Foster Statement on Passage of Historic Inflation Reduction Act

Washington, DC - Today, Congressman Bill Foster (D-IL) released the following statement after the U.S. House of Representatives passed the Inflation Reduction Act:

"Today, I was proud to vote to send the Inflation Reduction Act to President Biden's desk. This historic legislation will cut costs for Illinois families, tackle the climate crisis, and reduce drug costs. And, since it is fully paid for by ensuring large corporations pay a minimum tax rate and cracking down on tax cheats, it will reduce our nation's debt.

"With common sense reforms to allow Medicare to negotiate prescription drug prices and cap out-of-pocket costs, this legislation will lower costs for life-saving medications. This bill also expands Affordable Care Act subsidies, which will protect nearly 300,000 people in Illinois from loss of health coverage or premium hikes.

"As home to two leading national laboratories, Illinois will benefit and be set to lead the nation in clean, reliable, and renewable energy investments. The Inflation Reduction Act includes provisions to fund electric vehicle infrastructure, spur investment in our nuclear reactors, and rapidly deploy low and zero emission technologies so that we can finally make significant progress on the climate crisis.

"Americans have been asking Congress to tackle these issues for a long time, and I'm proud we were able to get it done."

More information on the Inflation Reduction Act can be found here.