Daily Mail
Elizabeth Elkind
September 30, 2022
House Republicans are planning to introduce a resolution on Friday demanding that Treasury Secretary Janet Yellen hand over any records in her possession that discuss the Biden administration agenda’s impact on sky-high inflation numbers.
Rep. Mike Carey of Ohio is spearheading the effort.
He told DailyMail.com that Yellen ‘failed’ the United States by downplaying the economic effects of President Joe Biden’s key spending bills, at a time when financial experts warn the economy could be careening toward a recession.
‘For nearly two years, the Biden Administration and Secretary Janet Yellen have destroyed America’s economy through their decisions,’ Carey, a member of the House Committee on Budget, said.
‘It’s time to uncover whether Secretary Yellen knowingly deceived the American people or simply failed to assess the risks of Democrats’ spending bills. Regardless, Secretary Yellen has failed the American people.’
It comes amid Republican-led criticism of the recently passed Inflation Reduction Act, which outside models have suggested would actually have a negligible impact on inflation despite Democrats’ assurances that it could help slow rising costs.
Biden critics argue that the vast climate and healthcare bill is ill-timed given the cost of consumer goods skyrocketing at levels not seen in four decades, while the Federal Reserve’s bold interest rate hikes have spurred concerns that the economy could soon crash into a recession.
In Thursday’s resolution, a draft of which was obtained by DailyMail.com, Republicans are specifically inquiring about the inflationary effects of Biden’s bipartisan $1.2 trillion infrastructure law and progressives’ Build Back Better bill.
The latter failed to pass in its original form, but parts were later revived to make up the Inflation Reduction Act – which approves more than $700 billion in federal spending.
The resolution would give Yellen two weeks to produce ‘copies of any document, memorandum, correspondence, and other communication’ that discusses the legislation’s effect on inflation.
Voter dissatisfaction with Biden’s handling of the economy has been a cornerstone of the Republican bid to reclaim the House and Senate majorities in November’s midterm elections.
While the resolution is unlikely to pass in the current Democrat-controlled House of Representatives, it’s another signal to voters from the GOP that they’re keeping Americans’ economic frustrations at the forefront just over a month before Election Day.
It’s also a sign of where Republicans could put their investigative efforts next year if they win the House majority.
Speaking to CNBC late last year, Yellen dismissed concerns that the infrastructure law and progressives’ bill – which had a $1.8 trillion price tag at the time – would impact the consumer price index.
‘I don’t think that these investments will drive up inflation at all,’ she said in October 2021.
The inflation rate later hit a 40-year high of 9.1 percent in June.
Yellen also touted the economic effects of Biden’s Inflation Reduction Act in a trip to North Carolina this week.
‘The President’s economic plan will strengthen our economy for decades to come,’ Yellen said according to the Carolina Journal.
‘It will make our economy more productive and resilient – and advance economic fairness for all Americans.’
She has, however, also conceded on multiple occasions that the inflation rate is ‘unacceptably high’
The most recently available inflation data shows that costs rose an average 8.3 percent in August, despite plummeting gas prices at the pump.
The increase is chiefly driven by food and rent costs, which have soared since the economy began rebounding from the pandemic.
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Issues:Economy