Biden's inflation plan calls on the Fed, Congress to act, showing limits of executive response
Biden pushing Congress for action on legislation he has proposed
President Biden's three-point plan for fighting inflation relies almost entirely on actions from Congress and the Federal Reserve, revealing limits on what he can do on the issue from the White House.
Inflation in the U.S. hit a 40-year high in March and remains oppressively high, raising prices for everyday goods like food and gas. The issue is front-of-mind for millions of American voters heading into the midterm elections, and Biden unveiled his plan to rein it in on Monday.
The plan opens by placing the inflation issue at the feet of the Federal Reserve, with Biden stating he has no plans to weigh in on the agency's policy decisions.
"The Federal Reserve has a primary responsibility to control inflation," Biden wrote in the Wall Street Journal. "My predecessor demeaned the Fed, and past presidents have sought to influence its decisions inappropriately during periods of elevated inflation. I won’t do this. I have appointed highly qualified people from both parties to lead that institution."
REP DONALDS ON INFLATION: BIDEN IS ‘SELLING US OUT TO THE CHINESE’
Members of the media are visible in the sunglasses of President Biden as he speaks on the South Lawn of the White House in Washington, Monday, May 30, 2022, after returning from Wilmington, Del. (AP Photo/Andrew Harnik / AP Newsroom)
Biden goes on to note the executive action he's taken to lessen the impact of inflation, such as releasing 180 million barrels from the U.S. Strategic Petroleum Reserve in early April.
He also blamed spiking gas prices on the economic fallout of Russia's ongoing invasion of Ukraine.
His second and third points each rely on Congress passing legislation he has proposed, namely his social spending plan, critical aspects of his Housing Supply Action Plan, and reforms to the tax code.
The plan shows the limits on what U.S. presidents can do to address economic issues like inflation unilaterally. Biden will meet with Federal Reserve chair Jerome Powell later Tuesday to discuss inflation.
Biden's Republican critics continue to blast his administration's response to inflation. The Republican National Committee (RNC) accused Biden of "lying" about the causes of and solutions for inflation in his Memorial Day op-ed.
"After one of the most expensive Memorial Day weekends on record, Biden is lying to hardworking Americans about the economy," the RNC said in a statement to FOX Business. "Under Biden, inflation and gas prices have only gone up and families are struggling to afford basic needs as a result. Despite what Biden and the Democrats say, the economy is declining steadily on their watch as families can't afford everything from gas to groceries."
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The White House did not immediately respond to a request for comment from Fox News Digital.