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President’s News | Newsroom | United States Senate Committee on Finance

August 07, 2022

Historic legislation cuts carbon emissions, lowers drug costs

Washington DC – Legislation authored by Senate Finance Committee Chairman Ron Wyden, D-Ore., passed the Senate today in a historic move Inflation Reduction Act.

The linchpin of Inflation Reduction Act‘s clean energy package is Wyden’s Clean Energy for America ActFirst introduced in 2015, it reformed the energy tax code to promote emissions reductions rather than specific technologies.

The Clean Energy for America Act It will reduce carbon emissions in the power sector by around 70 percent over the next decade and is the main driver of the overall 40 percent reduction in emissions achieved. Inflation Reduction Act.

“This historic clean energy package has been a decade in the making. When the Clean Energy Act failed in 2010, we regrouped to ensure success the next time Democrats had the chance. Wyden said. “We’ve turned to emissions-based, technology-neutral tax incentives and spent nearly a decade crafting this bill. My lodestar is achieving the highest emissions and cost-savings possible with 50 votes. That’s why the Inflation Reduction Act The clean energy tax package is about 90 percent Clean Energy for America Act Approved by the Senate Finance Committee in May 2021. We’ve built the necessary support over time.

Wyden continued, “This bill will lower energy costs, secure our energy independence, and drastically cut carbon emissions. For the first time, the tax code will reward emissions reductions and encourage the development of new clean energy technologies as soon as they come online. No longer will Congress have to legislate technology by technology, to innovate and bring new technologies to market.” easier. Importantly, it’s a permanent energy policy. Congress no longer has to extend this incentive every few years, giving companies and states the certainty to plan clean energy projects and create jobs. It’s one of the most effective bills of my service in the Senate.

On Health Care, The Inflation Reduction Act Includes a culmination of Wyden’s work on the Finance Committee to address the high cost of prescription drugs.

The bill would finally allow Medicare to negotiate lower drug prices, especially for very expensive drugs that have had no competition on the market for years. The bill also includes an inflation discount that limits Big Pharma’s ability to raise prices from year to year, and it creates stronger protections for seniors, including a $2,000 per year out-of-pocket cap.

“For too long, Medicare has been forced to fight Big Pharma with one hand tied behind its back — and that will end when this bill is signed into law.” Wyden said. “Since I became the top Democrat on the Finance Committee, I’ve watched how the drug pricing system has broken down from the top down. Finally, the Senate has begun to redefine the relationship between Medicare and Big Pharma. That work began on a bipartisan basis last Congress and has covered virtually the entire work of the Finance Committee two years ago. Inflation Reduction Act. Democrats have taken a critical next step by lifting the curse that prevents Medicare from negotiating lower prices.

“Medicare consultation is a focal point Inflation Reduction ActDrug price reforms of No longer will drug companies hold Medicare for years or decades until taxpayers are able to foot the bill. This policy targets very expensive, over-used drugs that have had zero competition for years. It lowers prices in a fair way and is designed to encourage innovation, not stifle it. Those talks will begin next year. It also creates a limit on Big Pharma’s ability to raise prices with the Medicare inflation discount, requiring drug companies to pay a fee to Medicare if they raise their prices faster than inflation. Critically, the bill protects seniors from high out-of-pocket costs in less than a year and a half with a $2,000 out-of-pocket limit on drug costs, protecting more than a million seniors from financial jeopardy. Taken together, these policies represent a seismic shift in how Medicare pays for drugs, and will do so in ways that lower costs for seniors and taxpayers.

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