(a) In general

The Director may make awards, on a competitive merit-reviewed basis, to institutions of higher education or nonprofit organizations (or consortia of such institutions or organizations) to support research to improve our understanding of the impact of inflation.

(b) Use of funds

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Activities funded by an award under this section may include—

(1) measuring the economic impact of inflation on the American people, including an analysis of cost-of-living and wage impacts;

(2) considering the impact of inflation on American international competitiveness;

(3) evaluating the impact of inflation on rural and underserved communities throughout the country;

(4) assessing the ways inflation could impact future American generations; and

(5) evaluating the impact of policymaking on inflation, including the impact of further Government spending.

(c) Coordination to avoid duplication

In making awards under this section, the Director shall, for purposes of avoiding duplication of activities and research, consult, collaborate, and coordinate with the programs and policies of other relevant Federal agencies.