The Inflation Reduction Act was finally signed into law by President Biden.
to negotiate drug costs, finally facing up to the outsize influence of the pharmaceutical lobby in setting the prices of prescription medicines.
The revenue raised from these measures will contribute to what is arguably the most important victory of all: a historic investment in combatting climate change. Not only will it be a feather in the cap of the Biden presidency, but it will also mark the most significant action the U.S. has ever taken in that area.
After a lengthy vote-a-rama in the Senate that spanned an entire weekend, the bill’s journey through the House was significantly smoother; it passed on Friday following the August recess. From there, it only took the bill reaching the president’s desk—and Biden returning briefly from his vacation in South Carolina to sign it—to see the Inflation Reduction Act codified.
“With this law, the American people won, and the special interests lost,” Biden said today, also describing it as “the biggest step forward on climate ever.”
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