Congress would have to consider the effect major legislation has on inflation before casting votes under a proposal introduced this week by Republican Rep. John Katko. 

The bill backed by Katko has drawn bipartisan support, gaining the backing of Democratic lawmakers from Florida, Iowa and Oregon amid inflationary pressures creating further uncertain for a pandemic-ravaged economy. 

“Inflation is at a 40-year high. It’s hurting the economy here in Central New York, and nationwide. For working families, rising prices at the grocery store are cutting into their budgets and making it harder to make ends meet,” Katko said. “Given the current economic climate, it is critical that Congress thoroughly consider how bills passed in Washington will contribute to inflation and impact families and businesses nationwide. The Informed Lawmaking to Combat Inflation Act will ensure lawmakers honor their responsibility to be fully informed on the inflationary impact of significant bills before they come up for a vote.”

Katko's bill has been proposed after the Department of Labor found the consumer price index, a measure of inflation, had increased by 7% in December 2021 over the previous 12 months. Economists found inflation increased by 6.8% over a similar time period in November, the most rapid spike in nearly 50 years. 

The measure proposed would have the Congressional Budget Office analyze the inflationary effect of pending legislation that would exceed the budgetary impact of 0.25% of the nation's gross domestic product prior to a vote in Congress.