
7, 2022).
15 Max Zahn, Are record corporate profits driving inflation? Here’s what experts think, ABC
NEWS (Jun. 30, 2022).
16 Mike Madden & Rachel Siegel, U.S. policymakers misjudged inflation threat until it was
too late, THE WASH. POST (Jun. 18, 2022).
17 Mike Madden & Rachel Siegel, U.S. policymakers misjudged inflation threat until it was
too late, THE WASH. POST (Jun. 18, 2022).
18 Jordan Boyd, Media Parrot Biden’s Absurd Claim That July’s 8.5 Percent Inflation Increase
Is Actually ‘Zero’, THE FEDERALIST (Aug. 10, 2022).
19 Christopher Rugaber & Josh Boak, Inflation Reduction Act may have little impact on infla-
tion, ASSOC. PRESS (Aug. 16, 2022).
20 Scott Pelley, President Joe Biden: The 2022 60 Minutes Interview, CBS NEWS (Sept. 18,
2022).
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21 The Biden Administration Has Approved $4.8 Trillion of New Borrowing, CMTE. FOR A RE-
SPONSIBLE FED. BUDGET (Sept. 13, 2022).
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11
subsidies—all money allocated to the COVID–19 pandemic which
the President has declared to be over.22 ‘‘This level of incompetence
borders on negligence. It is imperative that we understand the ef-
fects of Democrats’’ disastrous economic policies that have allowed
inflation to flourish and harm all Americans,’’ said Rep. Virginia
Foxx during the November 17, 2022 markup hearing.23
In the beginning of 2021, Republicans and Democrats predicted
that inflation would result from the Biden Administration’s $2 tril-
lion American Rescue Plan. Harvard Professor Larry Summers—a
top economic advisor to both President Clinton and President
Obama—warned in February 2021 that President Biden’s $2 tril-
lion stimulus plan was dangerous. He said there needed to be
‘‘plans in place to address [the] possible, and quite serious, prob-
lem’’ of inflation.24
Stanford economist John Taylor says that ‘‘inflation rises when
the growth of money supply increases too rapidly.’’ 25 It appears
that instead of taking time to analyze the impact that additional
government spending might have on inflation when interest rates
were near zero, the Biden Administration just blindly pumped
more money into the economy. By passing this resolution of in-
quiry, Congress will be better equipped to investigate the inflation
threat the Administration’s multiple spending packages unleashed,
and whether the Biden Administration just blindly ignored the
dangers—harming the American people in the process.
IV. CONCLUSION
Committee Republicans support H. Res. 1412 which would help
the U.S. House of Representative conduct necessary oversight over
the Biden Administration’s—specifically the U.S. Treasury’s—un-
derstanding of how their reckless legislative spending packages
would contribute to the historic levels of inflation Americans are
experiencing.
JAMES COMER,
Ranking Member, Committee
on Oversight and Reform.
Æ
22 COVID Money Tracker, COMMITTEE FOR A RESPONSIBLE FEDERAL BUDGET, at https://
www.covidmoneytracker.org/ (last visited Nov. 30, 2022); See Scott Pelley, President Joe Biden:
The 2022 60 Minutes Interview, CBS NEWS (Sept. 18, 2022).
23 H. Comm on Oversight and Reform, Markup of H.R. 1283 Mail Tracking Act; H. Res. 1412
‘‘Of Inquiry Directing the Secretary of the Treasury to Transmit Certain Documents to the House
of Representatives Relating to the Projected Inflationary Impact of the Implementation of of the
Infrastructure Investment and Jobs Act, the Build Back Better Act, and the Implementation of
the Infrastructure and Jobs Act in Conjunction with the Build Back Better Act’’; and Several
Postal Naming Measures, 117th Cong. (Nov. 17, 2022)(statement of Rep. Virginia Foxx).
24 Larry Summers, The Biden stimulus is admirably ambitious. But it brings some big risks,
too, THE WASH. POST (Feb. 4, 2021).
rfrederick on DSKB3L4F33PROD with HEARING
25 Melissa DeWitte, What causes inflation? Stanford scholar explains, STANFORD NEWS (Sept.
6, 2022).
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