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Inflation Reduction Act: Speaker Pelosi on major legislative win for Biden

House Speaker Nancy Pelosi of Calif. House Democrat members
Posted at 2:21 PM, Aug 16, 2022

The Inflation Reduction Act was signed into law by President Joe Biden, marking another recent legislative accomplishment for the administration. Themassive health care and climate bill passed in the House on Friday on a party-line 220-207 vote, and promises to provide $750 billion to tackle climate change, health care, and energy.

President Biden is expected to travel across the country in the coming weeks to promote the promised benefits for families in the bill. Speaker Nancy Pelosi couldn't be at the signing ceremony when the bill became law on Tuesday but released a statementpraising the Democrat's achievement.

Read the full statement below:

Dear Colleague on Historic Climate Action in the Inflation Reduction Act

AUGUST 16, 2022

Dear Democratic Colleague,

Today is a glorious day for America’s families and for our children’s future, as President Biden proudly signs into law the Inflation Reduction Act. While there are many life-changing investments in this landmark new law, I write to you today to highlight its historic actions to save the planet.

As we confront a climate crisis “Code Red for Humanity,” this package powers our nation toward a clean energy future with the most consequential climate action in human history. House Democrats can take particular pride in this victory: the overwhelming majority of these investments originated in the House, and our work last fall helped lay the foundation for this progress.

For her dazzling and relentless leadership, let us salute House Select Committee on the Climate Crisis Chair Kathy Castor. All of America’s families will benefit from her pioneering approach to climate action: bringing to the table labor, farmers, scientists, people of faith, business leaders, environmentalists and young people to find common ground, while advancing an unyielding commitment to jobs and justice. With the President’s signature today, nearly half of the recommendations in the Select Committee’s ground-breaking Climate Crisis Action Plan have become law — and we will keep fighting to enact those still outstanding.

We also applaud Chairman Richie Neal and Congressman Mike Thompson, whose brilliant work on clean energy tax credits largely remained intact from our legislation last year. A special thank you to Chairs of other committees of jurisdiction and to the many dedicated experts on our staffs who bring a wealth of knowledge and experience to this fight. We will have ongoing recognition of their leadership.

It is crucial that, during this District Work Period, we communicate to our constituents how America’s families will benefit from this new law:

  • Health: reducing pollution to secure clean air and clean water in every community across the country.
  • Economy: securing an estimated nine million new good-paying jobs, saving families around $1000 per year on their energy bills and offering more stability from the volatile oil market that inflames inflation.
  • National Security: declaring our energy independence so that foreign dictators cannot hold families and our economy hostage by manipulating the price of oil.
  • Justice: delivering $60 billion in environmental justice initiatives so that we repair the mistakes of the past and ensure all communities feel the benefits of a cleaner, greener economy.
  • Future: taking a giant step to honor our sacred responsibility to build a healthier, more sustainable future for our children.

Democrats’ historic climate action is For The People: loosening the stranglehold dark special interests have on the Congress and our economy, and giving leverage back to the public interest.

From the kitchen table to the Arctic Circle, the impacts of our Inflation Reduction Act will be wide-reaching, long-lasting and life-changing. Today, we celebrate this extraordinary achievement — and tomorrow, we continue our ferocious fight until the planet is saved for generations to come.

Thank you for your leadership to put People Over Politics: lower costs, better paying jobs and safer communities.