Informed Lawmaking to Combat Inflation Act

Manchin, Joe, III

Informed Lawmaking to Combat Inflation Act This bill requires the Congressional Budget Office to provide inflation estimates for certain legislation that is projected to cause an annual gross budgetary effect of at least 0.25% of the projected gross domestic product of the United States. The estimates must include both the short-term and long-term inflationary effects of the legislation. Specifically, the estimates must determine whether the legislation will have <ul> <li>no significant impact on inflation, </li> <li>a quantifiable inflationary impact on the consumer price index or the personal consumption expenditure index, or </li> <li>a significant impact on inflation that cannot be quantified at the time the estimate is prepared.</li> </ul> The requirement does not apply to legislation that (1) provides for emergency assistance or relief at the request of any state, local, or tribal government; or (2) is necessary for the national security or the ratification or implementation of international treaty obligations.