GPI Act of 2021
Genuine Progress Indicator Act of 2021 or the GPI Act of 2021
This bill requires the Department of Commerce to establish the genuine progress indicator as a metric to measure the economic well-being of households.
The indicator shall be calculated through adjustments to gross domestic product that account for positive and negative economic, environmental, and social factors that contribute to economic activity. It shall also include the total annual economic value and cost of such factors.
The head of each federal agency, the President, the Federal Reserve, and Congress must use both the indicator and gross domestic product for budgetary reporting and economic forecasting that measures the net benefits of economic activity.
Referred to the Committee on Oversight and Reform, and in addition to the Committees on the Budget, Education and Labor, Ways and Means, and Financial Services, for a period to be subsequently determined by the Speaker, in each case for consideration of such provisions as fall within the jurisdiction of the committee concerned.