Statement: HECHO Supports the Inflation Reduction Act of 2022

HECHO supports the Inflation Reduction Act of 2022, and applauds the Biden Administration’s persistent efforts to negotiate wins in our fight to combat the climate crisis. The Inflation Reduction Act will fight inflation, invest in domestic energy production and manufacturing, and reduce carbon emissions by roughly 40 percent by 2030. The bill will also finally allow Medicare to negotiate for prescription drug prices and extend the expanded Affordable Care Act program for three years, through 2025. 

The new proposal for the FY2022 Budget Reconciliation bill will invest approximately $300 billion in Deficit Reduction and $369 billion in Energy Security and Climate Change programs over the next ten years. Additionally, the agreement calls for comprehensive Permitting reform legislation to be passed before the end of the fiscal year. Permitting reform is essential to unlocking domestic energy and transmission projects, which will lower costs for consumers and help us meet our long-term emissions goals. The bill will also make prescription drugs cheaper by allowing Medicare to negotiate lower prices and lower health insurance costs for 13 million Americans, by an average of $800 a year, for families covered under the Affordable Care Act.   

HECHO calls on the Senate and House of Representatives to promptly pass the Inflation Reduction Act of 2022, and advance our nation’s goals to address the climate crisis.