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Pallone Floor Remarks on the Inflation Reduction Act

Aug 12, 2022
Press Release

Energy and Commerce Committee Chairman Frank Pallone, Jr.'s (D-NJ) remarks as prepared for delivery on the House floor today in support of the Inflation Reduction Act are enclosed below: 

Madam Speaker, I rise in strong support of H.R. 5376, the Inflation Reduction Act. This is landmark legislation that is going to help reduce costs for American families while finally aggressively tackling the climate crisis.  

We simply cannot wait any longer to confront the climate crisis. Extreme weather events are becoming more frequent and more extreme. Whether it’s devastating flooding in Kentucky, wildfires in California, extreme drought all throughout the west, and record high temperatures across the nation this summer, these extreme weather events cost families their loved ones, their homes, and their livelihoods.  

Bold and aggressive climate action is needed now, and that’s why we are here today. The Inflation Reduction Act tackles the climate crisis and protects our communities from its devastating impacts.  

This bill is the single-largest investment in climate action in American history, and I’m pleased it includes many provisions from the Energy and Commerce Committee. It makes unparalleled investments in climate, clean energy, and environmental justice so that we can slash climate pollution and meet our aggressive climate goals. The legislation will drive down dangerous methane pollution, deploy low- and zero-emission technologies nationwide, and harden our most vulnerable communities against climate disasters. It also includes appliance and building efficiency rebates that will help reduce energy usage while also saving Americans money.   

The bill is also a clean energy jobs creator and will reduce energy costs for the average American family by about $1,800 a year.  

The Inflation Reduction Act is also one of the most significant pieces of health care legislation to move through Congress in over a decade. It breaks Big Pharma’s monopoly on prescription drug prices. The bill will lower prescription drug costs for seniors by finally empowering Medicare to negotiate the cost of prescription drugs. It also caps the amount seniors pay at $2,000 annually, caps the cost of insulin at $35 a month, and penalizes companies that unfairly hike prices by requiring them to pay a rebate to Medicare.

This legislation is necessary because nearly 20 years ago Republicans prevented the federal government from negotiating fair prices for seniors. Today we are finally leveling the playing field to ensure seniors are no longer forced to choose between putting food on their table and their lifesaving prescription drugs.   

This legislation will also dramatically lower the cost of health care for millions of Americans by extending enhanced Affordable Care Act Marketplace premium subsidies. These enhanced subsidies are making a real difference for families – delivering average savings of $2,400 to a family of four. They are set to expire at the end of this year, but this legislation extends them through the end of 2025.      

Madam Speaker, this legislation lays the foundation for a cleaner, more prosperous future for all Americans. I urge my colleagues to support it today, and I reserve the balance of my time.