Inflation Impact Act

[AI summary unavailable — showing source text] Inflation Impact Act - Requires the Congressional Joint Economic Committee to append to each bill, amendment, or joint resolution an analysis of the long and short term effects of such legislation on the rate of inflation. Directs that such analysis contain the costs likely to be incurred and the savings likely to be achieved as a result of carrying out such legislation and states that such analysis must cover the current and next five fiscal years where applicable. Requires that the Council of Economic Advisors prepare a similar inflation impact statement for each rule or regulation proposed by a Federal agency. Requires such report to be distributed to each Member of Congress as soon as possible but not later than 30 days before such rule or regulation is to become effective. Authorizes to be appropriated such sums as may be necessary to carry out the purposes of this Act.…