Press Release
For Immediate Release: 
August 16, 2022
Contact Info: 
Raymond Rodriguez 202-225-3130
WASHINGTON, DC – House Majority Leader Steny H. Hoyer (MD) released the following statement today after President Biden signed the Inflation Reduction Act into law:

"Today, with President Biden’s signature, the Inflation Reduction Act will take the next step to help us lower costs for Americans by making health care and prescription drugs more affordable and by lowering energy costs while meeting the challenge of the climate crisis. This historic accomplishment is the product of Democrats' relentless efforts to put people over politics in both the House and Senate over the past year. Moreover, we are doing it in a fiscally responsible way, reducing the deficit without raising taxes on any American earning less than $400,000 a year. Instead, this law will ensure that the wealthiest corporations can no longer avoid paying their fair share in taxes to support our growing economy and Americans’ access to opportunity.

"The Inflation Reduction Act is the most recent example of Democrats honoring our commitment to govern responsibly. This bill represents the fourth leg of a table of opportunity that we have been building for Americans since President Biden took office in 2021. First, we enacted the American Rescue Plan to put 200 million shots in arms and to make it safe for businesses and schools to open and get Americans back to work. We then enacted the Bipartisan Infrastructure Law to create millions of jobs repairing and expanding our roads, bridges, ports, and critical utilities while connecting those in underserved communities to high-speed internet. Just a few weeks ago, we enacted the CHIPS and Science Act to strengthen supply chains in critical semiconductors and to ensure that America is the leader in innovation in the twenty-first century global economy. Now, we fulfill another promise to the American people with the signing of the Inflation Reduction Act. This legislation will bring energy costs down by investing in cleaner technologies and addressing the climate crisis. It will bring health care costs down by allowing Medicare to negotiate lower prescription drug prices, cap the price of insulin at $35 a month in Medicare and overall prescription drug prices for seniors at $2,000 annually, and it will also expand coverage under the Affordable Care Act by lowering the cost of premiums. 

“Although these four history-making bills satisfied a diverse set of goals, they all shared one objective: to ensure that everyone in our country can Make It In America. In the months and years ahead, Democrats will continue to put people over politics and deliver results."