Pallone on the Anniversary of the Inflation Reduction Act

 Energy and Commerce Committee Ranking Member Frank Pallone, Jr. (D-NJ) released the following statement marking the second anniversary of President Biden signing the Inflation Reduction Act into law:

“The Inflation Reduction Act is transformative legislation that will continue to create jobs and lower costs for Americans for years to come. At its core, it’s about growing the middle class and giving hardworking Americans a hand up.

“The landmark law is already making a difference in the lives of millions of people by lowering monthly health insurance premiums and capping the cost of insulin at $35 per month. Additionally, it finally empowered Medicare to negotiate lower drug prices for seniors and starting next year will cap seniors’ annual out-of-pocket costs on prescription drugs at no more than $2,000.

“The Inflation Reduction Act is also growing our middle class with new, good-paying clean energy jobs right here at home – jobs that would be shipped overseas to our competitors if we hadn’t made such a historic investment in America’s workers. These are jobs in construction, clean technologies, and American manufacturing, and in just two short years we have created more than 334,000 of these jobs.

“Its investments are bringing more clean, affordable power to people’s homes, lowering energy bills, revitalizing communities, and protecting our families from dangerous climate pollution. The Inflation Reduction Act is the single-largest investment in climate action in American history and it is driving a cleaner, more prosperous future for all of us. 

“In no uncertain terms, the Inflation Reduction Act is one of the most consequential pieces of legislation in decades and I was honored to stand beside President Biden when he signed it into law.”

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