Bill Summary
The "Protecting Families from Inflation Act" is a proposed piece of legislation that mandates the Board of Governors of the Federal Reserve System to conduct a comprehensive study on the effects of U.S. tariffs on the prices of goods and services. The study will examine the collective impact of all tariffs implemented since 2017, assessing how these trade measures affect consumers and small businesses in the United States. The Federal Reserve is required to submit a report to Congress detailing the findings of this study within 270 days of the bill's enactment. The goal of the legislation is to better understand the relationship between tariffs and inflationary pressures on U.S. households and businesses.
Possible Impacts
The "Protecting Families from Inflation Act" could have several impacts on individuals and businesses in the United States. Here are three examples:
1. **Informed Consumer Choices**: The study mandated by the legislation will analyze how tariffs affect the cost of goods and services. Once the findings are published, consumers will be better informed about why certain products are priced higher, allowing them to make more informed purchasing decisions. For instance, if the study reveals that tariffs on specific imports lead to significant price increases, consumers may choose to buy alternatives or support domestic products.
2. **Impact on Small Businesses**: Small businesses that rely on imported materials or products may be directly affected by the findings of the study. If the report concludes that tariffs are driving up costs, small business owners may need to adjust their pricing strategies or seek new suppliers to maintain profitability. Additionally, understanding the impact of these tariffs may spark advocacy for tariff reforms or adjustments to better support small businesses.
3. **Policy Implications and Future Legislation**: The findings of the Federal Reserve's study will provide valuable insights to Congress and policymakers. If the study shows that tariffs are significantly contributing to inflation, it may lead to legislative efforts to adjust or eliminate certain tariffs. This could ultimately affect the economic landscape, influencing job markets, supply chains, and the overall cost of living for families across the country. Families may benefit from reduced costs if future policies are enacted based on the study's recommendations.
[Congressional Bills 119th Congress]
[From the U.S. Government Publishing Office]
[H.R. 2287 Introduced in House (IH)]
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119th CONGRESS
1st Session
H. R. 2287
To require the Board of Governors of the Federal Reserve System to
conduct a study on the impact certain United States tariffs have on the
cost of goods and services in the United States, and for other
purposes.
_______________________________________________________________________
IN THE HOUSE OF REPRESENTATIVES
March 24, 2025
Ms. Bynum (for herself, Mr. Fields, and Mr. Liccardo) introduced the
following bill; which was referred to the Committee on Ways and Means
_______________________________________________________________________
A BILL
To require the Board of Governors of the Federal Reserve System to
conduct a study on the impact certain United States tariffs have on the
cost of goods and services in the United States, and for other
purposes.
Be it enacted by the Senate and House of Representatives of the
United States of America in Congress assembled,
SECTION 1. SHORT TITLE.
This Act my be cited as the ``Protecting Families from Inflation
Act''.
SEC. 2. STUDY ON IMPACTS OF TARIFFS.
(a) Study.--The Board of Governors of the Federal Reserve System
shall conduct a study on the collective impact that every tariff issued
by the United States, beginning in 2017 and each year thereafter, has
on the cost of goods and services for consumers and small businesses in
the United States.
(b) Report.--Not later than 270 days after the date of the
enactment of this Act, the Board shall submit to the Congress a report
that describes the findings of the study required under subsection (a).
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