House Republicans plan to introduce a resolution Friday demanding that Treasury Secretary Janet Yellen hand over any records in her possession that discuss the impact of the Biden administration’s agenda on soaring inflation figures.
Rep. Mike Carey of Ohio is leading 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 approaching a meltdown. recession.
“For nearly two years, the Biden Administration and Secretary Janet Yellen have destroyed the United States economy with their decisions,” said Carey, a member of the House Budget Committee.
‘It’s time to find out if Secretary Yellen knowingly misled the American people or simply failed to assess the risks of the Democrats’ spending bills. Regardless, Secretary Yellen has failed the American people.’
It comes amid criticism from Republicans of the recently passed Inflation Reduction Act, which outside models have suggested would actually have a negligible impact on inflation despite assurances from Democrats that it could help curb the increase in costs.
Critics of Biden argue that the vast climate and health care bill is ill-timed as the cost of consumer goods has soared to levels not seen in four decades, while bold interest-rate hikes in the Federal Reserve have raised concerns that the economy could soon slip into a recession.
In Thursday’s resolution, a draft of which was obtained by DailyMail.com, Republicans ask specifically about the inflationary effects of Biden’s bipartisan $1.2 trillion infrastructure bill and progressives’ Build Back Better bill.
House Republicans are demanding that Treasury Secretary Janet Yellen turn over “copies of any documents, memorandums, correspondence and other communications” that discuss the inflationary impacts of President Joe Biden’s legislative agenda.
The latter was not passed in its original form, but parts were later reactivated to form the Inflation Reduction Act, approving more than $700 billion in federal spending.
The resolution would give Yellen two weeks to produce “copies of any documents, memorandums, correspondence and other communications” that discuss the effect of the legislation on inflation.
The draft resolution, spearheaded by Republican Rep. Mike Carey, was obtained by DailyMail.com
Voter dissatisfaction with Biden’s handling of the economy has been a cornerstone of the Republican bid to regain majorities in the House and Senate in November’s midterm elections.
While the resolution is unlikely to pass the current Democratic-controlled House of Representatives, it is another sign to GOP voters that they are keeping Americans’ economic frustrations front and center with just over a month to go. the elections.
It’s also a sign of where Republicans could put their investigative efforts next year if they win a majority in the House.
Speaking to CNBC late last year, Yellen dismissed concerns that the infrastructure law and the Progressives’ bill, which was priced at $1.8 trillion at the time, would affect the consumer price index. .
“I don’t think these investments will increase inflation at all,” he said in October 2021.
Subsequently, the inflation rate hit a 40-year high of 9.1 percent in June.
Yellen also touted the economic effects of Biden’s Inflation Reduction Act on a trip to North Carolina this week.
It comes as high rates of inflation linger on the minds of voters with little more than a month until midterm election day.
August’s inflation rate of 8.3% represented a drop from a 40-year high of 9.1% in June and 8.5% in July, but showed that inflation remains high and well above the Federal Reserve target rate of 2%.
“The president’s economic plan will strengthen our economy for decades to come,” Yellen was quoted as saying by the Carolina Journal.
“It will make our economy more productive and resilient, and promote economic fairness for all Americans.”
However, he has also admitted on multiple occasions that the rate of inflation is “unacceptably high”.
The most recent available inflation data shows costs rose an average of 8.3 percent in August, despite plummeting gas prices at pumps.
The increase is mainly due to food and rent costs, which have skyrocketed since the economy began to recover from the pandemic.