August 09th, 2022

Ron Wyden:  Passage of the Inflation Reduction Act
​ is a huge victory for American families

Yesterday, the U.S. Senate passed the most significant piece of legislation in our nation's history to tackle the climate crisis and lower prescription drug costs for seniors.
This legislation is a really, really big deal, and the result of countless hours of hard work, negotiation and dedication on the part of Senate Democrats and our staff. 
There's a lot of information floating around out there, so I wanted to give you a quick rundown of what's in the historic Inflation Reduction Act. 
Lowering energy costs. Provides incentives to generate much-needed investment in clean energy to end our reliance on dirty fossil fuels, lower energy costs for families, and reduce carbon emissions.

Creating jobs. Invests in clean energy technology and creates more good-paying jobs on American soil.

Reducing carbon emissions. Cuts carbon emissions an estimated 40% by 2030.

Medicare drug price negotiation. Empowers Medicare to negotiate the price of prescription drugs to lower costs for seniors.

Ending price-gouging at the pharmacy counter. Imposes penalties on drug companies that raise the price of prescription drugs faster than inflation.

Paying their fair share. Raises taxes on corporations to ensure Big Pharma and Big Tech start paying their fair share.

Wildfire prevention and drought mitigation. Contains over more than $5 billion in funding for wildfire prevention and $4 billion for drought mitigation for Western states, including Oregon.
I'm especially proud to say this package contains two of the most consequential bills of my time in the Senate.
Ninety percent of the emissions reductions in this legislation will be the direct result of my Clean Energy for America Act, which will get us on track to a clean energy future.
And for the first time, thanks to drug pricing policies I've been working on for years, Medicare will finally have the power to directly negotiate drug prices with Big Pharma and lower costs for seniors.
This process hasn't been easy, but Democrats promised the American people big, bold action on the priorities that matter to working families. 
I'm proud to say we just delivered.Sincerely,
​Ron