While overall medical costs continued to rise, prescription drug prices fell by 3.1 percent in the year ending in July, the steepest annual decline since 1963.
The council is raising concerns over what it describes as the "predatory" and "potentially false, deceptive, or abusive" methods of key players in the multibillion-dollar emerging industry.
The consumer price index rose at a 3.4 percent annual pace in the year ending in July, down slightly from 3.5 percent in June, according to new Labor Department data.
The rules, intended to combat money laundering and other financial crimes, imposed an undue burden on American businesses, Treasury Secretary Scott Bessent said.
Bill Clinton's White House used a similar plane-change maneuver in 2000. But unlike July's flight, the press corps was briefed on the operation and its dangers.