WASHINGTON—With the cost of living rising in the United States at the fastest pace in decades, U.S. Congresswoman Stephanie Murphy, D-Fla., introduced a bipartisan bill to combat inflation and help lower the price of goods and services. The legislation, called the Informed Lawmaking to Combat Inflation Act¸ would require lawmakers in Congress to consider the inflationary impact of major legislation before voting on each measure.
“It’s getting harder for families to make ends meet because the prices of goods and services are going up,” said Murphy. “Congress must address inflation more aggressively, but we can at least start by not making the problem worse. Requiring Members of Congress to understand the inflationary impact of their actions will be key to getting inflation under control. I’m proud to lead this bipartisan effort in Congress, and I will keep working around the clock to get our economy back on track.”
As of February 2022, the annual rate of inflation in the United States exceeded 7 percent, higher than any other advanced economy in the world, leading to increases in the costs of many goods and services, such as groceries, gas, and rent. Murphy’s legislation would require the nonpartisan Congressional Budget Office (CBO) to analyze the inflationary impact, if any, of major legislation before Congress, along with a mechanism to ensure lawmakers have an opportunity to review this analysis before a bill is considered. Murphy introduced the bill alongside U.S. Representatives John Katko, R-N.Y., Ashley Hinson, R-Iowa, and Kurt Schrader, D-Ore.