Brown touts Inflation Reduction Act as Biden signs it into law

Published 12:00 am Monday, August 22, 2022

WASHINGTON, D.C. – President Joe Biden signed into law on Tuesday the Inflation Reduction Act of 2022, a legislative package, the White House said is aimed at fighting inflation, lowering prescription costs for seniors, investing in domestic energy production and manufacturing, and reducing carbon emissions by roughly 40 percent by 2030.

The office of U.S. Sen. Sherrod Brown, D-Ohio, said the legislation also “takes historic steps to force Wall Street and corporations to pay their fair share – it makes a historic reduction to the deficit, and will not raise taxes on middle class Ohioans.”

Brown voted to pass the Inflation Reduction Act out of the Senate last week, following Biden signing into law the CHIPS Act and the PACT Act, two pieces of legislation Brown fought to become law.

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“This is an historic step to fight inflation, lower costs, and create jobs that corporations can’t ship overseas,” Brown said in a news release. “For the first time in years, we are standing up to three of the most powerful special interests in Washington – we’re taking on Big Pharma to lower seniors’ drug prices, we’re taking on Big Oil to lower energy prices, create Ohio jobs and grow new industries, and we’re taking on Wall Street to rein in stock buybacks that reward CEOs at the expense of workers.”

Ohio’s other U.S. senator, Republican Rob Portman, voted against the package, as did U.S. Rep. Bill Johnson, R-Ohio, whose district covers Lawrence County. Both Portman and Johnson cited concerns over spending and government regulations.