WASHINGTON, DC – Today, after President Joe Biden signed the landmark Inflation Reduction Act into law, U.S. Senator Jack Reed (D-RI), who voted for the bill, issued the following statement:

“This is a breakthrough victory for all Americans. 

“The Inflation Reduction Act empowers Medicare to negotiate lower prescription drug prices to drive down health costs.  It makes historic clean energy investments to combat climate change and strengthen America’s energy independence and U.S. manufacturing.  And it responsibly directs savings toward deficit reduction.

“While this new law represents a major achievement, there is still a lot more work to do.

“For decades, many Republicans denied climate science and delayed meaningful action to confront the growing climate threat -- exacerbating the crisis, increasing pollution, and making solutions more expensive. 

“Clearly, there is urgent need for climate action across all levels of government and the private sector.  This law marks the biggest ever investment in improving air quality, increasing renewable energy, and reducing pollution.  It’s a needed down payment that is long overdue, and it’s got to be followed up with a sustained commitment to renewable energy.

“Similarly, when it comes to prescription drug pricing reform, for years Republicans in Congress and special interests blocked commonsense steps to lower prices for consumers.  As a result, many patients skipped needed but unaffordable prescriptions or treatments.  And Republicans stopped us from capping insulin prices at $35 for everyone in this law.  That’s something we’ve got to keep pushing to fix because it will save lives and save millions of families real money.

“This law makes the tax code fairer and directs savings to reducing the debt.  It ensures that corporations and the ultra-wealthy pay their fair share, without raising taxes or audits on families earning $400,000 or less each year.

“It will take some time, but the Inflation Reduction Act is a major step forward that will control costs for working families.  Congress needs to build on this success by working together to address additional issues such as affordable housing, child care costs, food prices and other key factors that are taking a bite out of Americans’ wallets.”

The Inflation Reduction Act will:

Lower prescription drug prices: Empowers Medicare to negotiate lower prices for prescription drugs, caps out-of-pocket costs for seniors at $2,000; and prevents excessive price hikes for Medicare patients.

Lower the cost of health care: Reduces the cost of health care for millions by extending American Care Act subsidies for three more years, locking in lower health care premiums that save 13 million people an average of $800 a year;

Lower energy costs and undertakes largest-ever climate action: Invests in domestic renewable energy production and manufacturing, while reducing carbon emissions by roughly 40 percent by 2030 with historic investments in America’s energy independence and security; and

Lower the deficit and helps fight inflation: Reduces the deficit by nearly $300 billion to fight inflation.