Rice Votes to Pass Inflation Reduction Act of 2022
WASHINGTON – U.S. Representative Kathleen Rice (NY-04) released the following statement after voting favor of H.R.5376, the Inflation Reduction Act of 2022:
“Today, I proudly voted in favor of the Inflation Reduction Act. This historic piece of legislation will lower costs for working families, make prescription drugs and health insurance more affordable, and accelerate our transition to clean and renewable energy, all while reducing the deficit by $300 billion—the largest down payment towards the deficit during my tenure in Congress.
“Last fall, my colleagues and I helped finalize the bill’s drug pricing provisions, which will for the first time empower Medicare to negotiate drug prices, cap seniors’ annual out-of-pocket costs on Medicare Part D at $2,000, limit seniors’ monthly insulin co-pays to $35, and incentivize continued investment in life-saving cures. The bill will further lower the cost of healthcare by extending tax credits that benefit individuals and families who purchase their health insurance on state Affordable Care Act marketplaces.
“Additionally, the Inflation Reduction Act makes the largest investment in our nation’s history to combat climate change, the existential threat facing communities on Long Island. This bill includes tax credits, grants, and loan programs to help reduce emissions from industrial manufacturing and the transportation sector, support clean sources of electricity, and reduce methane leaks from the production and distribution of natural gas. It will provide $9 billion in consumer home energy rebate programs and 10 years of tax credits to make clean vehicles, energy efficient appliances, rooftop solar panels, and water heaters more affordable for Americans. The Inflation Reduction Act allocates over $60 billion to bolster American clean energy manufacturing, offering incentives for offshore wind development and manufacturing facilities to secure our energy supply and create 1.5 million good, green jobs. These provisions will reduce carbon emissions by 40 percent in the next decade and prioritize the long-term health of our communities and environment.
“I would like to thank my friends in the Senate for their hard work passing this groundbreaking bill, and I look forward to President Biden quickly signing it into law.”