Inflation Review Board Act

[AI summary unavailable — showing source text] Inflation Review Board Act - Amends the Council on Wage and Price Stability Act to replace the Council with an Inflation Review Board. Establishes such Board as an independent agency in the executive branch consisting of the Chairman of the Board of Governors of the Federal Reserve System, the Chairman of the Council of Economic Advisors, and a Chairman, Vice-Chairman, and member appointed by the President with the advice and consent of the Senate. Directs that the members serve four year terms. Authorizes the Board to require that it receive notification within 30 days of: (1) a proposed price increase by any person having gross revenues over $250,000,000 in the most recent fiscal year; (2) a pending wage increase by an employer or employee's representative involving over 5,000 employees; or (3) a proposed wage or price increase by any person designated by regulation of the Board without regard to gross revenues or number of employees. Empowers the Board to delay such increases for 45 days by order or regulation. Authorizes judicial enforcement of any requirement imposed under this Act in actions brought by the Attorney General. Authorizes the Board to recommend counter-inflationa…