The Inflation Reduction Act has generated major savings on prescription drugs and health insurance for thousands of Maryland seniors and others, as well as historic investment in lifesaving climate change measures
WHAT: News conference to celebrate one-year anniversary of the Inflation Reduction Act and highlight
its major benefits for Marylanders
U.S. Senator Chris Van Hollen, Maryland
Rev. Dr. Sandra Conner, President, Baptist Ministers’ Night Conference of Baltimore & Vicinity
Larry Zarzecki, consumer who will share his story about the cost of prescription drugs
Quentin Scott, Federal Policy Director, Chesapeake Climate Action Network
Karim Peoples, Civic Works, with personal stories about the IRA climate measures
Jim Campbell, President, AARP Maryland
Vincent DeMarco, President, Maryland Health Care For All! Coalition
WHEN: Tuesday, August 15, 2023; 1 p.m.
WHERE: The Episcopal Diocese of Maryland, 4 East University Parkway, Baltimore, MD 21218
U.S. Sen. Chris Van Hollen will join health and climate advocates and Maryland residents to highlight the one-year anniversary of the historic Inflation Reduction Act of 2022. The Inflation Reduction Act –which was signed into law on August 16, 2022—includes the largest climate investment in U.S. history and is already lowering prescription drug and health care costs for millions of Americans.
A year after it was signed into law, the measure has helped cut costs for Americans while fueling major new investments in clean energy. The law will bring relief to seniors and families by authorizing the Medicare program to negotiate prescription drug prices in order to lower the cost to consumers and capping out-of-pocket Medicare Part D costs at $2,000 and has already capped insulin costs at $35 per month for people on Medicare nationally. It also extended the American Rescue Plan Affordable Care Act subsidies for three years, through 2025, lowering ACA health care premiums for millions of Americans.
The bill also makes a historic investment to increase domestic energy manufacturing, reduce carbon emissions by roughly 40 percent by 2030, and make it more affordable for families to access clean energy like wind and solar. By transitioning the U.S. away from fossil fuels and deploying affordable clean, energy, the Inflation Reduction Act is tackling one of the largest drivers of inflation. Senator Van Hollen fought to include two key provisions in the Inflation Reduction Act to address the climate crisis – the Greenhouse Gas Reduction Fund modeled on the Senator’s national climate bank legislation to invest in clean energy technologies and the HOPE for HOMES Act to help homeowners make their homes more efficient and save on their heating and cooling bills.
The legislation also takes key steps towards making the biggest corporations and ultra-wealthy pay their fair share, while guaranteeing no tax increases on families making $400,000 or less.
“Through the Inflation Reduction Act we’re working to tackle some of our nation’s most pressing challenges including lowering prescription drug costs, boosting clean energy, addressing the climate crisis, and creating jobs. That’s why we fought to pass this legislation and get it signed into law one year ago. Already we’re seeing the impact this is having on families and communities across the state as investments have begun pouring in, generating more opportunities and greater prosperity for Marylanders,” said Senator Chris Van Hollen.
“Members of the faith community of Maryland thank President Joe Biden, Vice President Kamala Harris,
Senator Chris Van Hollen, Senator Ben Cardin, and all of the Maryland Congressional Delegation who made this life saving Inflation Reduction Act a reality for all Americans,” said Rev. Dr. Sandra Conner, President of the Baptist Ministers’ Night Conference of Baltimore & Vicinity.
“The signing of the Inflation Reduction Act a year ago was a game-changing step to fight the climate crisis. At the time of signing, Maryland would receive an estimated $6.5 billion of incentivized manufacturing for wind, solar, and battery storage over the next decade while growing good paying union jobs. It hasn’t taken long for us to see the benefits of these incentives. The IRA has made it easier for Maryland to take on an ambitious 8.5 gigawatts of offshore wind goal and bring steel worker jobs back to Baltimore,” said Quentin Scott, Federal Policy Director for Chesapeake Climate Action Network.
“They said it couldn’t be done. Thanks to the tireless efforts of our AARP members, volunteer activists and our leaders in Washington, today millions of Americans have more affordable diabetes medication and Medicare recipients can have free access to essential vaccines. But we are not finished. Now the drug companies are trying overturn Medicare negotiation so they can protect their profits and keep charging Americans 50 and older the highest drug prices in the world. They won’t stop, and rest assured, neither will we,” said Jim Campbell, President, AARP Maryland.
“We are pleased to highlight the wonderful results generated by the Inflation Reduction Act in its first year. It has capped the cost of drugs for many Marylanders and kept premiums for health insurance affordable. We thank for their leadership President Joe Biden and Vice President Kamala Harris and the Members of the Maryland Congressional Delegation, including Senator Chris Van Hollen, who voted for this life saving law,” said Vincent DeMarco, President of the Maryland Health Care For All Coalition.