Van Hollen: Inflation Reduction Act Marks Transformative Progress on Climate Change, Prescription Drug Costs, and Corporate Tax Reform

Statement

Today, U.S. Senator Chris Van Hollen (D-Md.) released the following statement applauding the passage of the Inflation Reduction Act, legislation to confront climate change, lower prescription drug prices for seniors, and lower costs for all Americans, which includes key provisions from the Senator's HOPE for HOMES Act and his and Senator Markey's Clean Energy Accelerator (National Climate Bank) proposal:

"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.

"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."

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