WASHINGTON, D.C. — In an effort to lower everyday costs for American families, Representatives Janelle Bynum (OR-05), Cleo Fields (LA-04), and Sam Liccardo (CA-16) introduced the Protecting Families From Inflation Act on Monday. The legislation directs the Federal Reserve to study how U.S. tariffs have impacted inflation and prices for consumers and small businesses.
The bill comes amid continued concerns over rising prices and renewed attention on the economic impact of trade policy. The lawmakers say recent tariffs have exacerbated inflation and disproportionately affected working families.
“Every day I hear from my constituents that they’re struggling to afford groceries, rent, healthcare, and other necessities,” said Bynum. “Lowering costs has always been priority number one for me. It’s unconscionable to me – and frankly, unacceptable – that anyone would impose taxes that make things more expensive right now. And I won’t stand by and let it happen – that’s why I’m fighting back with this bill to lower costs for my constituents.”
The legislation specifically requires the Board of Governors of the Federal Reserve System to study all U.S. tariffs implemented since 2017 and assess their collective impact on the price of goods and services for both consumers and small businesses. The Federal Reserve would be required to report its findings to Congress within 270 days of the bill’s enactment.
“President Trump’s tariff policies directly contradict his Day One inflation promises and are imposing significant financial hardships on Louisiana families and Main Street businesses in my district,” said Fields. “Through my position on the Financial Services Committee, Congresswoman Bynum, Congressman Liccardo and I are exercising our constitutional oversight responsibilities to challenge these misguided economic measures and advance common-sense legislation that will provide much-needed relief to hardworking Americans across our great nation.”
Liccardo criticized the economic assumptions behind the former president’s trade actions.
“In every college macroeconomics class, students learn that the burden of higher tariffs falls on consumers, in the form of higher prices,” said Liccardo. “Every member of Congress ran for office telling our voters that we would reduce the cost of living, which is choking millions of American families. This administration has just exacerbated the crisis. We won’t get Trump back into a classroom—if he’s ever been in one—but he must heed the lessons of history.”
Supporters of the bill say the proposed study could provide key data to help guide future decisions on trade policy and consumer protection. The lawmakers, all members of the Financial Services Committee, emphasized their oversight role in pushing for economic accountability.
