This Act may be cited as the “Reduce Exacerbated Inflation Negatively Impacting the Nation Act”.

(a) Mandatory inflation forecasting.—

(1) IN GENERAL.—For any major Executive order, the President, acting through the Director of the Office of Management and Budget and the Chair of the Council of Economic Advisers, shall prepare and consider a statement estimating the inflationary effects of the Executive order, including whether the Executive order is determined to have no significant impact on inflation, is determined to have quantifiable inflationary impact on the consumer or producer price index (including a detailed description of such impact), or is determined likely to have a significant impact on inflation but the amount cannot be determined at the time the estimate is prepared. Any statement prepared under this subsection shall incorporate the inflationary impact of the debt servicing costs associated with the applicable major Executive order. To the greatest extent practicable, any estimate of the inflationary impact of any major Executive order under this section shall take into account the spending patterns of military personnel and of residents of non-metropolitan areas, including rural areas and farm households.

(2) CPI IMPACT DISAGGREGATED.—If an Executive order is determined to have a quantifiable inflationary impact on the consumer price index under subsection (a), the statement required by such subsection shall include the amount of such impact on the consumer price index in total and disaggregated by the Food, Energy, and All Items Less Food and Energy categories of the consumer price index (as such categories are determined by the Secretary of Labor in consultation with the Commissioner of the Bureau of Labor Statistics).

(b) Agency assistance.—The head of each agency shall provide to the President, acting through the Director and the Chair, such information and assistance as the President, acting through the Director and the Chair, may reasonably request to assist the President, acting through the Director and the Chair, in carrying out this section.

(c) Reporting.—Not later than 180 days after the date of the enactment of this Act, and every year thereafter, the President, acting through the Director and the Chair, shall publish on the public website of the Office of Management and Budget and submit to the Committees on the Budget of the Senate and House of Representatives, the Committee on Homeland Security and Governmental Affairs of the Senate, and the Committee on Oversight and Accountability of the House of Representatives a report containing each statement prepared and considered under subsection (a) during the year.

(d) Rule of construction.—Nothing in this section shall be construed to suggest that the task of combating inflation and bringing down the cost of living is the sole responsibility of the Executive Office of the President, and not also a key pursuit of the United States House of Representatives during the 118th Congress through thoughtful, productive legislative action.

(e) Definitions.—In this section:

(1) AGENCY.—The term “agency” has the meaning given such term in section 551 of title 5, United States Code.

(2) MAJOR EXECUTIVE ORDER.—The term “major Executive order” means any Executive order that would be projected (in a conventional cost estimate) to cause an annual gross budgetary or economic effect of at least $1,000,000, but does not include any such measure that—

(A) provides for emergency assistance or relief at the request of any State or local government or any official of a State or local government; or

(B) is necessary for the national security or the ratification or implementation of international treaty obligations.

(3) STATE.—The term “State” means each State of the United States, the District of Columbia, each commonwealth, territory, or possession of the United States, and each federally recognized Indian Tribe.