This afternoon, the United States Senate passed the Inflation Reduction Act. It took all night and much of today to break through Republican obstruction, disruption, and distraction, but my colleagues and I in the Democratic Senate majority stayed united and got this bold, transformative legislation done for the American people. Our bill is now off to the House of Representatives for a final vote – and I am confident that we will soon get it to the President’s desk for signature. 

This is a historic win for the American people. With today’s passage of the Inflation Reduction Act, we’re taking action to address some of the biggest challenges our nation faces: the worsening climate crisis, sky-high prescription drug costs, a tax code that unfairly puts corporations and the wealthy before working Americans, and inflation. This bill will address each of these challenges head-on, while reducing our national debt and creating thousands of good-paying jobs.

I was proud to author two key provisions that are included in this proposal: one will provide rebates to help Americans make their homes more energy efficient so they can reduce their heating and cooling bills. The other provision creates a Greenhouse Gas Reduction Fund, which will provide resources that can be used to launch a National Climate Bank to partner with the private sector and community-based lenders to make an array of investments in clean energy technologies and energy efficiency improvements. This will serve as a force multiplier for the development and deployment of clean energy, with a large focus on underserved communities. 

In addition, the centerpiece of the health care provisions in this bill marks the culmination of a years-long battle I’ve been leading with colleagues to give Medicare the power to negotiate lower drug prices. I’ve cosponsored legislation to do just that throughout my time in Congress, and I’m very proud to see such a provision included in the Inflation Reduction Act. America’s seniors shouldn’t have to worry about being able to afford the prescriptions they need – and this provision in our bill will ensure that older Americans are no longer forced into financial ruin because of prescription drug costs.

We face a pivotal moment in our nation – from our fight against the climate emergency, to our battle to lower the costs of prescription drugs and other important needs, to our efforts to build an economy that invests in more prosperity and opportunity for all Americans. This transformative measure will help build a better future for our nation and our world.

          Chris Van Hollen