The executive order states that the Biden Administration’s policies have led to an historic inflation crisis, causing shortages and price increases in essential goods such as fuel, food, housing, automobiles, medical care, utilities, and insurance. The order attributes these effects to excessive government spending, a crushing regulatory burden, and radical policies designed to weaken American production.
The order calls for immediate action to restore purchasing power to the American family and improve quality of life. It instructs heads of executive departments and agencies to deliver emergency price relief, lower housing costs, eliminate unnecessary expenses, create employment opportunities, and eliminate harmful climate policies. The Assistant to the President for Economic Policy is required to report on the status of implementation every 30 days within 30 days of the memorandum’s date.